I attended a meeting yesterday looking at the financial crisis and global policy action sponsored by New Rules For Global Finance Coalition. A statement has been circulated which calls on world leaders to adopt "new principles an rules to build an economic system that works for people and the planet." In light of the current crash there is a call to rework the entire "Washington Consensus" and move to a model based on economic democracy and equity, ecological sustainability, environmental justice and the fulfillment and protection of all human rights. The panel discussion focused on limiting the power of the IMF, World Bank and WTO in dealing with the crisis while increasing regulation. There will be actions, events, teach-ins to raise awarenss around new models for the global economy around the world this weekend as G 20 leaders meet here in Washington.
What's discouraging is that those who drafted the civil society statement say that they wrote similar things 10 years ago when the world experienced the last economic crisis. Seeing as Congress is already behind on its oversight of the approved $700b financial bailout, it diminishes hope that world leaders will see this as a new moment and act in ways to prevent the bailout from ballooning up the financial sector. This morning the Washington Post reported that most of the $700b has gone to help banks LEND MORE !
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