You’ve seen repeated reports about ongoing discussions between the US and other members of the G-20 group of nations regarding the idea of a global bank tax. This bank tax will up for discussion when the G-20 leaders meet in Canada later this month, even though opposition to the proposed tax is very strong.

The US, Germany and Britain are keen on such a tax, because of the billions in bailout support they have handed over to their economically hard-hit banking sectors. The tax would allow them to take back some of that bailout money, and smooth over taxpayer anger about the size of the bank bailouts. Canada, Australia, China and other G-20 countries are not so enthusiastic about a global tax, since (they say) imposing such a levy would penalize their banks, none of which required bailouts.