Mr. Speaker, I also want to do more in terms of international development. I want to make sure we have industries in all parts of the world including the developing world. I want people to have well paying jobs, security, food and agricultural development. It is all part of the vision of a new global society.
However we need to fund it in some way. One way is through a tax on international currency. It is not a radical idea. In Canada we have taxes that are based on the ability to pay. We have a progressive tax system. It is not as progressive as I want it to be but it is a progressive system. We have redistribution of income through the taxation system. We have transfers to people in terms of old age pensions. We have transfers to provinces to provide equal access to health care with national standards. We have transfers to the so-called have not provinces in terms of equalization payments. Equalization is enshrined in the constitution.
Equalization is enshrined in the Canadian constitution. It is a good Canadian principle.
We have all these things to try to provide equality of condition and equality of opportunity. We should start applying the same philosophy internationally. The question is how to pay for it.
There may be other ways of paying for it. We could impose other kinds of levies to pay for international development. One of the fairest ways is a small tax on the speculation of currency. It would not affect ordinary people. It would affect some of the huge investment banks and money traders. Some 90% of the money traded during the day is for international speculation.
I have spoken about the issue at conferences around the world. I have spoken about it in Brussels, London, Brazil, at the United Nations and at other conferences. The idea is gaining momentum around the world. The European community is doing a major study on the idea of a tax on currency speculation. France has passed legislation on the issue. Belgium is close to passing legislation.
Most currency trading in the world is done in seven huge centres like London, New York, Frankfurt and three or four others. We need a critical mass to make the idea effective. I hope the hon. member will take a second look at it. Members of his party voted in favour of such a motion in March 1999.