Wednesday
Jun242009
Chilean President Touts Chile’s Successful Economic Policies
By Celia Canon - Talk Radio News Service
During an address on Latin America and the economic crisis at the Brookings Institute yesterday, Chilean President Michelle Bachelet discussed her country's comparatively strong economy, explaining that the 1980’s economic crisis in Latin America taught the region to take measures to insulate itself from global financial crises.
“This time in Latin America, fundamental [institutions] were better and policy responses were swift,” Bachelet said. "Central banks move quickly to offset the lack of liquidity in dollars using either sovereign funds or international reserves accumulated during the commodity boom earlier this decade.”
Chile's current financial stability is largely due to the fact that it has moved away from American policies in recent years, eschewing the Washington Consensus, a set of American recommendations to Latin American states on how to rebuild their economies in 1989. The recommendations focused on maintaining a free market economy with little to no government involvement.
“This approach of no regulation is an approach that we have come to call in Chile the 'Paradigm of Passivity,' " Bachelet said. "The crisis has taught us what we should have known all along: that the state is not and cannot be passive when it comes to economic activity or financial regulation."
The Chilean president added: “When I talk about not being passive, I’m not talking necessarily about [an] interventionist state. I’m not calling for a government involved in all sectors of the economy or prone to over-regulating markets.”
Bachelet also compared Western states and Chile with regard to the policies implemented to reduce the impact of the global financial crisis.
“Unlike the U.S. and much of Europe, in 2009, tax payers have not have to pay the burden of bailing out” national companies, said Bachelet.
Additionally, the Chilean government has produced its own stimulus package, which aims to maintain the population’s purchasing power, rather than bail out industries.
“This [stimulus] package was designed to inject resources directly into the pockets of the most deprived families to promote employment by increasing public investment, and by granting subsidies to youth employment and to encourage private investment with temporary tax rebates,” Bachelet said.
Bachelet, a moderate socialist, is currently in Washington, D.C. to meet with President Barack Obama in hopes of increasing bilateral ties and improving trade partnerships. During her speech, she was quick to empathize with the Americans, echoing Obama's frequent calls for an economic restructuring to lead to “lasting prosperity."
States should not “go back to the same situation that we were in before, because that would mean we haven't learned the lessons of the crisis,” Bachelet said.
During an address on Latin America and the economic crisis at the Brookings Institute yesterday, Chilean President Michelle Bachelet discussed her country's comparatively strong economy, explaining that the 1980’s economic crisis in Latin America taught the region to take measures to insulate itself from global financial crises.
“This time in Latin America, fundamental [institutions] were better and policy responses were swift,” Bachelet said. "Central banks move quickly to offset the lack of liquidity in dollars using either sovereign funds or international reserves accumulated during the commodity boom earlier this decade.”
Chile's current financial stability is largely due to the fact that it has moved away from American policies in recent years, eschewing the Washington Consensus, a set of American recommendations to Latin American states on how to rebuild their economies in 1989. The recommendations focused on maintaining a free market economy with little to no government involvement.
“This approach of no regulation is an approach that we have come to call in Chile the 'Paradigm of Passivity,' " Bachelet said. "The crisis has taught us what we should have known all along: that the state is not and cannot be passive when it comes to economic activity or financial regulation."
The Chilean president added: “When I talk about not being passive, I’m not talking necessarily about [an] interventionist state. I’m not calling for a government involved in all sectors of the economy or prone to over-regulating markets.”
Bachelet also compared Western states and Chile with regard to the policies implemented to reduce the impact of the global financial crisis.
“Unlike the U.S. and much of Europe, in 2009, tax payers have not have to pay the burden of bailing out” national companies, said Bachelet.
Additionally, the Chilean government has produced its own stimulus package, which aims to maintain the population’s purchasing power, rather than bail out industries.
“This [stimulus] package was designed to inject resources directly into the pockets of the most deprived families to promote employment by increasing public investment, and by granting subsidies to youth employment and to encourage private investment with temporary tax rebates,” Bachelet said.
Bachelet, a moderate socialist, is currently in Washington, D.C. to meet with President Barack Obama in hopes of increasing bilateral ties and improving trade partnerships. During her speech, she was quick to empathize with the Americans, echoing Obama's frequent calls for an economic restructuring to lead to “lasting prosperity."
States should not “go back to the same situation that we were in before, because that would mean we haven't learned the lessons of the crisis,” Bachelet said.
tagged 1980's economic crisis, Brookings Institution, Employment, FDI, Latin America, Michelle Bachelet, President Barack Obama, Washington Consensus, bail out, bilateral, central banks, chile, commodity boom, europe, foreign direct investment, global financial crisis, interventionism, lasting prosperity, national companies, paradigm of passivity, private investment, public investment, regulatory reform, socialist, stimulus package, subsidies, tax rebates, trade partnership in News/Commentary
Panel Declares European Terror Plots 'Business As Usual' For Al Qaeda
by Kyle LaFleur - Talk Radio News Service
Maltese Ambassador Mark Miceli-Farrugia joined other diplomats from the United States and Europe Friday to hear warnings from an expert panel that groups associated with Al-Qaeda may still be attempting to use urban warfare style terrorist attacks against civilians, much like the attack in Mumbai, India in 2008.
“One thing that’s clear is that there was meat to this, that this was a real plot or perhaps it is more accurate to that that these were real plots,” said Daveed Gartenstein-Ross, Director of the Foundation for Defense of Democracies Center for the Study of Terrorist Radicalization.
The panel, put together by the FDD, was comprised of senior members at the FDD as well as an Associate Vice President at George Washington University.
“Late last night I saw a report that the Taliban looking to make up for the Time Square bombing may have a new operative inside the US and as far as I’m aware, we may get an update on this in a moment, European police are continuing to search for hit teams plotting attacks against civilians in Britain, France, German, Sweden and perhaps elsewhere,” said Cliff May, President of the FDD.
Recent commentary from Iranian President Mahmoud Ahmadinejad to the UN regarding a September 11 conspiracy and recent arrests made in Europe of Al Qaeda recruits like Germany’s Ahmed Siddiqui were among the controversial issues the panel tackled.
“I was on a radio show a few days ago and the first question I was asked was why would Al Qaeda plan such strikes now,” May said. “My reaction was to say well that’s like asking why do dogs bark, it’s what they do. This is the business that Al-Qaeda is in.”