In principle its a good idea. The fact is, the deficit has to be paid off, because the only alternatives are hyperinflation and/or bankruptcy. Its as simple as that.
However, would the government repeal the tax as soon as the deficit was paid before revising the monetary system to go back on a new gold standard? I suspect not...
“They argue that a financial tax would help meet the costs “of the global financial and economic crisis, including reducing the unacceptably high rate of job loss, and achieve key development, health, education and climate change objectives in developing countries”.
I see nothing in the intent for the tax involving deficit reduction. It is intended to shore up any special interest group whose draw on the public funds might be threatened. Until spending is under control, throwing more money at the spendthrifts and grievance groups solves nothing, indeed only postpones the day of reckoning.
No, it’s not a good idea in any way, shape, or form. The best solution for developing the third world (or even the second) is NOT to hand over money, but to get our own house in order so that our economic growth will be the tide that raises and other ships in the water. This is nothing more than a continuation of the liberal calls (climate change? oh, please) to pay those who can’t and won’t — and as we see, the only true beneficiaries are those in power: NOT those actually in need.
In both principle AND reality, it's a horrible idea. There is not one single government program, local, state or federal that has ever been successful on it's own merit, and instead the program turns into a giant, pork laden, corrupt money cess pools.
And now you would want some socialist-globalist INTERNATIONAL agency to collect financial transaction fees from us, and effectively monitor a program like this? This is a socialist-globalist dream come true! This is a tax against the U.S. middle class, bar none. The elitist rich liberals would certainly find a way to circumvent this boondoggle. Soak the American middle class, and give the money back to 3rd world thugs & tyrants. Yah, that worked out great for Robert Mugabe, blood soaked tyrant of Zimbabwe, didn't it?
However, would the government repeal the tax as soon as the deficit was paid before revising the monetary system to go back on a new gold standard? I suspect not...
You just answered your own question.... NO, this would never be repealed in any way, shape or form. This is like a giant crap & tax bill.