[Marxism] Latin Americans propose new financial system

["Stuart Munckton" <stuartmunckton@xxxxxxxxx>]

The Latin American alternative: a new financial system
Tim Anderson, Caracas
17 October 2008


*As stock markets crashed and a global credit squeeze threatened global
economies, Latin American governments pushed ahead with plans for a new
financial architecture, to replace the current bankrupt system.*

 The people of the world "no longer support" this privatised banking system,
Venezuela's President Hugo Chavez insisted at an international conference of
political economists in Caracas on October 8-10, hosted by the Miranda
International Centre (CIM) and entitled "Responses from the South to the
global economic crisis".

The International Monetary Fund (IMF) was one of those principally
responsible for the financial crisis. It should "dissolve itself" and
"disappear from the Earth".

Ecuador's economic policy minister Pedro Paez said society must "reclaim the
leading role that has been kidnapped by the centres of political and
economic power … the capitalist system is not the only option".

Proposals for a new financial system also emerged from the CIM conference.
In a joint report to the Venezuelan government (see below), conference
participants urged immediate action to  socialise the banks and protect
national savings without bailing out private investors.

full article:
http://www.greenleft.org.au/2008/771/39749









full article


-- 
"The free market is perfectly natural... do you think I am some kind of
dummy?" - Jarvis Cocker

"Our demands are moderate — we only want the Earth" - James Connolly
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