1 October 2008


In all the confusion and anxiety surrounding the current crisis that is threatening to bring down the world financial system some things are clear.

At a time when the United Nations is seeking increased financial assistance from rich nations to help developing countries meet the faltering Millennium Development Goals (MDGs), including a 50-percent reduction on extreme poverty and hunger by 2015, the current U.S. economic crisis and its predictably negative fallout overseas is expected to be a major setback.

Addressing delegates last week, U.N. Secretary-General Ban Ki-moon warned that the current gloomy outlook threatens the well-being of billions of people, "none more so than the poorest of the poor."

It is interesting to note that whilst it seems that 700 billion dollars can be readily found to prop up failing Wall St financial institutions, it is unlikely that the 72 billion dollars per year in additional external financing to achieve the MDGs by 2015 will be found – and that was the case before the onset of the financial crisis!

Last year over 43 million people around the globe joined the Stand Up campaign to ensure governments worldwide hear the demand to end poverty and inequality.

It would be hoped that members of the Edmund Rice Network around the world could lend their support to this campaign and take action on Oct 17-19. An information kit about the campaign is available from the above website and from Caritas Australia website.

Interstingly, Tim Costello recently took the opportunity to suggest that increasing aid might be part of the solution to the crisis for Australia!
Check out this article: http://www.skynews.com.au/business/article.aspx?id=272343
Got to give the man credit for his marketing prowess!
Hopefully we'll take the advice.
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