President Fernández bestows the Christopher Columbus Heraldry on Lionel Jospin

President Fernández bestows the Christopher Columbus Heraldry on Lionel Jospin

The President of the Republic, Leonel Fernández, accompanied by the First Lady, Margarita Cedeño, attended the lecture “Some Lessons from the Crisis” this Thursday. The lecture was given by the former Prime Minister of France, Lionel Robert Jospin, upon whom the President bestowed the Heraldic Order of Christopher Columbus in the rank of Gran Cruz Silver Plate for his contributions to education and democracy.

“The States and central banks were the only ones who possessed the legitimacy that they could get the resources to provide assistance and the necessary guarantees.”

The Executive resolution, which exalts the merits of the noted professional, is contained in Decree 310-10.

 Mr. Jospin was introduced by Secretary of the Presidency, César Pina Toribio, who highlighted his contributions in promoting youth employment and the implementation of the 35-hour work week, said the President’s Office of Information, Press and Publicity.

The former Prime Minister of France said that developing countries should have greater participation and representation in the economic inter-societal bodies and said these nations are the ones that suffer most from global economic disorder.

Jospin also noted that the financial crisis had created a new situation, and that the discredited States, faced with the risk of a financial rout, were tapped to help the markets and support the big banks and insurance companies. “The States and central banks were the only ones who possessed the legitimacy that they could get the resources to provide assistance and the necessary guarantees.”

“The manipulation of exchange rates and devaluations can have a distorting effect on trade as strong as tariff barriers and that is an issue that must be looked at,” he argued.

He said the wealthy countries would do well not to avoid the issue of unequal distribution of wealth in their nations and that those responsible for the crisis have not suffered while those who are not responsible for it have ended up paying the price.
Jospin stressed that the globalization of capital movements had affected the entire world and that the current crisis is a crisis of capitalism. He mentioned the financial difficulties occurring in several countries and cited the crisis in the Dominican Republic from 2003-2004.

 He explained that the 2007-2008 financial crisis began on Wall Street and then spread around the globe.

Lionel Jospin announced that contrary to the 1929 crash, the United States were able to cope with the crisis through cooperation, confrontation or with the attitude of every man for himself.

The management expert suggested that the US could only worsen its budget deficits and increase public debt and that was how the financial system has managed to stay afloat.
“Those who are surviving the crisis seem to be the emerging countries, especially Brazil, China and South Africa,” said Jospin.