Another variation on the demand to “tax the rich” is the call for a tax on financial transactions, otherwise known as a “Financial Transactions Tax” (FTT), “Tobin Tax” (after the Nobel economics laureate, James Tobin, who first proposed the idea in 1972), or “Robin Hood Tax” (i.e. taking from the rich and giving to the poor). [Part 1]

The present economic crisis has been described in various ways by mainstream commentators. All manner of “solutions” have been posed, both by the bourgeois politicians and economists, and by the reformist leaderships of the working class. What these commentators and representatives cannot admit is that this crisis will not be solved by this or that reform. Society is living through a crisis of capitalism and the choice facing mankind is simple: socialism or barbarism.

The Eurozone is passing through the most serious crisis in its entire history. After Greece comes the Italian crisis. This places a big question mark over the future of the euro. We predicted long ago that in a serious crisis all the national contradictions come to the fore, as we now see with the fractious relations between Greece, France, Germany and Italy. The European Union is facing the day of reckoning.

In a scene reminiscent of the attempt to save the world by science fiction superhero Flash Gordon, the leaders of the European Union have given themselves a two-week deadline to resolve the eurozone crisis. While in the fantasy world Flash Gordon saved the world, in the real present-day crisis-ridden world the EU leaders are staring failure in the face, with all the consequences that this will mean in terms of growing political instability and, more importantly, of growing class struggle.

In an interview which shocked the BBC News presenter, “independent trader” Alessio Rastani gave a very frank appraisal of his perspectives for the world economy. "This economic crisis is like a cancer, if you just wait and wait hoping it is going to go away, just like a cancer it is going to grow and it will be too late,” he said, adding that governments would not be able to fix the economy.

Europe is standing on the edge of a precipice. This is the judgement, not just of the Marxists, but of the most serious strategists of Capital. Barely six weeks have passed since the latest Greek rescue package, and it is already unravelling. There is now a general crisis of confidence in the ranks of the bourgeoisie internationally. The panic, which is reflected in the wild gyrations of the stock exchanges, has spread rapidly from Europe to America. It is a kind of deadly contagion that has infected all the euro zone’s big countries.