well, that logic aplied in the capital markets because money moves instantaneously. and you put on a small tax in a market where roughly 50% of the volume is high frequency, you will basically mark out 50% right there. so already, just do the math. you're down to 75, but it gets worse. sweden tried a transaction tax in early 1990 and found that essentially, it's trading just went out to other countries in europe and my preduction is that if the french go ahead with this tax in august, you're just going to watch trading go to frankfurt, london and new york and the french aren't going to raise anywhere near the kind of money they're talking about. so at the end of the day, it's really just an illusion that you're going to raise this money. you're probably going to just raise a fraction of the 150. but suddenly, there is no evidence that i know of at least in academic literature, that transactions tax will reduce speculation. in fact, firms like his that will be penalized, they don't speculate. they arbitrage and you're basically going to throw all the arbitragers out o