Who is leading the world?

The UN General Assembly recently approved by a vast majority (124 in favor, 11 against and 41 abstentions) the creation of a global framework to guide the restructuring of sovereign debts to prevent that vulture funds can keep harassing countries the way it is now occurring with Argentina. It was a historical vote that gives way to a small hope regarding how to stop unbridled greed, financial speculation that extracts in its own favor large amounts of value they do not generate themselves but instead is the result of the effort of millions of workers and small producers. Incidentally, United States, Germany and United Kingdom have voted against it claiming this type of initiatives (dealing with the restructuring of sovereign debts) is not the responsibility of the General Assembly but of other institutional spaces instead. We imagine they are thinking of the International Monetary Fund where they exercise a de facto power of veto or, perhaps, about no space in particular so as to postpone as much as possible the supranational regulation of financial speculation, a dimension that is almost inherent to the way of functioning of contemporary financial systems.

The underlying issue obviously has to do with the permanent struggle regarding who leads the world; which group has the right to manage global matters and who, in the institutional practice of real powers, is in charge. Because it is common knowledge that those who lead seek, one way or another, to make their own interests prevail over the interests and needs of others. We hope the step forward taken by the UN General Assembly is not merely a flare of courage and intelligence but a geopolitical sign regarding the need to move towards substantial transformations for the sake of the planet and the common wellbeing.

Cordial greeting.

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