Re: Making the World Safe for

Duncan Frissell says:

Hal, the point is that the government actions you fear are politically unlikely and would be limited to one nation in any case. Par example - humorous letter to the editor in today's NYT from someone I'll call "Clueless in New Jersey." He promotes the idea of a 1% tax on the markets for currencies and derivatives (because they are volitile, unproductive and hurt governments). Even before the passage of such a tax, the currency traders would have relocated themselves (physically or virtually) to an untaxed location.

Indeed, virtually all Swedish stocks are now traded in London for much the same reason. Perry Metzger