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With the world plunged into a financial and economic crisis, the international media continues to be engrossed with the “bale out” efforts in the United States and Europe in the attempts to alleviate the escalating problem.Aside of government circles in the pre-eminent capitalist economies, economists, financial experts, political and social scientists at the regional and international levels have also been examining this global situation and making parallel proposals to stem the economic slide.Leaders of the South (the developing countries) have commented on the efforts to “rescue” the global economy but are not too impressed by actions taken in the United States. Criticising the US$750 billion “bail out” package for the American bankers, Chilean President Michelle Bachelet felt that such a hefty sum could easily solve the problem of hunger across the world.Brazil’s President Luiz Inacio Lula da Silva bluntly accused wealthy nations of being responsible for the global financial crisis, saying their irresponsibility could destroy fiscal progress made in the developing world. He said growing economies that “have done everything to have good fiscal policy . . . . can’t be turned into victims of the casino erected by the American economy.”He added: “It’s not fair for Latin American, African and Asian countries to pay for the irresponsibility of sectors of the American financial system.”For his part, Venezuelan President Hugo Chavez pointed to the irony of the “capitalist” American government’s intervention in the economy by nationalising financial institutions, while his government a few months ago was sharply criticised by the US administration for taking control of the Spanish-owned Banco de Venezuela as well as the foreign-owned steel and telecommunications companies.With respect to the impact on the smaller economies, Guyana’s President Bharrat Jagdeo noted that developing countries are worried that since major international banks have frozen credit,NFL Jerseys Clearance, foreign investors would face difficulties in accessing loans from these institutions to pursue their investment plans.On the other hand, he explained that his country’s banking system was isolated from the impact because it was not investing heavily in the world markets reeling from the financial freefall.The international media, unfortunately, have paid scant attention to the effects of this current crisis on the developing countries. Thus, little heed was given to “The International Conference on Political Economy:Responses from the South to the World Economic Crisis”, held in Caracas on October 8-11 when researchers from across the world examined the turbulence in the global economy from the perspective of the South.This forum agreed that the economic and financial crisis has worsened and accelerated enormously and its future development, in addition to being difficult to predict, can take dramatic turns day by day.For Latin American and Caribbean countries, there are now clear indications they would feel the impact of the economic fallout.They certainly will be confronted with an expected deterioration of international commerce as well as serious financial turbulence in the short term.The Caracas forum called on the regional governments (especially those of South America) to institute measures for the well-being and the rights of their peoples and not to come to the aid of the banks responsible for the crisis – a position diametrically opposite to what is currently happening in the United States, Europe, Japan and South Korea.In a major proposal which could be viewed as pro-socialist, the participants urged governments in the region to immediately take custody of the banking systems by way of control, intervention,Cheap Jerseys USA, or nationalisation without indemnity.Such action would prevent capital flight, a run on the currency, the transfer of bank assets to foreign banks,Cheap Stitched Jerseys, and the freezing of credit by banks that do not lend the funds they receive.At the same time, the forum suggested the closing of offshore branches of the banking system in each country because they “constitute a dangerous shield against fiscal regulation in these circumstances.”There was also a call for the ratification of currency exchange controls with the purpose of protecting the reserves and preventing capital flight.With regard to state intervention in the banking system,Cheap Jerseys From China, the participants recommended that the state should recuperate the cost of the bailout with the assets of the banks, and should have the right to regulate the assets of the stockholders and the administrators.Ever since the economic turmoil in the United States began to bubble more than a year ago, some South Ameri