"Welcome to all of you who have come – some from great distances – to contribute to this debate on the occasion of the Annual Meetings of the IMF and World Bank. Thank you for this opportunity to share my views on the role of these institutions in facing grave crises in the world.
My remarks are in three parts. First, I will reflect on this historical moment in which economic, climate and social justice crises have reached epic proportions. Second, I will address the role of the IFIs in these crises. Finally, I will provide some suggestions for actions that we as students, educators, and advocates can take to transcend these crises and work for a better world.
I begin with a story that is told in many cultures. In Turkish, I believe it is called “Ciplak Kral” – the “naked king” and in English, it is called “The Emperor Wears No Clothes.” In the story, the king walks through his kingdom completely naked and all of the men and women are very deferential. They do not dare to say anything. Only the children yell, “The King is naked.” Now, in some ways, the U.S. government is naked…exposed for being a hypocrite because it has lectured the World on the doctrine of economic discipline, but it does not practice what it preaches. The U.S. is not the only irresponsible country, but it is the ringleader.
Some of you are too young to remember, but twenty years ago, the Berlin Wall between East and West Germany fell. This was an historic moment because capitalism had triumphed over communism. In 2008 and 2009, capitalism – at least the Anglo-American form of it - has collapsed. ... ."
To read the entire speech, please download the pdf here.