VERY IMPORTANT: Alternative Sources of Financing

Tuesday, November 2, 2010

I have written about this topic on several occasions (Blogs, 28.05.20, 3.09.10; Manifesto of June, 2010...) because I believe it’s of great interest and quite urgent.

As early as 2004, Presidents Lula of Brazil, Lagos of Chile, Chirac of France and Spain’s President Rodríguez-Zapatero committed themselves to fighting poverty with progressively larger contributions and by seeking alternative sources, particularly through electronic and currency transactions.

Later, French Foreign Affairs Minister Bernard Kouchner promoted this initiative and Secretary General Ban Ki Moon added the support of the United Nations.

Finally, there exists a way to provide funds for alleviating the poverty suffered by so many; a way which would hardly be noticeable, since these contributions would be a minute percentage of the immense capital transactions.

The topic was recently discussed in New York and our President presented it at a meeting of the United Nations General Assembly. Here everyone could applaud, because many would benefit and no one would be hurt.

However, those who were “rescued” with generous amounts of public funds and who should be so thankful to their now-impoverished “rescuers” who are having to adjust their national budgets, have energetically reacted against alternative financing, arguing that it would only serve to increase the price of credit for families and companies. They must substantiate this threatening affirmation with hard facts, because excellent research has shown that a tax of this nature on international financial transactions would have no real impact and would not increase the price of normal banking operations.

The "rescued" who were helped in their hour of need should now help rescue those who are in a more precarious position. And they should also help to adequately regulate financial activities and to eliminate tax havens.

The time has come to express ourselves through Internet and the communications media at our disposal, to confront an economic system based on speculation and war (I continually refer to military spending that amounts to almost 4,000 million dollars daily) and commence to implement the much needed radical changes (in energy, in the economy, in politics).

These new formulas are not “stupid”, as one of the arrogant bankers termed them, without offering any data that would render his attitude credible.

A. Maalouf once said that "unprecedented actions require unprecedented solutions”.

Let’s listen to him.