The Financial Transaction Tax: Globalization’s Payback Time for the World’s Poor

Thursday, January 10, 2013

For the first time since the economic crisis began, the last United Nations General Assembly offered real hope for those that wish to put an end to global poverty.

Every General Assembly since 2008 has heard the same, now familiar refrain: With an ailing global economy, we might not attain the eight Millennium Development Goals (MDGs), a set of ambitious poverty eradication targets agreed to at the 2000 General Assembly. In order to meet these goals by the deadline in 2015, developed countries need to increase their foreign aid. Yet the Organization for Economic Cooperation and Development (OECD) reported that foreign aid from the richest countries dropped in 2011 — the first time since 1997. In today’s environment, could we honestly expect a Greek or Spanish Member of Parliament to vote for an increase in foreign aid?

Last UN General Assembly heard a different refrain.

Source: Huffington Post (link opens in a new window)

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