“He who oppresses the poor to increase his wealth and he who gives gifts to the rich – both come to poverty.”–Proverbs 22:16
On Sunday, more than a thousand demonstrators occupied Wall Street in New York City to draw attention to Wall Street’s criminal behavior and call for structural economic reforms, reports Zaid Jilani.
“People have a very simple reason to be angry — because Wall Street’s actions made tens of millions of people dramatically poorer through no fault of their own. In 2010, the International Monetary Fund and World Bank conducted studies of the effects of the global recession — caused largely by Wall Street financial instruments that were poorly regulated by government policies — and found that the recession threw 64 million people [worldwide] into extreme poverty.” Watch this short video below for a great quote from 9-year-old Sam Kessler!
The International Monetary Fund estimates that the global economy contracted by 0.6 per cent in 2009 and the implications of this have been severe for many. Economic growth in developing countries was only 1.7 per cent in 2009 compared with 8.1 per cent in 2007. However, if China and India are excluded, the economies of developing countries actually contracted by 1.8 per cent. The World Bank has estimated that an additional 64 million people will be living in extreme poverty on less than US$1.25 a day by the end of 2010 as a result of the global recession.
The question is, why aren’t even more people in the streets of the financial district in New York City?