(REUTERS) Poor funding of rich seen as unsustainable, risky

[derby378]

Massive flows of capital from the emerging to the developed world are unsustainable and risk damaging both poor and rich countries, some of the world's top finance officials said on Saturday.
Speaking at the World Economic Forum in Davos, European Central Bank President Jean-Claude Trichet said that the current global investment pattern was "profoundly abnormal" and in no country's interest.

"It is not sustainable in the long run that the emerging world would finance the industrial world. It doesn't correspond to the interest of the emerging world, neither to the interest of the industrialised world," he said.

In a similar vein, Indian Finance Minister Palaniappan Chidambaram said countries like his, one of the emerging stars on the global economic scene, were under threat.

"Global imbalances are deepening and that has serious consequences for developing countries like India," he said.

http://www.usatoday.com/news/world/2006-01-28-davos-rdp_x.htm?csp=26

[Triana]

1. but but but...

...THAT'S THE REPUBLICAN WAY!!

Glomb off the backs of the poor, elderly, sick, and less well-to-do in order to fund the rich well-to-do upper class and developed nations.

They LIKE it that way. We're here to serve THEM dontchaknow.

One word for this Republican way of doing things: parasitic.

[central scrutinizer]

2. Gee, you think?

Who knew? File this under O for obvious.

[ribrepin]

13. That pretty much covers it.

Only thing to add is "Who woulda thunk it?" Amazing the things people figure out.

[DBoon]

3. it's called exploitation

and this phenomenon of global exploitation was described by Lenin 100 years ago in "Imperialism, the Highest Stage of Capitalism"

[undergroundpanther]

4. Thank walmart and the"uber capitalists" and globalists

Marketers and "leaders"Thank the greedy pigs.Thank our own insane consuming compulsion.. For these sociopath CEOs of HUGE companies indebted us to other countries forever,they financed the endless wars and sick presidents that alienated us with other countries it is the rich Ceo prince-lings using american people like little Eichmann's to steal resources from poor countries now they off shore there and funnel capital into poor countries shifting the wealth around..What the poor countries do not understand is These control freak globalist capitalists cancers are traitors to any country they exploit.Because they see the world as THEIRS to use up,exploit and sell.

[JDPriestly]

7. The horrible thing about Walmart is that it is, although it is

a greedy, exploitative organization, the people who shop at Walmart are, for the most part, the poor and powerless in our country. Walmark exploits poverty both abroad and at home. Those who buy the Walmart junk are just as much victims as those who produce it. We need a new economic morality that balances the profit motive with the people protections. Workers and consumers alike are cheated by the "Walmarts," meaning in a generic sense, the huge multinationals that are exploiting and plundering the world today. I'm not against capitalism. I'm against the lack of a common sense balance in economic policy.

[xchrom]

5. can they say that in bush world?

shouldn't they be spied on and censored or something?

[derby378]

6. And let's not forget the lessons learned from Cochabamba, Bolivia...

...when a Bechtel subsidiary privatized the city's water supply with the blessings of the government, and then raised water bills by as much as 300% for some folks. There were even reports that the corporation even claimed ownership of all the water in the ecosystem - even that which fell from the sky.

Talk about the poor supporting the rich. And that was only six years ago.

[Judi Lynn]

8. The very idea of trying to tax the collection of rainwater is offensive

beyond description. The representatives of that company are damned lucky they made it safely out of the country in one piece.

Maybe that was the point of no return for them, but taxing people over 200% for the same amount of water should have done it. Isn't it a shame people who worm their way into powerful positions can actually put the screws to the poor to this degree?

Hopefully, in the world to come, that won't be possible.

[Daphne08]

9. I read about that. It's the sickest thing I've heard in a very long

time. Greedy bastards!

[derby378]

10. If you watch the movie THE CORPORATION...

...they spend some time talking about the Cochabamba Water Revolt and the violence that accompanied it. Great movie. I highly recommend it.

[daleo]

11. "Poor funding of rich"

My first thought was "you mean we still aren't funding the rich well enough?".

[Lilith Velkor]

14. No amount is enough for some of the rich

[clspector]

12. Ya Think? (eom)