That's the question posed by economist Jeffrey Sachs as leaders of the G20 countries prepare to meet.
On Thursday, President Obama will meet with leaders of the other G20 countries. On the table will be a proposal to introduce a Financial Transactions Tax (FTT). French President Sarkozy and German Chancellor Merkel will support the proposal. If President Obama is true to his recent words sympathizing with Occupy Wall Street, he will join Sarkozy and Merkel in supporting the FTT. More likely, though, he will oppose the proposal in order to protect Wall Street, thereby continuing his pattern of progressive rhetoric that masks conservative policies.
Sachs notes that U.S. support or opposition to such a tax could affect what other countries are willing to to do.
The UK, for example, has said that it favors the tax, but only if the US joins.
Sachs believes that Obama will reject the European proposal.
The White House has long been the protector of Wall Street. Treasury Secretary Geithner has recently spoken out against the tax, strongly signaling that Obama will oppose the proposal when the heads of government consider the proposal later this week.
Economist Dean Baker of the Center for Economic and Policy Research says that a financial speculation tax (aka FTT or Robin Hood tax) could raise over $100 billion a year, and would also reduce "dangerous financial market speculation". Check out his very informative Facts & Myths About a Financial Speculation Tax.
National Nurses United is also pushing an FTT, and says that nurses from four continents will be on hand for the opening of the G-20 summit on Thursday.
I would hope that participants in all the Occupations around the country would get behind this idea.