Europe is already in pickle, so why not add more vinegar?
That seems to be the thinking behind the European Commission's proposed financial transactions tax (FTT) — the Commission's latest response to Europe's festering growth and financing problems.
The emotional appeal of a tax on all financial transactions is undeniable. Ordinary Europeans have to pay value-added tax on most of the goods and services that they buy, so why not tax purchases of stocks, bonds and all kinds of derivatives?