NewsWhore
11-24-2008, 05:40 PM
In La Romana, President Leonel Fernandez said that the financial problems that the world is experiencing are the result of a profound crisis of "ethical values in the markets and the rottenness of the system." As he presented the conclusions of the two-day "Emerging Global Financial Order: A Regional Perspective" seminar, held in Casa de Campo over the weekend, President Fernandez said that this crisis of ethical values is seen in the speculation in the futures markets and in the deregulation and lack of supervision in the markets. According to El Nuevo Diario, he argued that another proof of this is that auditing firms and risk assessment agencies were complicit in the fraud and manipulation of the markets. He said that this situation should never have occurred, and we will have to pay a high price because the planet will have an increased number of poor, unemployed and disoriented people.
As reported by El Nuevo Diario, the President said "Only greed, desire to accumulate wealth has been able to bring the world to this situation. For that, the return to ethical values is fundamental, to know that the markets do generate wealth, but they also are destined to satisfy the needs of society."
He said that in order to achieve a proper balance that permits the effective working of our societies, the "invisible hand of the State" is needed in coordination with the invisible hand of the markets.
The President suggested that 2009 would be very difficult for the world's economies, but he said that an optimistic point of view would say that a slow and gradual recovery would begin and the problems would be overcome by 2010.
At the same time the President warned the greater structural crisis related to the United States internal debt could become evident in the near future as a "credit card crisis," takes place, making things all the worse.
The President maintained that a new paradigm has to be sought, all the while discussing a capitalism that is in intensive care that requires new alternatives that combine the political with the economical and social needs.
More... (http://www.dr1.com/index.html#1)
As reported by El Nuevo Diario, the President said "Only greed, desire to accumulate wealth has been able to bring the world to this situation. For that, the return to ethical values is fundamental, to know that the markets do generate wealth, but they also are destined to satisfy the needs of society."
He said that in order to achieve a proper balance that permits the effective working of our societies, the "invisible hand of the State" is needed in coordination with the invisible hand of the markets.
The President suggested that 2009 would be very difficult for the world's economies, but he said that an optimistic point of view would say that a slow and gradual recovery would begin and the problems would be overcome by 2010.
At the same time the President warned the greater structural crisis related to the United States internal debt could become evident in the near future as a "credit card crisis," takes place, making things all the worse.
The President maintained that a new paradigm has to be sought, all the while discussing a capitalism that is in intensive care that requires new alternatives that combine the political with the economical and social needs.
More... (http://www.dr1.com/index.html#1)