Getting trade in the debates
I told you so

After we give the swindlers their deficient capital...

The Boston Globe discusses "what's next after the financial crisis". Here's what we and some other advocates are saying:

Now come the second thoughts on globalization.

Never before have world markets been so integrated. And yesterday's concerted interest rate cuts by central banks in the United States and other countries from Britain to China was a signal that the financial crisis rippling around the globe has grown too big for any one of them - even the US Federal Reserve - to contain on its own.

It also could mark the start of an effort to overhaul the global financial system conceived at the 1944 summit in Bretton Woods, N.H., which set the rules of international commerce for industrial countries...

Critics of global trade and finance, long a vocal minority in many countries, including the United States, have based much of their opposition on such historical factors as job migration. Now they see their cause gaining momentum as lawmakers push for tougher oversight and financial restrictions to stem the mayhem in world markets. US Representative Barney Frank, Democrat of Newton, has called for stepped-up regulation of investment banks and other financial institutions.

"There's going to be a large push for re-regulation," said Lori Wallach, director of Public Citizen's Global Trade Watch, a policy advocacy group in Washington. Wallach said trade pacts have undermined safeguards for workers and consumers worldwide.

"We're seeing the fruits of three decades of deregulation of the financial markets," said Tonya Hennessey, project director at CorpWatch, an antiglobalization group in San Francisco. "Because of that, we've had this complex packaging of securities sold around the world. There's no choice but to go back to strong regulation."

Print Friendly and PDF

Comments

The comments to this entry are closed.