Bloomberg Doesn't Like Financial Speculation Taxes and Is Prepared To Make Stuff Up to Make Its Case

Bloomberg News Service really doesn't like financial speculation taxes (FST). In fact it dislikes them so much that it is prepared to make things up to try to get people to oppose an FST. It told readers that the very low financial speculation taxes (0.05 percent on each side of a stock trade 0.005 percent on each side of a derivative trade) being considered by the European Union would shave 0.5 percentage points off of Europe's growth rate.

Let's think about this one for a moment. In the...