Roberto Bissio from Social Watch speaks at UN on financial crisis
- Tuesday Mar 31,2009 05:14 PM
- By editor
- In Events
The UN General Assembly held an Interactive dialogue on the World Financial and Economic Crisis and Its Impact on Development from 25-27 March in New York.
Se also in YouTube
Roberto Bissio, representing the Social Watch Network, said those institutions that should have warned about the crisis had the power to control small and developing countries’ economies. But they lacked the courage to tell the rulers of the world’s most powerful economies what was going wrong. Watch the video:
“Those institutions that should have warned about the crisis had the power to control small and developing countries’ economies. But they lacked the courage to tell the rulers of the world’s most powerful economies what was going wrong. That was what had led to the current crisis. It was important to look at oversight mechanisms. A system was needed whereby the tide lifted all boats. The world had been led to believe that globalization would do that. But it was now experiencing a “titanic” in which only the big boats and the women and children travelling in first class survived, while those in steerage did not. Many big reforms must be implemented to correct that”
“The ‘trickle down’ economic philosophy had its origin in the kind of thinking that opening capital accounts and liberalizing the economy was like joining the mafia. If the philosophy did not work, no one got a resignation letter. That was what was happening now during the financial crisis. Developing countries were being taken hostage, but what they really needed was a witness protection programme where capital controls were created to shield them from harm”
See also:
Deep reforms of global financial system inevitable response to protacted crisis
Financial crisis, Roberto Bissio, U.N. reform, United Nations
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