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UN Secretary General Describes International Financial System as ‘Simply Not Fit’

Sept. 19, 2017 (EIRNS)—Addressing a meeting on financing for global development goals at the United Nations on Monday, UN Secretary General Antonio Guterres called finance "pivotal for success" in meeting the goals of development, and described the current world financial system as "simply not fit" for the purpose of ensuring the development of the world’s people.

Describing the results of the ongoing insane policy of QE ("quantitative easing") used to bailout the trans-Atlantic sector’s giant criminal banks since 2008, Guterres said:

"The world generates trillions in savings every year. But today, almost $50 trillion of citizens’ savings are earning low or negative financial returns, instead of flowing to finance the 2030 Agenda that will generate inclusive, sustainable growth.

"Set against the imperatives underlying the 2030 Agenda, today’s global financial system, which manages some $300 trillion in financial assets on our collective behalf, is simply not fit for purpose."

Guterres cited the case of Africa, where more money leaves the continent through money-laundering, tax evasion, and illicit financial flows, than enters through development aid, as exemplary of the injustices that occur.

The Secretary General’s calls for fighting tax evasion and money-laundering, and "leveraging" current resources, do not address the total systemic change required, but he has at least identified the issue to be addressed.

"The choices we make on finance will be critical," he said.

"We can choose to bemoan the lack of financing for the 2030 Agenda in a world awash with so much unproductive and unrewarding finance. Or we can grasp the opportunity to reshape finance according to our urgent, collective needs."