Latest Developments, February 6

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Apologies for the mini hiatus. Couldn’t be helped, unfortunately. We now return to our regularly scheduled programming.

In the latest news and analysis…

Recipient charity
The Telegraph reports on new evidence suggesting British aid to India is more important to the donor than to the recipient who dismissed the so-called assistance as “a peanut in our total development exercises.”
“According to a leaked memo, the foreign minister, Nirumpama Rao, proposed ‘not to avail [of] any further DFID [British] assistance with effect from 1st April 2011,’ because of the ‘negative publicity of Indian poverty promoted by DFID’.
But officials at DFID, Britain’s Department for International Development, told the Indians that cancelling the programme would cause ‘grave political embarrassment’ to Britain, according to sources in Delhi.”

Earth 2.0
The Guardian reports on growing concerns that a small group of scientists advocating geoengineering and powerful backers such as Bill Gates and Richard Branson could have “a disproportionate effect” on decisions regarding the appropriate limits to impose on projects offering planet change as a solution to climate change.
“ ‘We will need to protect ourselves from vested interests [and] be sure that choices are not influenced by parties who might make significant amounts of money through a choice to modify climate, especially using proprietary intellectual property,’ said Jane Long, director at large for the Lawrence Livermore National Laboratory in the US, in a paper delivered to a recent geoengineering conference on ethics.
‘The stakes are very high and scientists are not the best people to deal with the social, ethical or political issues that geoengineering raises,’ said Doug Parr, chief scientist at Greenpeace. ‘The idea that a self-selected group should have so much influence is bizarre.’ ”

Reinforcing bad behaviour
The Guardian also reports Swiss-based commodities giant Glencore was the World Food Programme’s biggest wheat supplier over the past eight months in spite of the UN agency’s pledge to buy from “very poor farmers” and allegations that the kind of speculation of which Glencore is accused increases the likelihood of food crises.
“Glencore admitted that it bet on a rising wheat price after drought in Russia, according to investment bank UBS. “[Glencore’s] agricultural team received very timely reports from Russia farm assets that growing conditions were deteriorating aggressively in the spring and summer of 2010, as the Russian drought set in … This put it in a position to make proprietary trades going long on wheat and corn,” UBS said in a report to potential investors, disclosed by the Financial Times.
On 3 August 2010 the head of Glencore’s Russian grain business, Yury Ognev, urged Moscow to ban grain exports, according to the UBS report. Two days later Russian authorities banned wheat exports, which forced prices up by 15% in two days.”

Seed emergency
The Research Foundation for Science, Technology and Ecology’s Vandana Shiva argues seed patenting has led to huge profits for international biotech corporations but poverty, hunger and even death for India’s farmers.
“As a farmer’s seed supply is eroded, and farmers become dependent on patented GMO seed, the result is debt. India, the home of cotton, has lost its cotton seed diversity and cotton seed sovereignty. Some 95 per cent of the country’s cotton seed is now controlled by Monsanto – and the debt trap created by being forced to buy seed every year – with royalty payments – has pushed hundreds of thousands of farmers to suicide; of the 250,000 farmer suicides, the majority are in the cotton belt.”

Cuts both ways
In arguing the international community must come together to embrace sustainable development, South African President Jacob Zuma and Finnish President Tarja Halonen, who are co-chairs of the UN High-level Panel on Global Sustainability, recognize representative democracy’s potential to provide both hope and of challenges.
“The tyranny of the urgent is never more absolute than during tough times. We need to place long-term thinking above short-term demands, both in the marketplace and at the polling place.”

Central bank capture
Columbia University’s Joseph Stiglitz appears baffled and horrified by the European Central Bank’s opposition to a “deep involuntary restructuring” of Greece’s sovereign debt.
“The final oddity of the ECB’s stance concerns democratic governance. Deciding whether a credit event has occurred is left to a secret committee of the International Swaps and Derivatives Association, an industry group that has a vested interest in the outcome. If news reports are correct, some members of the committee have been using their position to promote more accommodative negotiating positions. But it seems unconscionable that the ECB would delegate to a secret committee of self-interested market participants the right to determine what is an acceptable debt restructuring.
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The ECB’s behavior should not be surprising: as we have seen elsewhere, institutions that are not democratically accountable tend to be captured by special interests. That was true before 2008; unfortunately for Europe – and for the global economy – the problem has not been adequately addressed since then.”

Third way
Columbia University’s Joseph Massad calls for the international community to avoid the false choice between Syrian fascism and US imperialism.
“The monumental loss of Iraqi lives and the destruction of their country as well as the ongoing destruction and killings in Libya belie the Syrian exile opposition’s call for imperial invasion of Syria as the way to peace, democracy and to stop the ongoing carnage in the country.
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Unlike Fred Halliday and his pro-imperialist Arab and non-Arab acolytes, we need never choose between imperialism and fascism; we must unequivocally opt for the third choice, which has proven its efficacy historically and is much less costly no matter the sacrifices it requires: fighting against domestic despotism and US imperialism simultaneously (and the two have been in most cases one and the same force), and supporting home-grown struggles for democratic transformation and social justice that are not financed and controlled by the oil tyrannies of the Gulf and their US imperial master.”

Latest Developments, February 1

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In the latest news and analysis…

Legal letter
The Twittersphere has uncovered, seemingly thanks to the Globe and Mail’s Geoffrey York, a 2011 letter addressed by American law firm McKenna, Long & Aldridge to Senegalese President “His Excellency Maitre Abdoulaye Wade” who is currently facing mass protests over his decision to seek a third term in contravention of the country’s constitution.
“It is indeed an honor to consult with you and to provide representation for The Office of the President with respect to your efforts to seek a third term as President of The Republic of Senegal. I will lead a team of lawyers and professionals at McKenna Long & Aldridge (hereinafter “MLA”) who have been assembled to research and analyze your authority to seek a third term under the Senegalese Constitution and other relevant laws, create a white paper that discusses our conclusions, and develop and implement an agreed upon protocol for sharing these findings with appropriate officials and interested parties in the United States and in The Republic of Senegal.”

Drone suit
The Washington Post reports the American Civil Liberties Union has filed a suit against the US government in order to obtain documents pertaining to its use of drones, though only insofar as they involve the targeted killings of US citizens.
“The lawsuit, filed in the U.S. District Court for the Southern District of New York, charged the Justice and Defense departments and the CIA with illegally failing to respond to requests made in October under the Freedom of Information Act (FOIA). It cited public comments made by President Obama, Defense Secretary Leon E. Panetta and other officials in arguing that the government cannot credibly claim a secrecy defense.
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‘The request relates to a topic of vital importance: the power of the U.S. government to kill U.S. citizens without presentation of evidence and without disclosing legal standards that guide decision makers,’ the complaint said.

Mining suit
The Montreal Gazette reports a group of NGOs has asked the Supreme Court of Canada to decide whether a Canadian mining company can be held liable for its alleged involvement in a massacre in the Democratic Republic of Congo eight years ago.
“The group says Anvil Mining Ltd. provided logistical assistance, such as planes, trucks and drivers, to the Congolese military during a rebel uprising in Kilwa, a town near the Dikulushi copper and silver mine the company owned in the Central African country until 2010.
That year, the five-member Canadian Coalition Against Impunity asked the Quebec Superior Court to approve a class-action suit on behalf of relatives of an estimated 100 victims.
Anvil Mining contested the court’s jurisdiction and lost – but that ruling was overturned last week by the Quebec Court of Appeal.”

Coronary capitalism
Harvard University’s Kenneth Rogoff uses the example of the food industry to suggest the “pathological regulatory-political-economic dynamic” of the financial sector is present throughout Western capitalism.
“Highly processed corn-based food products, with lots of chemical additives, are well known to be a major driver of weight gain, but, from a conventional growth-accounting perspective, they are great stuff. Big agriculture gets paid for growing the corn (often subsidized by the government), and the food processors get paid for adding tons of chemicals to create a habit-forming – and thus irresistible – product. Along the way, scientists get paid for finding just the right mix of salt, sugar, and chemicals to make the latest instant food maximally addictive; advertisers get paid for peddling it; and, in the end, the health-care industry makes a fortune treating the disease that inevitably results.”

Colonial plant policy
Jeune Afrique reviews a new book by Serge Volper that explores how colonial powers not only took resources from Africa but also imposed the forced production of cash crops with implications that are being felt to this day.
“But the most effective way to meet certain requirements rested on another form of constraint. ‘The colonial system imposed monedy,’ Volper explains. ‘The prevailing barter system – commodities for manufactured products – evolved when the colonizer introduced taxation. The people then had to work to obtain the money necessary to pay taxes…’ Obviously, the crops that would best feed the population were not on the list of priorities. Based on climate, workforce and land, the different regions under French control were pushed to develop specific crops. Cocao in Côte d’Ivoire, peanuts in Senegal, bananas in Guinea, vanilla in Madagascar. Only cotton production did not meet with success, which did not come until after independence.” (Translated from the French.)

Math problem
ECONorthwest’s Ann Hollingshead explains why a recent Global Financial Integrity report estimating illicit financial outflows from Mexico at $18.7 billion per year – of which $15.3 billion is attributable to transfer mispricing – used a non-traditional method for reaching that figure.
“[Author Dev] Kar does not net out ‘reversals’ or illicit inflows from his estimates. This diverges from more traditional models, where economists do subract illicit inflows from illicit outflows, resulting in a lower ‘net’ estimate of capital flight. But this gives a skewed picture. Illicit inflows [Editor’s note: I changed “outflows” to “inflows” here to correct what I believe is a typo], because they are illegal by definition, are not supplementing the domestic economy in the same way an illicit outflow is detracting from it.
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Why should laundered money offset the damage of tax evasion?”

Raising the CSR bar
In light of the ongoing controversy over Dow Chemical’s association with the 2012 London Olympics, the Institute for Human Rights and Business’s Salil Tripathi argues future organizers should extend the ideal of excellence to corporate responsibility by subjecting prospective sponsors to a rigorous screening process.
“It is clear that a quick check of company reputation isn’t adequate. Reputation surveys are notoriously subjective. Nor can the existence of corporate sustainability policies be sufficient: there are many companies that have policies in place which commit them to respect human rights, to act in a responsible manner, to operate in a sustainable way, and to obey the law. And yet, many companies still end up committing or being associated with abuses. The new UN Guiding Principles on business and human rights – which provide the authoritative due diligence steps all companies need to take, including to track and monitor performance – are a promising yardstick to deploy. Companies that can effectively demonstrate they are acting in line with this international framework should in theory pass such a screening.”

Latest Developments, January 31

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In the latest news and analysis…

PMC impunity
David Isenberg, author of Shadow Force: Private Security Contractors in Iraq, argues that even after high-profile scandals in Bosnia, Afghanistan and Iraq, the mechanisms for dealing with sexual violence committed by private military contractors (PMCs) remain toothless.
“What should be done in the future? [University of Illinois graduate student Angela] Snell calls for a three-fold solution: First, victims should file complaints against the United States in international courts, under the theory that the United States is liable for its contractors’ acts, because it has condoned them by failing to punish them and even actively discouraging their prosecution; second, victims should sue individual perpetrators in the United States under the [Alien Tort Statute], both to compensate victims and to deter contractors from future violence; third, and finally, the United States must act to close the jurisdictional gap that allows PMCs to escape prosecution by signing and supporting international treaties, developing its own stricter system of criminal liability for PMCs, and using contract mechanisms to enforce standards of conduct for PMCs.”

Poor forum
Despite its promise to focus on the Great Transformation, last week’s World Economic Forum was distinctly lacking in “radical new thinking” on sustainable development, according to the Global Institute for Tomorrow’s Chandran Nair.
“Although there were interesting sessions on Asia, rarely did they focus upon the need for the region to reject the current consumption-led growth model, which thrives on under-pricing resources and fails to acknowledge limits, and instead adopt an alternative developmental trajectory. Much of the discussion was based on a Western narrative, and therefore focussed on the political imperative of how to maintain lifestyles, whilst only addressing sustainability issues at the periphery.
This perspective seems to ignore the realities in Asia, where the challenges are very different. There, the priority is not to about how to maintain lifestyles but how, in 2050, five to six billion Asians will be able to live in the most crowded and resource constrained part of the world. Central to this is the need to alleviate poverty through fair and equitable access to vital resources.”

Fashion racism
A group of 31 public figures have signed an op-ed slamming the French edition of fashion magazine Elle for a recent article on the politico-sartorial statements of the “black-geoisie.”
“Elle magazine informs us that when it comes to fashion in 2012, the ‘the “black-geoisie” has internalized all the white codes.’ Moreover, ‘chic has become a plausible option for a community that had been stuck until now with its streetwear codes.’ Yes indeed, whereas Blacks spent decades dressing like ‘scum’ in a hood, they have finally understood, thanks to the teachings of Whites, that they were better off paying more attention to their appearance. Such is the substance of an article published Jan. 13 in the favourite weekly of housewives belonging to the ‘white-geoisie’ (since, apparently, we must now distinguish members of the bourgeoisie according to race) entitled ‘Black Fashion Power’ that tries to analyze the reasons behind the red-carpet success of African-American stars.” (Translated from the French.)

Worst-kept secret
The Independent reports that US President Barack Obama has admitted for the first time what everyone already knew, that the CIA is using drones for “very precise precision strikes” inside Pakistan.
“Washington’s use of drones in Pakistan has long been a source of anger for many Pakistanis. While US officials claim the strikes are an important tool in its arsenal, many in Pakistan say they undermine the country’s sovereignty and often hit innocent civilians. The New America Foundation, a US think-tank, estimates drone strikes in Pakistan have killed between 1,715 and 2,680 people in the past eight years. Last year, the London-based Bureau of Investigative Journalism said it believed that of those killed, as many as 775 were civilians, including 168 children.”

Drones for human rights
The Genocide Intervention Network’s Andrew Stobo Sniderman and Mark Hanis, on the other hand, argue drones can be used to protect innocents around the world, starting with Syria.
“Imagine if we could watch in high definition with a bird’s-eye view. A drone would let us count demonstrators, gun barrels and pools of blood. And the evidence could be broadcast for a global audience, including diplomats at the United Nations and prosecutors at the International Criminal Court.
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Drones can reach places and see things cell phones cannot. Social media did not document the worst of the genocide in the remote villages of Darfur in 2003 and 2004. Camera-toting protesters could not enter the fields where 8,000 men and boys were massacred in Srebrenica in 1995. Graphic and detailed evidence of crimes against humanity does not guarantee a just response, but it helps.”

Staying grounded
But Daniel Solomon argues on his Securing Rights blog that using drones to document abuses could actually hamper human rights efforts over time by reducing the role of local populations.
“In a recent essay, Joshua Foust highlighted the relative decline of human intelligence (HUMINT) tradecraft and capacity as a decisive consequence of the Obama administration’s drone-heavy ISR operations. Human rights organizations confront a similar dilemma–often, relative to the official intelligence community, monitoring-and-reporting groups like Human Rights Watch, International Crisis Group, and Amnesty International operate more advanced, broader, and deeper human intelligence networks in conflict-affected states. Local partnerships, empowerment networks, and storytelling capabilities represent the life-blood of an effective human rights organization. It’s easy to see how, with an increased emphasis on drone technology, those capacities would wither, with unfortunate consequences for the crucial art of human rights advocacy.”

Technological salvation
Columbia University’s Jeffrey Sachs lays out a technological vision for reining in human injustice and destructiveness in the Anthropocene era before suddenly concluding that solving such problems may require more than reducing inefficiencies.
“Yet getting from here to sustainable development will not just be a matter of technology. It will also be a matter of market incentives, government regulations, and public support for research and development. But, even more fundamental than policies and governance will be the challenge of values. We must understand our shared fate, and embrace sustainable development as a common commitment to decency for all human beings, today and in the future.”

Latest Developments, January 30

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In the latest news and analysis…

Future worth choosing
The BBC reports on a new UN Global Sustainability Panel document that makes 56 recommendations for a world where the “true costs to people and the environment” drive policy decisions.
“Governments would build the true environmental costs of products into the prices that people pay to purchase them, leading to an economic system that protects natural resources.
Goods would be labelled with information on their environmental impact, enabling consumers to make more informed purchasing decisions.
With UN support, governments would adopt indicators of economic performance that go beyond simple GDP, and measure the sustainability of countries’ economies.
Governments would change the regulation of financial markets to promote longer-term, more stable and sustainable investment.”

Sea traffic
The Stockholm International Peace Research Institute has released a new report that finds 61 percent of “reported cases of sanctions-busting or illicit transfers of arms, drugs, other military equipment and sensitive dual-use goods that could be used in the development of missiles and weapons of mass destruction” over the last two decades have involved ships with ties to EU, NATO or OECD member states.
“It is not surprising that companies based in the world’s richest maritime states and those that have historically played the greatest role in the development of maritime trade own the greater share of ships in the world merchant fleet. However, it is notable that companies subject to the laws of those states with the most developed legal systems, law enforcement, intelligence and foreign policy establishments are nevertheless over-represented among the beneficial owners of ships reported as involved in destabilizing military equipment, dual-use goods and narcotics transfers: the same group of states account for only 54.5 per cent of ships over 1000 [gross tonnes] in the world merchant fleet.”

French FTT
The Telegraph reports France’s embattled president has unilaterally pledged to implement a 0.1 percent financial transaction tax as of August if he is re-elected.
“President Nicolas Sarkozy, who is trailing heavily in the polls ahead of April’s election, said France would go it alone in a bid to “create a shock” and inspire other European countries to follow his lead. That is despite vocal opposition from other EU leaders, not least David Cameron.”

Drone creep
The New York Times reports Iraqi officials are angry that the US is using “surveillance drones” to provide security for its embassy, consulates and personnel.
“It foreshadows a possible expansion of unmanned drone operations into the diplomatic arm of the American government; until now they have been mainly the province of the Pentagon and the Central Intelligence Agency.
American contractors say they have been told that the State Department is considering to field unarmed surveillance drones in the future in a handful of other potentially “high-threat” countries, including Indonesia and Pakistan, and in Afghanistan after the bulk of American troops leave in the next two years. State Department officials say that no decisions have been made beyond the drone operations in Iraq.”

Coward’s war
The Guardian’s George Monbiot argues the growing sophistication of drones allows the governments that use them to “snuff out opposition of any kind, terrorist or democrat” with ease and impunity.
“In October last year, a 16-year-old called Tariq Aziz was travelling through North Waziristan in Pakistan with his 12-year-old cousin, Waheed Khan. Their car was hit by a missile from a US drone. As always, their deaths made them guilty: if we killed them, they must be terrorists. But they weren’t. Tariq was about to start work with the human rights group Reprieve, taking pictures of the aftermath of drone strikes. A mistake? Possibly. But it is also possible that he was murdered out of self-interest. If you have such powers, if you are not held to account by Congress, the media or the American people, why not use them?”

Broken food system
Drought and Famine are both normal and predictable, given a global food system “built on inequality, imbalances and – ultimately – fragility,” according to UN special rapporteur on the right to food Olivier De Schutter.
“The solution is therefore twofold: we must plan adequately for the food crises that emerge within our broken food system, and we must finally acknowledge how broken it is. Only when we are honest about hunger will the world’s most vulnerable populations receive the short-term aid and long-term support that they need.”

Corporate responsibility
Speaking at the Public Eye awards ceremony, where UK finance giant Barclays and Brazilian super-miner Vale were named the worst companies of the year, Columbia University’s Joseph Stiglitz stressed how far we are from a world where the majority of companies behave ethically and sustainably.
“When I look at the finalists for this year’s Public Eye awards, two things immediately strike me. For one, it is remarkable how ubiquitous some of the firms with the most deplorable practices are in contemporary life. This year’s nominees are companies in fields as diverse as finance, energy, mining, and electronics. Even the most socially aware consumer would be hard pressed to avoid buying their products and services, directly or indirectly.
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What is needed is not just a recognition of what is wrong with, say, their environmental and labor practices, but systemic improvements—to incentive structures, legal frameworks, and our expectations and demands of corporations, as global citizens.”

Drugs in Africa
Former UN secretary General Kofi Annan argues the growing importance of West Africa as a transit point for the drug trade threatens to undo many of the positive developments of recent years in the region.
“We need to take action now before the grip of the criminal networks linked to the trafficking of illicit drugs tightens into a stranglehold on West African political and economic development. That can only achieved through a strong, well-co-ordinated and integrated effort led by West African states with the strong backing of the international community. In particular, the region needs more help from those countries that are producing and consuming these drugs.”

Colonial fantasies
Africa is a Country’s Sean Jacobs writes about a recent spate of media reports suggesting an upswing in nostalgia for colonial Africa.
“Two days ago, The Guardian (of all publications) put up a travel piece with this introduction: ‘I was alone in the middle of deepest, darkest Congo. Worse still, I was being chased by eight angry tribesmen in two dugout canoes – and they were gaining on me.’ We figured it must be a joke.”

Latest Developments, January 27

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Arms sale loophole
Foreign Policy’s Josh Rogin reports that, following congressional opposition to a proposed sale of US arms to Bahrain due to human rights concerns, the Obama administration is moving ahead with a repackaged sale without formally informing Congress or the public.
“Our congressional sources said that State is using a legal loophole to avoid formally notifying Congress and the public about the new arms sale. The administration can sell anything to anyone without formal notification if the sale is under $1 million. If the total package is over $1 million, State can treat each item as an individual sale, creating multiple sales of less than $1 million and avoiding the burden of notification, which would allow Congress to object and possibly block the deal.
We’re further told that State is keeping the exact items in the sale secret, but is claiming they are for Bahrain’s “external defense” and therefore couldn’t be used against protesters. Of course, that’s the same argument that State made about the first arms package, which was undercut by videos showing the Bahraini military using Humvees to suppress civilian protesters.”

Responsibility while protecting
Former Australian foreign minister Gareth Evans surveys the extent of the damage done to the “responsibility to protect” principle by disagreements over how NATO handled its Libyan intervention.
“The better news is that a way forward has opened up. In November, Brazil circulated a paper arguing that the R2P concept, as it has evolved so far, needs to be supplemented by a new set of principles and procedures on the theme of “responsibility while protecting” (already being labeled “RWP”). Its two key proposals are a set of criteria (including last resort, proportionality, and balance of consequences) to be taken into account before the Security Council mandates any use of military force, and a monitoring-and-review mechanism to ensure that such mandates’ implementation is seriously debated.”

WEF women
The Guardian’s Jane Martinson argues the World Economic Forum in Davos “has a woman problem.”
“Although the days are long gone when one female delegate was asked to leave an event because security assumed she must be a spouse without the required permit, the majority of the women in Davos are not there as participants. Only newcomers to Davos seem to consider this fact remarkable, with the odd feminist exception such as Helen Clark. The former prime minister of New Zealand turned administrator of the United Nations Development Programme called the female participation rate ‘pathetic’. The leader who appointed so many senior women to her cabinet that Benetton ran an airport advertising campaign welcoming visitors to the ‘women’s republic of New Zealand’ called for organisers to commit to the millennium development goal of 30% female participation by 2015. ‘Or why not next year? They should just go and look for the women. In one stroke, participation would go up.’ ”

Forgetting about poverty
Time’s Roya Wolverson argues that, with all the talk about inequality, absolute poverty seems to have dropped of the World Economic Forum’s radar.
“What’s missing in the WEF discussions is the perspective of the poor.  Unfair trade practices and poor working conditions in the developing world, issues that made it onto the WEF agenda a decade ago and keep rearing their ugly head, haven’t been raised at all. Instead, the conversation is acutely focused on the plight of the Western worker and his dwindling pension plan.”

Bad medicine
Intellectual Property Watch reports that the World Health Organization’s executive board has come up with a proposal for an international mechanism that would deal with  “counterfeit and substandard medical products” medicines without taking on thorny IP and trade issues.
“A contentious issue around counterfeits has been the suspicion on the part of some developing countries that concerns about counterfeit and substandard medicines are being purposely confused with trade in legitimate generic medicines from those countries. Removing intellectual property and trade from WHO discussions likely minimises the possibility of confusion.”

Bad money
Reuters reports on how difficult it is for financial regulators to overcome the client privacy provisions of Western banks in order to take action against “undesirable assets and clients.”
“ ‘Our current arrangements for the creation of trusts and the setting up of companies anonymously have created an environment which is permitting kleptocrats to move their loot around (and commit) tax evasion on a monstrous scale,’ said Anthea Lawson, head of the Banks and Corruption Campaign at Global Witness, a non-government organisation which campaigns against money laundering and corruption.
Those determined to hide money have numerous devices at their disposal: for example it is possible to establish an offshore company which belongs to an offshore trust behind which may be another trust, all spread across multiple jurisdictions and set up by an associate of a person on a sanctions list.”

War on finance
The Economist says that François Hollande, the French Socialist Party’s presidential candidate, has “declared war on global finance.”
“The financial industry, he said, had grown into a nameless, faceless empire that has seized control of the economy and society. To tackle the enemy and restore the French dream, Mr Hollande wants to separate banks’ ‘speculative’ activities from their lending arms. He would outlaw ‘toxic’ financial products, keep banks out of tax havens and ban stock options for all companies except start-ups.”

Tackling inequality
British Labour leader Ed Miliband lays out some proposals for a fairer economy.
“I support proposals for a financial transactions tax levied equally on the major trading centers from Hong Kong and Singapore to Wall Street and the City of London. The British government needs to show more leadership on this issue in Europe — and all members of G-20 need to help make it happen.
Britain loses billions of pounds in revenues because of outdated rules that allow our richest citizens to keep their money in off-shore tax havens. Tax authorities need to know about income and wealth hidden behind front companies, trusts and other complex financial products. If these rules cannot be changed by international agreement, progressive governments should go ahead and do it themselves.”