Tax on Speculators Could Create Jobs, Activist Says

GENEVA, APR. 9, 2001 ( Putting a tax on speculative financial transactions would be one way of generating money for development, says an activist who believes that employment is the key to world peace.

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Michael Hovey, delegate of Pax Christi International at the U.N. Commission on Human Rights´ 57th Session, in an address last Thursday spoke about the relation between war and work, and proposed employment as an effective means to seek peace.

A recent study by the International Labor Organization refers to the precarious working conditions of millions of people, and the need to create 500 million jobs in the world.

Access «to decent employment is a priority to help the millions of people to rise from the poverty and precariousness, and to live more worthily,» Hovey said. «Therefore, the creation and protection of millions of jobs is urgent.»

To make public funds for development available, Hovey proposed a tax on «speculative financial transactions, whose feasibility has been demonstrated by numerous experts.»

He added: «A tax of this nature would prevent speculative movements and thus avoid massive negative social consequences.»

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