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Unidosal States Congress

A scandal.You have to imagine the bitterness with which this process is perceived from Rabat, Brasilia or Jakarta. In the very recent past, when similar measures could pretend to relaunch their economies and trim distances, lit them up the red traffic light; now, when they began to deal with the international market and become hardened, game rules are changed and left them defenseless. When the central bank of Morocco raised the interest rates by half a point for jugular inflation, Trichet, who has never ceased to defend the same policy, succumbs to panic and, along with the world’s major central banks, low rates half a point. Definitely, emerging and developing countries should be prepared to suffer its own crisis.One of the main consequences of the current financial catastrophe is drying up of credit. At the level of individuals or States, the effect is devastating announced. Now, not having need to resort to the credit for having means to endure the streak can expect better times and even benefit.

In other words, is the time for the rich to become richer and the time for the poor fully assume their condition and stop pretending, as they had been doing some turning to consumer and mortgage credits.Countries such as Morocco, whose financial system is not contaminated, will soon face shortage of foreign investment, the deceleration of the tourist flow and decrease of export activity in general. It’s thousands of workers at risk. But social security coverage is not the same as that in developed countries and neither is the intrinsic capacity of self-financing during a long period of time. What they had to privatize already has been privatized; what had to be granted to private-level public services already has been given, and, consequently, the extraordinary possibilities of funding have been exhausted. Morocco must choose, therefore, for their own solutions and rely on their domestic market.And I wonder, would what latitude have an emerging country in protection measures and imagine own solutions without raising institutional protests, since the rules of globalization remain in force, at least in theory? The own words of Paulson, Treasury Secretary, pronounced in the Unidosal States Congress present its rescue plan, they induce fear. He said: If not approved, God help us.

Now that it is approved, it seems inadequate to all lights. So, I say, that God would find us confessed. The third world has suffered greatly to apply an orthodoxy that the rich are skipped now, writes in the country our good friend, Abdeslam Baraka, who was Moroccan Minister of relations with Parliament and Ambassador to Spain.