Saturday, October 11, 2008

Buying In - Not Bailing Out

Passing on a message from the Avaaz Organization - they do good work in the world. 


Isn't the financial crisis worrying - and they're making it worse by bailing out the bankers, instead of intervening in the public interest to sort it all out. I just signed this petition supporting a "buy-in" rescue package instead -- it'll be delivered to the world's top finance ministers at the end of the week, so you might want to do the same: http://www.avaaz.org/en/global_public_rescue/97.php 
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Watching the markets freefall, we know this crisis will utterly change our daily lives -- we're not just spectators any more, and we’re seeing something new –- people and governments directly intervening in the chaos that until now was controlled by reckless and greedy financiers. 

Today and all weekend, extraordinary choices will be made by the world’s most powerful finance ministers, meeting to decide our response to the financial crisis. Together, we must make sure that governments don’t just use our money to bail out the banks, but claim a share of public ownership in these institutions for our future, and oversight powers to fundamentally fix the wider system. 

We'll deliver our call for a global buy-in package in 36 hours to G7 finance ministers and again to a bigger Global Crisis Summit planned for November -- please sign the petition at the link below, and forward this email to everyone you know. The decisions made this week will shape our lives for years to come: 

http://www.avaaz.org/en/global_public_rescue 

Three weeks ago our petition to regulate global finance was waved by Denmark's former prime minister as the European Parliament voted.[1] Two weeks ago our US members bombarded Congress with phone calls for a buy-in not a bailout -- investing in the banks so they stop choking off capital, while giving the public a share for their money and the power to fix the system -- and yesterday, as Britain launched a bold buy-in of its own, word is the United States might finally change course.[2] 

Only concerted action by the global community can build a better system, and we can't leave it to the financiers -- so today, we're launching an emergency campaign calling on leaders for a global public rescue to save all our economies. This is what's needed -- a 'buy-in' to financial institutions not a reckless 'bailout', massive public investment stimulus to stave off global depression, temporary guarantee of loans/deposits, and strict new regulations to fix this broken system once and for all.[3] It's a sensible and public-spirited package supported by progressives and expert economists alike -- add your name here: 

http://www.avaaz.org/en/global_public_rescue 

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. 

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: 

http://www.avaaz.org/en/global_public_rescue 

With hope and determination, 

Paul, Ricken, Graziela, Pascal, Veronique, Iain, Brett, Milena and the whole Avaaz team 

PS Congratulations to all those who supported our phone and email campaign on Europe's climate and energy package this week -- it was a stunning victory, we won 95% of what we wanted and our sources say we made a big difference. More soon! 

Sources: 

1. Winning the vote on financial oversight and regulation in the European Parliament with Denmark's Poul Rasmussen:
http://www.pes.org/content/view/1401/1700098 

Rasmussen's Parliament speech: 
http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+CRE+20080922+ITEMS+DOC+XML+V0//EN#creitem19 

2. New York Times and NYU economist Paul Krugman on the UK plan and US shift:
http://krugman.blogs.nytimes.com/2008/10/09/doing-the-right-thing/ 

"This would essentially be the plan supported by most economists": 
http://calculatedrisk.blogspot.com/2008/10/ny-times-recapitalization-plan-being.html 

3. 18 leading economists from across the political spectrum and around the world -- "Rescuing our jobs and savings: what G7/G8 leaders can do":
http://voxeu.org/index.php?q=node/2340

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