NewsWhore
12-17-2008, 02:40 PM
President Leonel Fernandez said at the Latin American and Caribbean Conference for Integration and Development in Brazil that all those at the summit should demand that international finance organizations and the Federal Reserve of the United States say all the truth on the extent of the crisis so that small economies can adapt policies to mitigate the impact of the damage.
Fernandez now feels that all the truth on the mortgage and financial crisis in the US has not been told. He says there are now fears it could take the world 10 or 15 years to recover. He said that new financial instruments amounting to US$60 trillion dollars, have been affected by speculation. The innovations are said to be unlisted and unregulated derivatives.
Fernandez says all this is the result of a crisis of values in the system. He advocated that a new Latin American school of thought that would go beyond Liberalism and Keynesianism in order to overcome the challenges may emerge at the summit. He called for a unified position for Latin America.
Fernandez is attending the four-summit event organized by the government of Brazil, for Latin American and Caribbean heads of state and government.
More... (http://www.dr1.com/index.html#1)
Fernandez now feels that all the truth on the mortgage and financial crisis in the US has not been told. He says there are now fears it could take the world 10 or 15 years to recover. He said that new financial instruments amounting to US$60 trillion dollars, have been affected by speculation. The innovations are said to be unlisted and unregulated derivatives.
Fernandez says all this is the result of a crisis of values in the system. He advocated that a new Latin American school of thought that would go beyond Liberalism and Keynesianism in order to overcome the challenges may emerge at the summit. He called for a unified position for Latin America.
Fernandez is attending the four-summit event organized by the government of Brazil, for Latin American and Caribbean heads of state and government.
More... (http://www.dr1.com/index.html#1)