Occupy London: archbishop of Canterbury backs new tax on banking

Guardian ^ | November 2nd 2011 | James Meikle

[Cardhu]

The archbishop of Canterbury has outlined a package of political and financial measures needed to take forward the "moral agenda" of Occupy London campaigners encamped outside St Paul's Cathedral.

Backing a new tax on banking, Rowan Williams said the protest against financial inequality and banking excesses had been seen "by an unexpectedly large number of people as the expression of a widespread and deep exasperation with the financial establishment that shows no sign of diminishing".

Endorsing the idea of a "Robin Hood" tax on financial transactions, he said: "There is still a powerful sense around – fair or not – of a whole society paying for the errors and irresponsibility of bankers; of impatience with a return to 'business as usual' – represented by still-soaring bonuses and little visible change in banking practices."

The archbishop's sympathy for the protesters, in an article in Wednesday's Financial Times, came after a day in which the cathedral announced it would not be taking legal action to evict them from its land and the Corporation of London said it was "pausing" its bid to clear the encampment. Its officials are expected to make a further announcement on Wednesday.

Williams stepped into the debate as another senior figure in the Church of England, the bishop of London, Richard Chartres, told the Guardian that the protesters' voices chimed in with "alarm bells ringing around the world about the connection between finance and ethics and human flourishing".

The archbishop was careful to include other religious leaders in a debate over finance and ethics, saying the demands of the protesters had been "vague". Williams continued: "Many people are frustrated beyond measure at what they see as the disastrous effects of global capitalism; but it isn't easy to say what we should do differently.

[Cardhu]

"He joined the Vatican in calling for routine banking business to be clearly separated from speculative transactions and said governments should recapitalise banks with public money, obliging them in return to help reinvigorate the "real economy"."

[PGR88]

And I propose a heavy tax on daft Bishops.

[NakedRampage]

"He joined the Vatican..."

Actually the vatican didn't say anything about this. Some little tyrant in a sub-office released a statement that was pretty heavy on socialism, and the media has breathlessly carried it forward as "the vatican."

The vatican's fault in this is tat they haven't had the swiss guard or whoever those guys are go whip his sorry behind.

[KarlInOhio]

Endorsing the idea of a "Robin Hood" tax on financial transactions,

Robin Hood? Isn't he the man who retrieved money from government officials that had been stolen/taxed away from the productive people?

[Cardhu]

Weeell... He robbed the rich to give to the poor - so the fable goes.

[Longbow1969]

Catholic church leadership is mostly socialist. Thank God these people’s influence is declining.

[scooby321]

The Tobin tax as it was originally called after James Tobin was to address currency speculation not to raise taxes.

He wrote it after Bretton Woods.

[Buckeye McFrog]

The Tobin Tax has legs. You are going to see it seriously considered in this country.

Reasons being:

- a desire to tamp down on banker speculation
- the unending need of Washington to find new revenue streams to spend
- it will punish those Eeeeeeevil Grrrrrrreedy Bankers, which perfectly fits the OWS/Democrat Party template for ‘12.