The Latin American alternative: a new financial system

[Judi Lynn]

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”.

More:
http://www.greenleft.org.au/2008/771/39749