Showing posts with label economic crisis. Show all posts
Showing posts with label economic crisis. Show all posts

Saturday 10 December 2011

E-Zone solutions an attack on democracy - Greens

The Green Party has dismissed current solutions to the Euro-zone crisis as short-sighted, economically unsustainable and tantamount to an attack on European democracy.

Current solutions to the sovereign debt crisis all amount to the same thing: the poorest paying the bill.
Two solutions are currently being discussed; first, a €2trillion fund to bail out indebted countries so that they can pay their debts to banks; second, a multi billion euro project to recapitalise the banks so that indebted countries can be allowed to default without bankrupting banks.

The first solution asks European tax payers to underwrite a €2trillion fund. The second asks Europeans tax payers to underwrite banks. Essentially they are the same regressive solution, which hits the poorest hardest and does nothing to resolve a systemic crisis.

The current solution does nothing to prevent future unsustainable debt and subsequent future crisis. Instead, it undermines democracy by putting the survival of banks before the interests of society.

The Green Party has come forward with an ambitious alternative to the neo-liberal, pro-corporate ideology that is governing economic policy in Paris, Berlin and the European Central Bank.

The alternative is twofold. First, banks must pay for themselves. The level of capital reserve must be raised and new ratios of fractional reserve banking need to introduced and enshrined in legislation. In this way, unsustainable sovereign debt will be paid for by the banking creditors who decided to make a profit by taking the risk; not the societies who stand to suffer.

This will mean that the financial sector will need to reduce its asset base which will hit lending to the real economy. To offset this, a massive Green Investment Bank (GIB) must be created to lend to sustainable businesses and industries, where the financial sector fails to do so.

Such a GIB could be funded by the same capital that is being discussed for the €2trillion bailout fund and the recapitalisation of European banks. In addition, the GIB could be funded by a higher banking levy and a financial transaction tax. The difference would be that tax payer's money would not be going into the financial black hole of hedge fund balance sheets. Instead, the money will be used to create real - tax payer owned - assets, in affordable homes, renewable energy and sustainable industry.

The Green Party calls on European governments to dismiss the needs of private financial institutions, provide millions of jobs and give tax payers control over their own economy. You might call it a democratic solution to the Euro-zone crisis.

Thursday 6 October 2011

The World vs Wall Street - a message from Avaaz

 
A message from Avaaz.org

Thousands of Americans have non-violently occupied Wall St -- an epicentre of global financial power and corruption. They are the latest ray of light in a new movement for social justice that is spreading like wildfire from Madrid to Jerusalem to 146 other cities and counting, but they need our help to succeed.

As working families pay the bill for a financial crisis caused by corrupt elites, the protesters are calling for real democracy, social justice and anti-corruption. But they are under severe pressure from authorities, and some media are dismissing them as fringe groups. If millions of us from across the world stand with them, we'll boost their resolve and show the media and leaders that the protests are part of a massive mainstream movement for change. 

This year could be our century's 1968, but to succeed it must be a movement of all citizens, from every walk of life. Click to join the call for real democracy -- a giant live counter of every one of us who signs the petition will be erected in the centre of the occupation in New York, and live webcasted on the petition page:

http://www.avaaz.org/en/the_world_vs_wall_st/?vl

The worldwide wave of protest is the latest chapter in this year's story of global people power. In Egypt, people took over Tahrir Square and toppled their dictator. In India, one man's fast brought millions onto the streets and the government to its knees -- winning real action to end corruption. For months, Greek citizens relentlessly protested unfair cuts to public spending. In Spain, thousands of "indignados" defied a ban on pre-election demonstrations and mounted a protest camp in Sol square to speak out against political corruption and the government's handling of the economic crisis. And this summer across Israel, people have built "tent cities" to protest against the rising costs of housing and for social justice.

These national threads are connected by a global narrative of determination to end the collusion of corrupt elites and politicians -- who have in many countries helped cause a damaging financial crisis and now want working families to pay the bill. The mass movement that is responding can not only ensure that the burden of recession doesn't fall on the most vulnerable, it can also help right the balance of power between democracy and corruption. Click to stand with the movement:

http://www.avaaz.org/en/the_world_vs_wall_st/?vl

In every uprising, from Cairo to New York, the call for an accountable government that serves the people is clear, and our global community has backed that people power across the world wherever it has broken out. The time of politicians in the pocket of the corrupt few is ending, and in its place we are building real democracies, of, by, and for people. 

With hope,
Emma, Maria Paz, Alice, Ricken, Morgan, Brianna, Shibayan and the rest of the Avaaz team

PETITION LINK