March 15, 2004

T²: The Tobin – Triad Resolution
By Richard Hudson 

The General Assembly of the United Nations,

Observing that,

• The global community is in a state of chaos unparalleled in the history of humankind,
• The animosities based on nationalism, ethnicity, religion, and gender, given the Weapons of Mass Destruction in the hands of many and a growing number of entities armed with them, threaten to ignite a conflagration that could eliminate the effort to build a human society worthy of its potential,
• The clear road toward a world of sanity is for the many disparate groups of society, including governments, intergovernmental organizations, NGOs, academics, the media, and ordinary citizens, to coalesce into a movement in some fashion in order to bring this new order into existence.

Therefore, establishes the World Regulatory Agency (W.R.A), whose mandate is to lay down the rules for the establishment of a global system that will seek to guarantee peace and security for every inhabitant of the planet, assuring the integrity of all states, large and small, rich and poor.

This result, will be achieved by the United Nations General Assembly under Article 17 and 21 of the U.N. Charter, which confer on the Assembly the right to authorize the budget of the Organization and to adopt its own rules of procedure. In order to assure that the Assembly has ample funds to carry out its expanded mission, it establishes a small tax on all global currency transfers to be collected by the W.R.A. Such a tax, popularly known as the Tobin tax, after the late James Tobin, a Nobel Prize winning professor at Yale University, would produce many billions of dollars in revenue even though the rate would be quite low, say, a quarter or a twentieth of one percent.

To provide a democratic and balanced majority for such a revolutionary proposal, the Assembly is requiring that this resolution pass by a two-thirds majority of those present and voting, and that the majority include states representing a majority of the world’s population and states representing a majority of the contributions to the regular U.N. budget (roughly based on G.N.P.) This arrangement is widely known as the Binding Triad system for global decision-making.

Thus, this resolution could be called the Tobin – Triad, or T² resolution.

To implement the Tobin – Triad resolution, the Assembly establishes the Open-Ended Working Group to create the World Regulatory Agency, which will function under the U.N. General Assembly with the Binding Triad system for global decision-making.