The economic system unleashed the crisis, says Dominican President



President Leonel Fernandez denounced that a deep crisis of ethical values and a “putrid” economic system, mainly of the United States, are the causes of the serious problems affecting almost all of the world’s economies. “This crisis of values is seen in the speculation of markets, and the lack of regulation and supervision, among others anti-ethical causes.”


Fernandez, after presenting the conclusions of the two-day minisummit “The emergent global financial order: a regional perspective” held in the Casa de Campo resort complex, affirmed that several auditing companies and risk evaluation firms were accomplices in the fraud and manipulation. “That situation should’ve never happened and we’ll necessarily have a high cost that will produce more poor people, more unemployed and more people disoriented and suffering in the entire planet.”

He said the avaricious and greedy who manage large capitals on paper took the world to the crisis that brings about “rage and impotence” and that to reach a suitable balance for our societies function well requires the visible hand of the State in coordination with the markets’ invisible hand.

The summit’s conclusions will be gathered in the Declaration of Santo Domingo and presented in December, in the meeting in Salvador de Bahia, Brazil and then in the Assembly of the United Nations.