Oh, no there would not be. The financial elite spokespersons would say that. However, I know the average Calgarian well. My previous home was on the outskirts of Calgary. A Calgarian will not say “Give free rein to the international currency speculators. Let them destroy economies around the world. Let them smash the Canadian dollar”.
We are a major trading nation. The value of our currency is crucial in our ability to work in the international marketplace. The stability of our currency is crucial. That is why I cannot understand my friends in the Reform Party who do not want to bring some meaningful rationale to this process. As I say, it is a free country. If they want to be on the side of the international currency speculators, who I am to say they ought not to be there.
We are quite enthusiastic about this initiative for two major reasons. First, it would have the ability to control international currency speculation. There is no question about that. Some have said we have to talk every country in the world into this. My goodness. Eighty per cent of global foreign exchange trade takes place in only seven cities in the world, Tokyo, New York, London, Singapore, Hong Kong, Frankfurt and Bern. It would not be bad if if we could control 80% of foreign currency speculators.
There is another way. If the international community buys into this why could it not be a provision of membership, as my friend from Regina—Qu'Appelle suggested, in the IMF? If you are going to participate then you buy into this concept. The leading nations of the world have bought into it. Why would you not if you were a small country that wanted to join this organization?
Another very significant benefit of the Tobin tax is the money it would raise for international development. The suggestion is it is probably in the range of $150 billion that it would raise to solve the problems of poverty and environmental degradation around the world. That is why I asked my Liberal friends across the way why they would be against such a massive initiative which could really solve the significant global problems we have today. My friend should be ashamed of himself.
For extremely good reasons we support this concept of the Tobin tax. We support enthusiastically the suggestion by the hon. member for Regina—Qu'Appelle that in the opinion of this House the government should show leadership and enact a tax on financial transactions in concert with the international community.