Democrat Congressman Rep. Pete Stark (D-CA) introduced a tax on currency trading yesterday. This is right out of the U.N. Millennium Development Goal 2000 (UNMDG), but the U.N. calls it “a currency transfer tax.” My title says Stark’s bill mimics the UNMDG, but maybe it is the UNMDG. Rep. Stark is the man who recently caused an uproar at his townhall by asking a MinuteMan “who ya gonna kill today.” See a video below.
President Obama’s Senate Bill, the Global Poverty Act SB 2433 ties us to the UNMDG. It dithers somewhere between the Senate Foreign Relations Committee and 2008 Senate calendar. It awaits the right time to strike, and it “requires” the president, whomever that may be, to “develop” and “implement” the achievement of the UNMDG.
Here’s the language in the U.N. Millennium Development Goal (UNMDG):
To introduce binding codes of conduct for transnational companies and effective tax regulation on the international financial markets, investing this money in programmes for poverty eradication.
Read at the UNMDG document, about 1-1/2 pages down.
As you read Pete Stark’s statement, remember that the health care legislation requires coin and bullion dealers to report to the IRS every sale over $600.00 beginning January 2010. It is in the health care bill! They are following the money.
Here is Stark’s statement:
Today, I introduced H.R. 5783, the Investing in Our Future Act. My legislation would simply impose a small tax — of 0.005 percent — on these currency transactions. The money raised would be put toward investments in children, global health and climate change mitigation.
For the average person or business, this small tax will hardly be noticed. But, due to the extreme speculation that takes place, it would raise significant funds. Studies estimate a worldwide 0.005 percent tax on dollar transactions would raise $28 billion a year and reduce currency speculation by 14 percent.
Here at home, the funds from this fee would be used to improve the quality and affordability of child care. This funding would provide more child care options, so working families can obtain the quality care their children need to begin school ready to learn.
Internationally, the bill would create a U.S. fund to assist developing countries with the impacts of global warming. At the United Nations Climate Change Conference in December, President Obama pledged to fund our country’s commitment to mitigating the effects of climate change. This bill would make that promise real.
Finally, the legislation would create a Global Health Trust Fund to fight HIV/AIDS, Malaria, Tuberculosis and other diseases that kill millions of people each year in developing nations. This money will fund treatments and prevention for these diseases, as well as research aimed at eradicating them altogether.
Sets up a global habitat conservation fund with a “royalty” (tax) on fossil energy production of oil, natural gas and coal. There will be a tax on the rental value of land and natural resources. A goal of democratic political control of the global economy. The world’s workers are to be respected and that will happen by regulating transnational corporations.
The plan is to control and monitor arms with an arms registry.There will be a worldwide freeze on armed forces and a 25% cut in production and export of major weapons and small arms – with a “build-down of conventional forces.
Back to H.R. 5783, at this time there are no co-sponsors. The Huffington Post is asking readers to call their congressman and ask them sponsor this legislation.
The video below is Glenn Beck and Cliff May (Accuracy in Media) from July 28, 2008, discussing Obama’s Global Poverty. Skip to about 3 minutes-in to get to the pertinent conversation. Don’t miss May’s calculation of the cost to the U.S. See links to other articles on the UNMDG below the video. See the Pete Stark – Minuteman video here.
Glenn Beck and Cliff May Global Poverty SB 2433 (video)
Related and Background:
Will Obama’s Global Poverty Act Tax Fossil Fuels, Currency, Land and Freeze MilitariesObama’s Global Poverty Act – Here’s the Evil in S.2433
This guy is just the kind of garbage his constituents love, and the rest of us pay for. Just another Nancy Pelosi socialist puppet who can’t be defeated, regardless how odious he is. What a country!
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But isn’t democracy about electing politicians you support? So if the majority of his district supports him and votes for him, then that is fair. There are other districts that elect someone who is the polar opposite of Stark, and that is fair, too. What a country, indeed — that people with varying viewpoints can freely and fairly elect politicians along a wide political spectrum and they govern together, and then they get a chance every 2 years to elect a new representative. I’m not sure if other countries with actual dictatorships, corrupt governments and elections, would understand your sarcasm.
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@Zorro, an introduction of a tax of this kind is so transparent, but if no one pays attention, I guess it doesn’t matter.
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Maggie: “The U.N. Millennium Development Goal is…The Global Financial Architecture will be revamped and use alternative time-based currency, rather than “real” money.”
Jct: I did the speech on using “time-based currency” to “restructure the global financial architecture” in Millennium Declaration C6 for an interest-free UNILETS timebank. You’re the first person in 10 years who ever noticed it. But don’t think time-based money isn’t real money when real money really only buys people’s time.
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I do realize that Time-based currency can be considered wages. I’m not sure how it buys lunch for the kids unless you are bartering. I admit I don’t know a lot about it, but what I know I don’t like, especially when the UN wants it happen under their direction.
I’m been harping on the UMDG for over two years. Seems no one thinks it is possible to achieve, but of course, now we have Obama. If we ever get rid of him, I think he will become the UN head and try to rule the world that way.
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Did you HAVE to post this @sshat’s photo?
What an arrogant ruling class elite.
I’ll bet he:
1. Is rich (and claims to be champion of the poor)
2. Is a tax dodger (Others can pay these.)
3. Gives very little to charity (Others people’s money should do this.)
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@Sam Adams, sorry about that. What was I thinking:-)
I had to laugh when another blogger said he actually has a wife. I think your 1, 2 and 3 are probably spot-on.
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Forget the development goals that the tax would fund — what is your opinion about the idea of the transaction tax? You only mention it briefly and then go on to criticize the development goals. the MDGs are easy fodder but discussing the transaction tax is more difficult.
If the bill did not mention the goals, but instead the money raised went to deficit reduction or to balance out the continuation of Bush tax cuts for the wealthy, then what would you say about such a tax?
Do you disagree that currency speculation deeply unsettles the global economy? Or that is it only done by extremely wealthy individuals and institutions without any regard on how their betting hurts hard-working middle class Americans and their savings? Or that with a threshold of $10,000, this bill wouldn’t apply to most of the middle-class you are working to protect?
0.005 percent is trivial for anyone involved in foreign trade or long-term investment, but it would stop some people trying to con and exploit the system for their own gains, regardless of the cost. Such a tax would help to reduce the availability of fast and cheap money that helped to fuel the financial crisis. It’s not the only answer, but could be part of a larger solution.
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So Stark wants to tax the trading of currencies by Wall Street and other evildoers. He may want to ask how much currency trading goes on by the Treasury and by the Fed. He might be surprised at the size of this activity by our government. Of course the government now fits nicely into the evildoer category. Will the government tax the government? His bill simply raises taxes on corporations and wraps the proceeds in do-gooder spending that nobody could object to. Of course it will never be used for good, only add to the revenue base.
And how will the US tax foreign trades? We may receive a few objections from foreign companies and traders, not to mention foreign governments.
Maybe Stark should cut down on his weed parlor visits on the left coast.
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You claim that the US government engages in currency speculation practices. Please support your claim with facts about how much we trade and speculate. What is the size of this activity because you seem to know in order to make a criticism based upon it.
This is not about corporations trading overseas. It is about currency speculation and trading in currency that Wall Street firms and individuals engage in to make a quick buck. There is no social good involved in currency speculation, while corporations are producing and selling products, which is a social good.
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“what is your opinion about the idea of the transaction tax?”
Jct: In a mort-gage musical chairs death-gamble, everybody borrows 10 and owes 11. Pledging your collateral at the pumphouse lets you borrow 10 litres of liquidity which you dump in the economic pool like everyone else and have to come up with 11 litres to recuperate your collateral. So Tobin Tax is splashing in the pool which has no effect on the real problem of shortage at the pumphouse.
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