Specific objectives include the task of educating and informing the population at large about the need to introduce financial reform, to reintroduce an adequate regulatory framework for the entire financial system, to implement creative and viable schemes for funding essential infrastructure, essential services and environmental projects, to address the causes of asset inflation and the escalating cost of land and to propose viable solutions, to introduce a system of foreign exchange management designed to bring imports and exports into at least rough balance, to replace regressive forms of taxation with more progressive alternatives such as financial transactions taxes (examples being Tobin taxes, derivatives trading taxes and partial debit taxes), and other reforms designed to ensure that multinational corporations contribute their fair share of tax to society, to reform the foreign investment review board, to implement a comprehensive and adequate incomes policy, and to replace Gross Domestic Product with a broader index of sustainable development within national planning calculations.
Underpinning these reforms is a recognition that, without fundamental changes to the banking system, little can be done to reverse the present disastrous tendency for the occurrence of inflationary cycles followed by deflation and banking collapse. The current model of banking puts enormous leverage in the hands of the large banks, which is often misused. Far too much lending goes to support purely speculative activity in the financial markets. That distorts the markets, inflates asset prices, encourages financial fraud, increases the fragility of the banking system, and serves no useful purpose in the real economy. Sovereign governments need to reassert their control of the financial system, via an increased level of public control over money creation for the common good, via the legislature or (preferably) an expert semi-independent body ultimately responsible to the legislature, together with support for local currencies and local economies.
By these and other means, ERA seeks to persuade politicians and other decision makers to direct economic policies towards the needs of people and communities ahead of those of corporations, to reverse present trends towards a maldistribution of wealth and income, to strengthen democracy, to encourage community participation in decision-making processes at every level, and to return the ultimate control of the economic and financial system to the people.
Essential outcomes of these reforms include the conservation of the environment and biodiversiy. ERA also seeks to liaise and cooperate with like-minded organisations within Australia and overseas, and supports projects which contribute to halting and reversing the deterioration of our planet's biosphere. ERA was one of the 1500 global co-signatories of the statement opposing the millenium round of globalisation arrangements, and has also opposed moves to re-introduce the Multilateral Agreement on Investment.
WHAT"S WRONG WITH THE U.S. ECONOMY?
An interesting interview with Dr Paul Craig Roberts, with his take on where it is all heading. The first half of the interview is about wars in the middle east and may be skipped using the video position cursor if you only wish to access the part about the economy.
Size : 89 Kb
Type : doc
GROUPTHINK IS KILLING THE ECONOMY -- WE NEED A COPERNICAN REVOLUTION IN ECONOMICS