G20 & Lords of Finance

[Cees Binkhorst]

REPLY TO: D66 at nic.surfnet.nl

Hieronder wordt niet genoemd dat de financiele sector ong. 40% van alle
bedrijfswinsten maken.
Een duidelijke indicatie dat ze een véél te groot aandeel afsnoepen,
maar ook dat dit door de politiek in de USA nog steeds getolereerd wordt
(misschien zelfs wel bevorderd, na het ontvangen van campagnebijdragen
via K-street).

Groet / Cees

SOVEREIGN GOVERNMENTS VS. LORDS OF FINANCE
http://www.ipsnews.net/columns.asp?idnews=51295
Hazel Henderson

MAY 2010 (IPS) - Only if G-20 leaders come together at the June summit
in Toronto and take concerted action can they avoid the next financial
crisis already looming. If they cannot summon the courage to shake off
the grip of the lords of finance, they will have forfeited what little
public trust still remains, writes Hazel Henderson, president of Ethical
Markets Media, founder and co- chair of the World Business Academy's
EthicMarkr for ethical advertising, and co-creator of the
Calvert-Henderson Quality of Life Indicators.

In this analysis, Henderson writes that we have reached the inflection
point in the globalised financial casino and its mountains of
unrepayable debt. With outstanding derivative positions totalling some
USD 600 trillion -and world GDP only USD 63 trillion- today's global
debt is unrepayable.

To save sovereign governments from further co-option and corruption,
leaders must take these initial actions: banning naked derivatives
(where betters don't own the bonds) and bringing those needed for actual
users of oil, commodities, etc., onto transparent exchanges; enacting
the financial transactions tax (FTT); and banning ratings agencies from
selling ratings to issuers. It is also essential to break up all
too-big-to-fail banks, e.g., the six largest ones in the US: Bank of
America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and
Wells Fargo, which now control 63 percent of US GDP.

(*) Hazel Henderson is president of Ethical Markets Media (
www.ethicalmarkets.com), founder and co-chair of the World Business
Academy's EthicMarkr for ethical advertising, and co-creator of the
Calvert-Henderson Quality of Life Indicators.

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