Dear friends,
In 36 hours, the world's leading finance ministers are meeting to thrash out their response to the financial crisis. Instead of bailing out reckless financiers, we need a buy-in that'll serve the public interest --
Tell Them Now!
The global financial meltdown now threatens us all. Markets everywhere are in freefall, banks have cut off lending and jobs are at risk, with many warning of a new Global Depression.[1] The response from leaders has been sluggish, even dangerous -- take the Bush administration's bailout of reckless financiers. But economists and citizens everywhere have put them to shame with our response -- and our calls for a better way are finally starting to be heard, from Europe to the USA.[2]
Instead of bailouts, we need a buy-in -- 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.[3] But 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. We'll deliver our call for a global buy-in in 48 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:
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 Three weeks ago our petition to regulate global finance was waved by Denmark's former prime minister as the European Parliament voted, and two weeks ago our US members bombarded Congress with phone calls for a buy-in not a bailout. Yesterday, as Britain launched a bold buy-in of its own, word is the United States might finally change course... we can't let up!
Also, 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. Indonesia, Russia, Brazil, China and Korea have all suspended markets after heavy falls; global commodities, including oil, are also now falling on the expectation of recession; markets in the West have been diving. As the global meltdown accelerates, banks reliant on money markets have stopped almost all lending to companies big and small, putting many in danger of bankruptcy and job losses – see "Financial and Economic System is in Cardiac Arrest":
http://www.rgemonitor.com/roubini-monitor/253853/
Rich Iceland and poor Pakistan both in danger of going bust:
http://www.portfolio.com/views/blogs/market-movers/2008/10/08/the-sovereign-default-race-heats-up
2. Helping to win the European Parliament vote on financial oversight and regulation:
http://www.pes.org/content/view/1401/1700098
Rasmussen's Parliament speech:
http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-EPTEXT+CRE+20080922+ITEMS+DOC+XML+V0//EN#creitem19 Economists' consensus on the need for a global public rescue:
Financial Times chief economist Martin Wolf: "It is time for comprehensive rescues of financial systems"
http://www.ft.com/cms/s/0/3dc401f8-949a-11dd-953e-000077b07658.html?nclick_check=1
University of Columbia economics professor Nouriel Roubini: "Some new policy recommendations to avoid the meltdown":
http://www.rgemonitor.com/blog/roubini/253933/revisiting_my_february_paper_the_risk_of_a_systemic_financial_meltdown_the_12_steps_to_financial_disasterand_some_new_policy_recommendations_to_avoid_the_meltdown
3. 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/
"New IMF study of banking crises contradicts bailout", Yves Klein:
http://www.nakedcapitalism.com/2008/09/new-imf-study-of-banking-crises.html
"This would essentially be the plan supported by most economists":
http://calculatedrisk.blogspot.com/2008/10/ny-times-recapitalization-plan-being.html
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ABOUT AVAAZ
Avaaz.org is an independent, not-for-profit global campaigning organization that works to ensure that the views and values of the world's people inform global decision-making. (Avaaz means "voice" in many languages.) Avaaz receives no money from governments or corporations, and is staffed by a global team based in Ottawa, London, Rio de Janeiro, New York, Paris, Sydney and Geneva.
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