Rethinking Bretton Woods | Fri, Sep 10, 2010
Heinrich Boell Foundation, CIDSE, Social Watch and UN-NGLS
invite you to
Raiding the Public Till: The Financial Crisis and the MDGs
September 21st, 2010,
Boss Room, Church Center, 8th Floor, 777 UN Plaza, New York City, NY
Overview Financial institutions have privatized gains and socialized losses, thereby retarding progress toward the MDGs and increasing levels of poverty and inequality in most countries of the world. The privatization of gains occurs through high banking sector profits in good and even in bad times, tax evasion, speculative busts and buyouts, IFI-induced privatization, etc. Socialization of losses occurs through taxpayer-funded bailouts of large financial institutions, labor de-regulation, cutting pensions and health care, failure to restructure debt owed to private sector, few if any taxes on the financial sector, etc. These processes raid the public till and transfer resources to the richest people and institutions in the world.
Moderator: Elisa Peter, UN-NGLS
Panel 1: Raiding the Public Till: reform of financial regulations
Anselmo Lee, Civil G20
David McNair, Tax Justice Network
Sergio Marelli, Director, FOCSIV/Italy; Member of CIDSE
Barbara Adams, Global Policy Forum
Panel 2: Raiding the Public Till: reform of International Financial Institutions
Roberto Bissio, Social Watch
Marivic Raquiza, Social Watch Phillippines
Yao Graham, TWN Africa
Himanshu Jha, Social Watch India
Final remarks, Summary points for follow up
Nancy Alexander, Heinrich Boell Foundation and Aldo Caliari, Center of Concern/CIDSE
Please RSVP as soon as possible, but no later than Friday, September 17th, 2010 (at 12 pm) by e-mail to Markus Rutsche firstname.lastname@example.org
Note that if you do not otherwise have accreditation to access the security perimeter, timely RSVP is critical to ensure you can gain access to the venue.
Description In addition to the dynamic of private actors privatizing gains and socializing losses, progress toward the MDGs remains a challenge because: 1) Such progress significantly hinges on countries having national strategies that are not only focused on macroeconomic stability and public investment in human development, gender equity, and environmental protection. Strategies must include approaches to diversity and boost productivity (including industrial productivity) yet, as it is, these are often absent or underemphasized. 2) It is difficult for governments to raise revenues from private firms. In general, countries are not only failing to raise significant revenues (e.g., taxes, royalties) from the private sector, but also, subsidizing private firms, particularly foreign investors. This depletes the public till of resources for public investment in development, as required to achieve the MDGs. The event will address these challenges and emphasize the imperative of harnessing the aid, finance, debt and trade dimensions of “global partnerships for development” (as called for by MDG8) to support national strategies and contribute to achievement of MDGs 1 through 7.