Privatization policies responsible for current financial crisis, Bolivia tells UN

The current worldwide financial crisis has been caused largely by policies of privatization of basic public resources, Bolivian President Evo Morales Ayma has told the General Assembly’s annual high-level debate.

Speaking last night before world leaders at UN Headquarters in New York, Mr. Morales said the annual debate was taking place at a time of rebellion by peoples against the existing economic order.

“This is a rebellion against misery and poverty; against the effects of climate change; a rebellion against the privatization policies which is what has caused the financial crisis,” he said.

Mr. Morales, who became President of the Andean country in early 2006, said many social movements had emerged in Bolivia in recent years – involving indigenous peoples, farmers and other often marginalized groups – that questioned the economic models and systems that “simply privatized resources.”

Since he took office, the nationalization of the oil and gas industries had changed the Bolivian economy for the better, he said, ensuring drastically increased profits that could be spent on the people.

But Mr. Morales said his efforts to bring change to Bolivia had also prompted sometimes violent resistance from conservative or imperialist elements, which he added had been supported by the United States.

“When you work for equality and social justice, you are persecuted and conspired against by certain groups [that are] not concerned about equality.”