“The only thing constant in life is change”.doc

STOP VULTURE CULTURE In December, 2008, TransAfrica Forum released a document entitled “Inclusive Security: New Approaches for U.S. National Security Policy.” In it, TransAfrica encouraged the incoming Obama administration to consider new strategies as stepping stones toward an improved relationship with Africa and the Diaspora. One request that was made of President-elect Obama was to pursue reform of the structures meant for economic development to reflect interdependence and cooperation, rather than blind reliance on market forces. TransAfrica reiterated the urgency of the rejection of notions that markets will take care of themselves and instead accept that both self-interest and our common humanity require investment in basic economic and social rights for all. The world now understands the true convolution and dysfunction of the global financial system. We have seen the largest banks fail, and widespread fraud go unchecked for decades until it wiped out generations of wealth, privilege, and philanthropy. Even as we throw billions of dollars around to patch and fix these problems, the world’s most impoverished nations are left behind. The global financial system has essentially left millions with no access to clean water, adequate schools, and sufficient medical care. Over the last few months, the world has watched as the U.S. government was prepared to offer a bailout package to AIG totaling over $170 billion USD. Read that again -- $170,000,000,000. According to the latest data from the World Bank Global Development Finance Group, the debt burden of all of Sub-Saharan Africa is approximately $185B USD. People who survive on less than $1 per day are struggling for basic human necessities while the equivalent of their debt burden is spent to bail out a corporation. One corporation! Is this the legacy we want to leave? A legacy where a company can be “too big to fail,” but human lives are too unimportant to save? As we look to the future, we consi