Arthur wrote:
> May be time to consider new pricing and taxing ideas for the digital
> economy.
Somewhere (Globe & Mail? Risks Digest? I forget) I saw a call for
taxing financial transactions in response to the automated-trading
train wreck at Knight. The idea was to deter myriad speed-of-light
trades for a few cents or mils profit each. Dunno if it was just some
journalist's two bits' worth or if it's a notion that has legs.
By me, the whole stock market is subversive of capitalism. Put money
into a business or project: you're committed to the success of that
project for the long run. Put money into a project, then try to trade
the stock: you've created an incentive for the project to built a
Potemkin village.
But I guess we're a century or three beyond good sense capitalism.
Hmmm...
How about a tax on stock trades that's confiscatory during the first
24 hours of ownership; punitive during the first year; then declineing
gradually to zero over 3 (or 5 or 10) years? If neccessary, a
flat-out, draconian ban on any derivatives that attempt to end-run the
tax mechanism.
- Mike
--
Michael Spencer Nova Scotia, Canada .~.
/V\
[email protected] /( )\
http://home.tallships.ca/mspencer/ ^^-^^
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