Mr. Speaker, I have a question for the hon. member for Regina--Qu'Appelle regarding the Tobin tax. How would he propose that our floating exchange rate mechanisms would be able to work if we were to put a tax, a small tax albeit but still a tax, on currency speculation when the good kinds of speculation which we require to maintain a floating exchange rate mechanism have such minute, tiny margins? My difficulty with the Tobin tax is that it would not discourage the type of speculation that is focused on the hot money movements that lead to meltdowns. It would actually discourage the kind of good speculation which we need in order for countries like Canada to maintain an independent monetary policy. That is a real concern.
How would he propose that the Tobin tax would work when, if 200 countries agreed to it, all it would take is one country, 10 countries or 15 countries to not agree to it and all the money through electronic means would be transferred through accounts in those countries?