June 26th, 2009 by Manila Ryce
President Rafael Correa of Ecuador is unlike career politicians in the United States. He actually sees his job as not an end in itself but as a means to accomplish social justice. Correa is also an economist who was educated in the US and has displayed his Chavez-sized balls by rejecting his nation’s national debt as illegitimate and pledging to fight creditors in international courts. Democrats, take note. This is what an actual liberal looks and sounds like.
The president of Ecuador has criticised capitalism for its role in the global financial crisis, in a speech to delegates attending a United Nations conference on the state of the world economy.
Raphael Correa also suggested on Thursday that the International Monetary Fund (IMF) and the World Bank, two bodies within the group of so-called Bretton Woods institutions, be dismantled.
“Patching up the Bretton Woods system, which we do not control, makes no sense for [developing] countries,” Correa said on the second day of the summit at the UN General Assembly in New York.
Making changes to the IMF and World Bank “would be an insufficient stop-gap solution,” he said.
“We are faced with a crisis unlike those [previously] provoked by capitalism.”
If the Bretton Woods bodies, which were set up in the aftermath of World War II, cannot be abolished they should at least hold less power over the world’s poor countries, Correa said.
Decisions on how to manage the global economy should instead be transferred to the United Nations, he said.
The three-day UN Conference on the World Financial and Economic Crisis is being attended by 140 developing nations, with most of them calling for changes to be made to the global economic system.
Scores of countries attending the conference have argued that the global downturn is due to reckless economic liberalisation and de-regulation of financial systems by Western nations.
But not a single representative of a developed country is attending the summit, highlighting the divide between richer and poorer nations on how the global financial system should be managed.
“We are now dealing with the consequences of excluding the majority from the decision-making process, but it is the majority that has to pay the worst consequences and the worst price for the errors made by - I’m sorry to say it - a greedy minority,” Miguel D’Escoto, the president of the UN General Assembly, told Al Jazeera.

The president of Ecuador has criticised capitalism for its role in the global financial crisis, in a speech to delegates attending a United Nations conference on the state of the world economy.
A CNN headline, reporting Obama’s plans for his June 4 Cairo address, reads “Obama looks to reach the soul of the Muslim world.” Perhaps that captures his intent, but more significant is the content hidden in the rhetorical stance, or more accurately, omitted.
Socialism is better than capitalism. So say 20 percent of Americans, and another 27 percent say they can’t say which is better, according to an April 9 Rasmussen poll.
As these words are being written, the G20 meeting is taking place in the world’s second major banking city (London), and US president Barack Obama has arrived with a retinue not seen since an imperial king visited his dominions in the hinterlands, to impress upon the rabble the power and splendor of Empire.
Who imagined that in 2009, the world’s governments would be declaring a new War on Pirates? As you read this, the British Royal Navy - backed by the ships of more than two dozen nations, from the U.S. to China - is sailing into Somalian waters to take on men we still picture as parrot-on-the-shoulder pantomime villains. They will soon be fighting Somalian ships and even chasing the pirates onto land, into one of the most broken countries on earth.