Archive for May 18th, 2012

18/05/2012

“Human Capital Is Every Bit as Important as Financial Capital”, UN Now Realizes

Human Wrongs Watch

United Nations senior officials stressed the importance of establishing a new paradigm for growth that ensures social inclusiveness, job opportunities for all, and more accountability from the financial sector to tackle the ongoing global economic crisis.

*UN Photo/The Global Fund

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“It is time to recognize that human capital and natural capital are every bit as important as financial capital,” said Secretary-General Ban Ki-moon on 17 May in his remarks to the General Assembly’s high-level thematic debate on The State of the World Economy and Finance and its Impact on Development, taking place at UN Headquarters in New York.
 
“Let us face the facts: the old model is broken. We need to create a new one – a new model for dynamic growth,” Ban, one of the meeting’s co-chairs, said. “A new paradigm based on stable economies and decent jobs and opportunities for all,” the UN reports.

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18/05/2012

European Banks at High Risk — Please Panic!

Human Wrongs Watch

By Nick Beams, 18 May, (WSWS*) — Leaders of the G8 major economies meet over the next two days with the threat of a global financial crisis hanging over their heads as the turmoil in the eurozone worsens.

**Eurozone. Author Glentamara. Source Europe_countries.svg 

Every day brings the bankruptcy of Greece and its exclusion from the eurozone a step closer, with incalculable consequences for the European and global financial system as fears grow over the viability of the banking system in a number of countries.

It is a measure of the depth of the crisis that three and half years after the collapse of the investment bank Lehman Brothers brought the world economy to the brink of disaster an entire country now faces bankruptcy. The global financial system again faces the prospect of collapse, despite the provision of trillions of dollars of bailouts and the supply of an ocean of cheap funds since 2008.

Global share markets fell sharply yesterday with the FTSE All-World equity index down a further 1 percent and predictions that stocks will fall further today [18 May].

Yesterday [17 May] the credit rating agency Moody’s lowered its ratings on 16 Spanish banks, with a three-notch downgrade for the three major Spanish lenders. The decision followed a move by the agency last week to downgrade the rating of 26 Italian banks.

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