I have added my voice to the campaign for buy-ins and a global public rescue plan, instead of bailouts which benefit reckless financiers most. The petition will be delivered to Finance Ministers of the G7 countries in Washington by the end of the week, and to a Global Crisis Summit including many heads of state in November.
I have never been a Milton Friedman-type freemarketer, but I do believe in the Free Enterprise system as the most effective tool to bringing beneficial change to the world. That is a seemingly tenuous statement to make in these times. There are many who will deride me for having too much or not enough faith in the capitalistic system. My argument is not with the system, but with those who have abused the system and those who have institutionalized the means of abuse.
Yesterday MARK LANDLER of the New York Time BUSINESS reported on Rich Nations Pushing for Joint Financial Rescue
The United States and six other nations agreed to a plan to rescue the financial industry, but fell short of offering concrete steps to backstop bank lending.
My action was signing the petition supporting a "buy-in" rescue package instead of a bail-out. I am not in favor of nationalizing banks, but my action or the collective action, will not lead to that. It will endeavor though, I believe, to put greater controls on those institutions. I signed the Avaaz petition because I believe they made a viable argument for doing so.
Leading economists now agree that citizens and our governments are the only force powerful enough to solve this crisis -- only the public can mobilise the investment and oversight needed to fix the financiers' failings, get the economy moving and revive things on a sounder basis. The Great Depression of the 1930s teaches us that we cannot address this crisis with each acting alone -- only by acting together can countries head off disaster.
According to Calculated Risk, "This would essentially be the plan supported by most economists":
VOX cites 18 leading economists from across the political spectrum and around the world -- "Rescuing our jobs and savings: what G7/G8 leaders can do":
How we respond to this crisis will shape our lives for years to come. We're still a long way from tackling the fundamental problems of the global economy, but the tide is moving in our direction. So let's take control of our future in the interests of people not financiers, and raise a worldwide voice across borders for a global public rescue. 3.4 million of us in every nation of the world will get this email -- that's a start. Click below to sign, forward this email to all your friends and family, and let's raise a voice our leaders can't ignore:
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