"The banks are ours!" Public money was used to bail out the banks, and now they are lending back to the public at interest, while governments ignore the social and environmental crises that confront society. It is time to demand real solutions that will work not only for the sake of the economy but for the lives and conditions of people on whom it depends.
The occupy movement has achieved an incredible and much-needed shake-up of a long-standing political stasis in the US and elsewhere, but it is crucial now to highlight the connection between failed foreign policy, bloated military spending and illegal wars, and the economic crisis at home.
The requirements for reducing or eliminating poverty, in Europe and world-wide, are known and the money is there, but the weight of the financial lobby is such that political will at present seems non-existent.
The United States managed to avert a default, and that is good news. But the partisan battle in Congress sent the stock market plunging, and the decision by Standard & Poor’s to downgrade the country’s credit rating has made matters far worse.
The world has had more than enough of the Washington Consensus. It’s time to impose an Istanbul Consensus based on common sense, low-cost solutions, public honesty and simple justice and give the people of the LDCs, at last, a chance.