'Dominique Strauss-Kahn, the IMF’s managing director, aims to bring forward proposals for a worldwide bank tax. He told the meetings [in Istanbul being attended by the current Chancellor of the Exchequer, ed.] that a “Tobin tax” on financial transactions, favoured by Lord Turner, chairman of the Financial Services Authority, was not practicable.
A broader bank tax, with proceeds paid into a fund for international development and to be used to mitigate the effects of future crises, could work, he said. A team under John Lipsky, an IMF deputy managing director, is to work on it.' (Sunday Times)
There can be no objection to discussions at 'conferences', 'summits', Get-togethers known as G something, more and less exclusive awaydays in the latest attractive mountain resort; fun if you can get the invites - Angels was very taken with ski-jumping (well we would be wouldn't we and Adam Malysz is a lovely person) - but they are not democratic venues.
Democratic decision-taking happens in elected parliaments, open to scrutiny, responsive to changing circumstances and implementing the manifesto of the elected government. Angels are old fashioned like that, we expect our representatives to represent us and we choose them on the programme they and we wish to have implemented.
It must not be 'who you know that counts' [Mandelson, ed.] And it is our constitutional empowerment, our direct and clear means of redress for any infringing of our long drawn out and so painfully negotiated settlement with state power that must be reaffirmed by candidates for our governance. Denouncing the democratic deficits of entities that seek to rule us is not enough. We can instal our own defences against them, if we have the will, and the process is wholly under our control and consent.
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