ID :
22694
Sun, 10/05/2008 - 21:13
Auther :
Shortlink :
http://m.oananews.org//node/22694
The shortlink copeid
Mkt crisis: UNGA Prez for renewed faith in value of regulation
United Nations, Oct 4 (PTI) Seeking solidarity between individuals and governments and a renewed faith in the value of regulation to resolve the economic problems, U.N. General Assembly President Miguel d'Escoto Brockmann has said unrestrained worship of the market has led to the current worldwide financial crisis.
"We are reaping the consequences of the idolatry,"
Brockmann said at a press conference held to take stock of the
issues raised during the just-concluded high-level segment of
the 192-member Assembly.
He said the failure of the markets to correct the
problems that have emerged over the past year taught an
important lesson -- blind trust in the markets will only lead
to trouble.
Brockmann said solidarity was needed to overcome the
crisis and to ensure that any response from policymakers was
ethical and responsible and took into account the needs of the
poorest, and not just financial institutions.
He stressed that unity should be viewed as the guiding
principle in all political, economic and individual life.
The President described his early efforts to build unity
among member states, while responding to numerous questions
about "hot potato" issues.
In response to a question on democracy and human rights
in Myanmar, he described his role as that of a facilitator,
supporting member states as they sought a viable way to help
"our brothers and sisters" in Myanmar.
"That is certainly one of the areas of our world that
demands our attention and our solidarity," the U.N. General
Assembly President said.
Discussions were currently in an initial, consultative
phase that would allow member states to gather objective
information on the situation.
Some people in business and politics were in the habit of
attending religious gatherings on Sundays, Brockmann
continued.
"You talk about justice, responsibility, brotherhood and
stewardship in Sunday sermons, but the rest of the week you
function only as the political or economic animal that you
are supposed to be, and forget the intrusion of considerations
of morality or ethics into the sacrosanct economic sphere of
action."
Noting that several crises are affecting the world at
once, he said: "We should not look upon crises as an
inevitable gateway to tragedy. I think that crises are moments
of great important opportunity to grow and develop and take a
quantum leap to something better."
The current financial crisis would thus, hopefully, lead
the United States and the world to make more enlightened
decisions in the future, he said.
"We are reaping the consequences of the idolatry,"
Brockmann said at a press conference held to take stock of the
issues raised during the just-concluded high-level segment of
the 192-member Assembly.
He said the failure of the markets to correct the
problems that have emerged over the past year taught an
important lesson -- blind trust in the markets will only lead
to trouble.
Brockmann said solidarity was needed to overcome the
crisis and to ensure that any response from policymakers was
ethical and responsible and took into account the needs of the
poorest, and not just financial institutions.
He stressed that unity should be viewed as the guiding
principle in all political, economic and individual life.
The President described his early efforts to build unity
among member states, while responding to numerous questions
about "hot potato" issues.
In response to a question on democracy and human rights
in Myanmar, he described his role as that of a facilitator,
supporting member states as they sought a viable way to help
"our brothers and sisters" in Myanmar.
"That is certainly one of the areas of our world that
demands our attention and our solidarity," the U.N. General
Assembly President said.
Discussions were currently in an initial, consultative
phase that would allow member states to gather objective
information on the situation.
Some people in business and politics were in the habit of
attending religious gatherings on Sundays, Brockmann
continued.
"You talk about justice, responsibility, brotherhood and
stewardship in Sunday sermons, but the rest of the week you
function only as the political or economic animal that you
are supposed to be, and forget the intrusion of considerations
of morality or ethics into the sacrosanct economic sphere of
action."
Noting that several crises are affecting the world at
once, he said: "We should not look upon crises as an
inevitable gateway to tragedy. I think that crises are moments
of great important opportunity to grow and develop and take a
quantum leap to something better."
The current financial crisis would thus, hopefully, lead
the United States and the world to make more enlightened
decisions in the future, he said.
