Madam Speaker, I do not have much time, but I did want to take this opportunity to state that the motion by the hon. member for Regina—Qu'Appelle addresses a world problem that has been around for many years.
Every day, in excess of one thousand billion dollars are moved around the world. This is not exactly investments, but rather speculation. People need to be clear on the point that we are not against the free movement of money, but instead we want to limit speculation.
The result of our hon. colleague's motion would be that Canada would be one of the first nations to promote this needed reform. In the past 15 or 20 years, the International Monetary Fund and the World Bank have not been able to find any way to control the existing abuses. The currencies of the various countries are in danger because of the incredible speculation that goes on in the business world.
This measure will need the support of all countries, at least all the industrialized ones. This will be a start toward putting the financial affairs of the various countries in order.
The developing countries, those unable to pay their debts, have fared the worst. Looking at the figures for recent years, the resulting difficulties and human suffering that have ensued are obvious.
There has been reference made to the Tobin tax. Some five or six years ago, I had the opportunity to hear Mr. Tobin speak and answer questions when he was invited here to Ottawa. He explained his approach and the way the various transactions could be taxed for the good of humanity. A half or a quarter of one percentage point is certainly not enough tax to hamper investment.
If there is one thing we need, it is investment, but not speculation. This initiative will certainly be the start of putting the world's finances in order so that the kind of shameless speculation that is already going on will not continue.
Canada has an opportunity to demonstrate on the world stage that we are concerned with the countries that are having a hard time. With this motion, I am convinced, it would be an honour for Canada to take this to the G-7 countries in order to try to convince them that this is a necessity in today's world.