00:00Now, this week on Wu Says, we look into US President Donald Trump's recent speech at the UN General Assembly and its implications,
00:08specifically about the sustainability of UN's funding.
00:12Here's a segment from the conversation with Professor Emeritus Datuk Dr. Wu Wing Tai.
00:18I can think of one very easy way to finance the UN, and with the UN, be able to underwrite development financing.
00:30And fighting climate change.
00:32All we need to do is to have a half a percent tax on foreign exchange market transactions.
00:46One of the biggest destabilizing elements in the world today are panicky capital flows.
01:00Just look at the Asian financial crisis.
01:03That was a very good example.
01:06And if you look at a lot of the smaller countries in the world, they got into trouble because some foreign investors panicked and caused the exchange rate to collapse.
01:20And along with it, their banking system.
01:23So, because money is moving around so much, and much of it for speculative reasons, I think a small tax, which among economists is called the Tobin tax, would be a very reasonable thing.
01:40Because it would stabilize, help to stabilize capital flows, and at the same time, would generate a large amount of money.
01:54And then it becomes an issue of how can we make sure that the UN is spending this money properly.
02:01Catch the full conversation on Awani International and across our social media platforms.
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