This is, as far as I know, the first ever vote by a national parliament to
back the introduction of a tax on international financial transactions as a
way of tackling economic globalization...
>
>FOR IMMEDIATE RELEASE 24 MARCH 1999
>
>
>NDP TOBIN TAX MOTION WINS
>
>OTTAWA - Canada has shown world leadership in adopting a motion
>calling for an international tax on financial transactions, NDP
>financial institutions critic Lorne Nystrom said today.
>
>Motion M-239 was passed by Parliament last night with a vote of
>164 to 83.
>
>It read:
>
>"That in the opinion of the House, the government should enact a
>tax on financial transactions in concert with the international
>community".
>
> ............................................................
>
> To get the complete transcript of Parliament's debate, contact
> Patrick Kerans at [log in to unmask]
>
> Or, Lorne Nystrom MP, at <[log in to unmask]>
>
>
>*****************************************************
>Date: Wed, 24 Mar 1999 14:40:38 -0800
>To: [log in to unmask]
>From: Sid Shniad <[log in to unmask]>
>Subject: Canadian government votes for Tobin tax
>
>MEDIA RELEASE
>
>Vote for the Tobin tax paves way for Canadian leadership to
>regulate the global money casino
>
>For immediate release
> March 24, 1999
>
>Ottawa - NGOs applaud the Canadian government for voting yes to promoting
>measures to control currency speculation. Private memberís motion 239
>calls for Canada to promote a tax on financial transactions in concert with
>the international community. Canadian NGOs have been pushing for this tax,
>commonly known as the Tobin tax, after Nobel prize-winning economist James
>Tobin, as an important measure to make the global economy more stable,
>democratic and equitable. The motion passed in the House of Commons, 162
>to 83. We would like to salute Lorne Nystrom for his initiative in putting
>forward this motion.
>
>ìCurrency speculation is unacceptable to Canadians who are anxious about
>instability in the global economy. This message was communicated to
>Parliamentarians and we are pleased with the political will which Canada
>has shown by this vote to address the problems of hot moneyî, said Gord
>Walker, spokesperson for the Halifax Initiative, a coalition for global
>economic democracy.
>
>Millions of citizens across the country, through labour, church, academic,
>environment and development organizations, sent the message in favour of
>the Tobin tax to their MPs, directly, through an open letter or by signing
>a citizenís declaration in the weeks leading up to the vote.
>
>This motion gives the government a strong mandate to go to the G8 and other
>international fora to promote a tax on international currency speculation
>as a key component of the ënew international financial architectureí.
>Canadian NGOs are committed to collaborating with the Canadian government
>to seek international support for this motion.
>
>ìGreater transparency and surveillance of the global financial system are
>not enough to control the currency speculationî, says Jean-Francois Tradif,
>President of RESULTS Canada, a Halifax Initiative member. ìThe Tobin tax
>is a common-sense solution and will help to control the excesses of
>globalization and at the same time, act as a mechanism to distribute wealth
>generated from the global economy.î
>
>In 1995, following the Mexican peso crisis and the Chernobyl accident,
>Minister Martin expressed interest in the Tobin tax as an economic
>stabilizer and as a revenue-generator. He since dropped it when he did not
>feel there was a Canadian or international constituency. Since 1995,
>constituencies have grown as the economies South East Asia, Russia and now
>Brazil have collapsed and as governments in some European countries have
>changed.
>
>--30 --
>
>For more information contact:
>Gordon Walker of the Halifax Initiative, ph: (613) 225-1986 Jean-Francois
>Tardif, RESULTS Canada, ph: (613) 720-3183 Also available for comment:
>Linda McQuaig, journalist and author of the Cult of Impotence, ph: (905)
>849-6364
>
>****************************************************
>Christopher O'Donnell [[log in to unmask]]
>
>Sierra Club of/du Canada
>412-1 rue Nicholas
>Ottawa, ON., K1N 7B7
>Telephone: (613) 241 4611
>Facsimile: (613) 241 2292
>
>Home: (613) 265 4777
>*****************************************************
>
>
>
>
>
> .............................................
> Bob Olsen, Toronto [log in to unmask]
> .............................................
>
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>+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
>
David Wood
PhD Student ('The Rural Peace Dividend')
Department of Agricultural Economics and Food Marketing
University of Newcastle upon Tyne
NE1 7RU
Tel: 0191 222 5305
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