Economics Expert Explains Recent Stock Markets Flux & Why We Need a Financial Transaction Tax

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By Rob Lorei

Today we talk with economist James Henry about the recent drop seen in the U.S. stock markets in response to market fluctuations seen in China  caused by the devaluation of its currency a few weeks ago and overvaluation of its markets amid fears of a slowing Chinese economy. Henry explains what that means for US businesses and the global market, as well as the benefits of a financial transaction tax, also known as a “robin hood tax”, on speculative financial transactions. Henry is former chief economist at the international consultancy firm McKinsey & Co. He is now senior fellow at the Columbia University Center for Sustainable International Investment.