Their Profits, Our Loss
 Their Profits, Our Loss | [ ] | 111 Kb |
War on Want and GMB, the UK's third largest union, have released a joint statement on the causes of, and solutions to, the global financial crisis.
The statement identifies the structural failings that have led to the current crisis and highlights governments' deregulation and pursuit of free trade that have helped multinational corporations to maximise their profits. They have done this by driving down workers' pay and conditions and decimating job security, both in developing countries and now increasingly in Europe.
We are adding our voices to the growing international movement for fundamental economic reforms, to put an end to the obsession with growth which is based on financial bubbles and corporate greed. The financial sector has grown ever more powerful and extended its influence over global politics until almost no politician is willing to go against the dictates of the market.
Now the winds of democratic change that started in Tunisia and Egypt have spread to Greece and Spain and to the USA and London and beyond. We believe that it is time to reclaim our democracy from the bankers and create a new kind of economy that puts people before profit.
