Avaaz.org - The World in Action
----- Original Message -----
From: Paul Hilder - Avaaz.org
Friday, October 10, 2008 6:47 AM
Subject: Buy In, Don't Bail Out
Dear friends,
Over the next 48 hours, the world's leading finance ministers are
meeting to thrash out our response to the financial crisis. Instead of bailing
out reckless financiers again, we need a buy-in that gives us public ownership
and strict new regulations to fix this broken system for good! --
Put your name here!
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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