OWS creaters call for worldwide 'Robin hood' tax

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http://www.cnbc.com/id/45019789

Group to Call for 'Robin Hood Tax' at Protests Saturday
Published: Monday, 24 Oct 2011 | 2:55 PM ET
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By: Reuters

An anti-capitalist group which sparked the Occupy Wall Street movement has called for global protests Saturday to demand that leaders of the Group of 20 (G20) nations impose a "Robin Hood tax" on financial transactions and currency trades.

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Canada-based Adbusters wants the Occupy Wall Street protest movement against economic inequality to take to the streets to call for a 1 percent tax on such deals ahead of a Nov. 3-4 summit of the G20 leading economies in France.

"Let's send them a clear message: We want you to slow down some of that $1.3 trillion easy money that's sloshing around the global casino each day—enough cash to fund every social program and environmental initiative in the world," the activist group said on its website, www.adbusters.org.

Adbusters put out the initial call for Occupy Wall Street and since protesters set up camp in a park in New York City's financial district on Sept. 17, they have inspired solidarity demonstrations and so-called occupations around the world. Thousands turned out for a global day of protests on Oct. 15, which were mostly peaceful apart from Rome, where there were riots.

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Occupy Arrests, a Twitter feed compiling arrests related to Occupy Wall Street, said that since the movement began five weeks ago nearly 2,400 people have been arrested around the world, including in New York City. Occupy Wall Street prides itself on not having any leaders and doing everything by consensus at daily general assemblies.

Adbusters has asked protesters to approve its plan for a "Robin Hood tax" and global protests at their general assemblies. The proposal by Adbusters comes as some people question whether the movement can sustain momentum and and ask what will happen next.

Critics accuse the group of not having a clear message.

"As the movement matures, let's consider a response to our critics," Adbusters said on its website. "Let's occupy the core of our global system. Let's dethrone the greed that defines this new century."

The protesters say they are upset that the billions of dollars in bank bailouts doled out during the recession [cnbc explains] allowed banks to resume earning huge profits, while average Americans have had no relief from high unemployment [cnbc explains] and job insecurity. They also believe the richest 1 percent of Americans do not pay their fair share in taxes.

Occupy Wall Street is urging protesters to close their bank accounts and transfer their money to credit unions, a move that is due to culminate with a bank transfer day on Nov. 5.