Speaking Truth To Power: Not Obama and His Administration That Have Become Part of the Problem, but Rafael Correa of Ecuador
Obama' economic team, filled with Wall Street fraudsters and supporters
and their ilk, have managed to protect and reward this crooked US
financial system's perpetrators of the current economic catastrophe at
the expense of struggling Americans, and.no amount of lofty rhetoric can begin to hide that dishonesty.
In addition, President Obama and his minions pressured Democrats in Congress to pass the egregious Iraq and expansion in Afghanistan supplemental funding bill that contained $108 billion for the IMF (which badly needs to be reformed) to distribute to European banks.
However, it takes the president of a small Latin American country, to honestly speak truth to power, and afflict the comfortable, the hypocritical, and the corrupt.
Haider Rivsi at IPS News reports on President Rafael Correa's speech at the UN:
"The world community must take immediate action to overhaul the current global financial system – that's what a vast majority of political leaders and policymakers from the developing world who are attending a three-day U.N. conference on the global economic crisis are saying.
" 'The financial debacle is just a symptom of the crisis of a system that privileged the speculative-financial economy over the real economy, where goods and services are actually created to meet the needs of human beings,' Ecuadorian President Rafael Correa Delgado told delegates gathered in the General Assembly Hall Thursday.
"In his hard-hitting speech, like many other leaders from the developing world, Correa held the International Monetary Fund (IMF) and the World Bank, as well as the rich countries of the North, responsible for the current economic meltdown that has had a devastating impact on poor nations.
" 'Patching up the Bretton Woods system, which we do not control, makes no sense for the countries of the South,' he said. 'This is our opportunity to consolidate our presence and to develop greater power of deliberation and decision in international fore to, finally, become the owners of our own destination.'
"Correa thinks that the countries of the South must develop 'their own financial architecture' and that they should try to create a "coordinating entity of planetary proportions, based on a monetary council established with 'clear representation and accountability criteria that endorses new foreign exchange commitments and regional institutional arrangements with an issuance of Special Drawing Rights (SDRs).' This issuance of SDRs, according to him, postponed for decades by the big powers of the North, 'will contribute to break the monopoly in the provision of liquidity that guarantees the unipolarity of the U.S. dollar and the asymmetric decisions of the IMF.'
"Correa described the current global financial system as "unhinged by speculation and privilege" and blamed the U.S. financial industry for the plight of millions of poor who are suffering. "This financial crisis originated in U.S. financial markets. [But the] South, which had no responsibility, has become it main victim," he said.
"In her speech, the U.S. envoy to the U.N., Susan Rice, said her country 'is here to participate in this important conversation, to listen, to exchange, to work with you in a spirit of cooperation.' However, she gave no sign of support for reforms at the IMF and World Bank.
"Though seemingly concerned about the current financial crisis, representatives from the European Union (EU) also appeared to be indifferent on this subject.
"In their speeches, both U.N. Secretary General Ban Ki-moon and U.N. General Assembly president Miguel D’ Escoto were on the side of those pushing for revamping of the world’s financial institutions.
" 'The world institutions created generations ago must be made more accountable, more representative, and more effective,' said Ban in a statement."
Correa is a veteran at speaking truth to imperial power whether it be to Bush and now Obama or others, and telling them the emperor has no clothes.
As I wrote earlier this month about the US still planning a military base in right wing, anti-human rights Uribe governed Colombia: "As Rafael Correa, president of Ecuador, who refused to renew the lease for the US air base in Manta, said in 2007: 'We'll renew the base on one condition: that they let us put a base in Miami -- an Ecuadorean base,' Correa said in an interview during a trip to Italy. " 'If there's no problem having foreign soldiers on a country's soil, surely they'll let us have an Ecuadorean base in the United States.' "
In addition, President Obama and his minions pressured Democrats in Congress to pass the egregious Iraq and expansion in Afghanistan supplemental funding bill that contained $108 billion for the IMF (which badly needs to be reformed) to distribute to European banks.
However, it takes the president of a small Latin American country, to honestly speak truth to power, and afflict the comfortable, the hypocritical, and the corrupt.
Haider Rivsi at IPS News reports on President Rafael Correa's speech at the UN:
"The world community must take immediate action to overhaul the current global financial system – that's what a vast majority of political leaders and policymakers from the developing world who are attending a three-day U.N. conference on the global economic crisis are saying.
" 'The financial debacle is just a symptom of the crisis of a system that privileged the speculative-financial economy over the real economy, where goods and services are actually created to meet the needs of human beings,' Ecuadorian President Rafael Correa Delgado told delegates gathered in the General Assembly Hall Thursday.
"In his hard-hitting speech, like many other leaders from the developing world, Correa held the International Monetary Fund (IMF) and the World Bank, as well as the rich countries of the North, responsible for the current economic meltdown that has had a devastating impact on poor nations.
" 'Patching up the Bretton Woods system, which we do not control, makes no sense for the countries of the South,' he said. 'This is our opportunity to consolidate our presence and to develop greater power of deliberation and decision in international fore to, finally, become the owners of our own destination.'
"Correa thinks that the countries of the South must develop 'their own financial architecture' and that they should try to create a "coordinating entity of planetary proportions, based on a monetary council established with 'clear representation and accountability criteria that endorses new foreign exchange commitments and regional institutional arrangements with an issuance of Special Drawing Rights (SDRs).' This issuance of SDRs, according to him, postponed for decades by the big powers of the North, 'will contribute to break the monopoly in the provision of liquidity that guarantees the unipolarity of the U.S. dollar and the asymmetric decisions of the IMF.'
"Correa described the current global financial system as "unhinged by speculation and privilege" and blamed the U.S. financial industry for the plight of millions of poor who are suffering. "This financial crisis originated in U.S. financial markets. [But the] South, which had no responsibility, has become it main victim," he said.
"In her speech, the U.S. envoy to the U.N., Susan Rice, said her country 'is here to participate in this important conversation, to listen, to exchange, to work with you in a spirit of cooperation.' However, she gave no sign of support for reforms at the IMF and World Bank.
"Though seemingly concerned about the current financial crisis, representatives from the European Union (EU) also appeared to be indifferent on this subject.
"In their speeches, both U.N. Secretary General Ban Ki-moon and U.N. General Assembly president Miguel D’ Escoto were on the side of those pushing for revamping of the world’s financial institutions.
" 'The world institutions created generations ago must be made more accountable, more representative, and more effective,' said Ban in a statement."
Correa is a veteran at speaking truth to imperial power whether it be to Bush and now Obama or others, and telling them the emperor has no clothes.
As I wrote earlier this month about the US still planning a military base in right wing, anti-human rights Uribe governed Colombia: "As Rafael Correa, president of Ecuador, who refused to renew the lease for the US air base in Manta, said in 2007: 'We'll renew the base on one condition: that they let us put a base in Miami -- an Ecuadorean base,' Correa said in an interview during a trip to Italy. " 'If there's no problem having foreign soldiers on a country's soil, surely they'll let us have an Ecuadorean base in the United States.' "
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