Why are we demanding jobs or income at the G-20 Economic Crisis Meeting in Pittsburgh in September?
30 million people in the U.S. are unemployed or underemployed – We say NO!
What is the G-20?
It’s a group of Treasury officials and central bankers from 20 countries, the International Monetary Fund and the World Bank. Its goal is to protect bank profits, whatever it costs the people of the world.
The U.S. delegation is led by Treasury Secretary Timothy Geithner and Ben Bernanke, head of the Federal Reserve System (The Fed). They organized a bailout of the banks, insurance companies and stock brokerages that totals $12.6 trillion–or $42,105 for every adult and child in the U.S.
How much is a trillion dollars? It is 1,000 billion. And a billion is 1,000 million.
The Federal Reserve controls this money, yet most people have never heard of it. The Fed has seven governors, all bankers, appointed by the U.S. President for 14-year terms. George W. Bush appointed Bernanke Chairman of his Council of Economic Advisors and then head of the Fed. The Fed operates in secrecy, even from Congress, yet makes decisions affecting whether we work, have homes, or eat.
Geithner, the former chief of the NY Federal Reserve Bank, worked with the Fed under the Bush administration to devise the bank bailout. He invented the Troubled Assets Relief Program (TARP) and eight other programs to funnel taxpayer money into the banks. His top aide is from Goldman Sachs Bank. He changed bank regulations to prohibit congressional audits of the Federal Reserve.
Who is representing the people at the G20 conference? No one!
Profit recovery for banks –
Jobless ‘recovery’ for workers
Co-director and Professor of Economics
Pollin is Professor of Economics and founding Co-Director of the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst. His research centers on macroeconomics, conditions for low-wage workers in the U.S. and globally, the analysis of financial markets, and the economics of building a clean-energy economy in the U.S. His books include A Measure of Fairness: The Economics of Living Wages and Minimum Wages in the United States (co-authored, 2008); An Employment-Targeted Economic Program for Kenya (co-authored, 2008); An Employment-Targeted Economic Program for South Africa (co-authored, 2007); Contours of Descent: U.S. Economic Fractures and the Landscape of Global Austerity (2003); and The Living Wage: Building A Fair Economy (co-authored, 1998); and the edited volumes Human Development in the Era of Globalization (co-edited, 2006); Globalization and Progressive Economic Policy (co-edited, 1998); The Macroeconomics of Saving, Finance, and Investment (1997); and Transforming the U.S. Financial System (co-edited, 1993). Most recently, he co-authored the reports “Job Opportunities for the Green Economy” (June 2008) and “Green Recovery” (September 2008), exploring the broader economic benefits of large-scale investments in a clean-energy economy in the U.S. He has worked with the United Nations Development Programme and the United Nations Economic Commission on Africa on policies to promote to promote decent employment expansion and poverty reduction in Latin America and sub-Saharan Africa. He has also worked with the Joint Economic Committee of the U.S. Congress and as a member of the Capital Formation Subcouncil of the U.S. Competiveness Policy Council.