PR Newswire, London, April 10. This press release is transmitted on behalf of United Steelworkers of America
Washington - United Steelworkers of America (USWA) President George Becker urged a worldwide gathering of steel industry trade unionists to unite in challenging "IMF and World Bank policies that impoverish whole societies."
In opening remarks to the International Metalworkers Federation World Steel Conference, Becker said that the current "free trade" philosophy behind the IMF and World Bank policies "subjugates developing countries -- especially those in crises -- to the reckless greed of Wall Street investors."
He termed the IMF's insistence on "labor flexibility" under the Structural Adjustment Policies it imposes on countries, "a fig leaf incapable of hiding the strategy of driving down the cost of wages worldwide."
Becker expressed sympathy for the plight of developing nations hamstrung by the IMF's policies. "They're forced to accept domestic austerity programs that inevitably trigger a fire sale of exports in search of U.S. dollars to pay their Wall Street debtors," he said.
"Instead of punishing speculators, the IMF punishes workers in its drive to make sure the banks are all bailed out, no matter how reckless their investments have been."
The Steelworkers President also said that Permanent Normal Trade Relations for China must be defeated in Congress to prevent the free world from turning its back on some of the worst examples of worker oppression on the globe. "Who will speak for oppressed Chinese workers, if we don't?" he asked. "Who will slow the race to the bottom on wages, if not us?"
Becker also urged support for the AFL-CIO's debt relief initiative for developing nations, and called on conference attendees to unite in demanding IMF and World Bank reforms, including policies that:
Employ the clout and leverage of global financial institutions to bring about social justice as well as return on investment;
Demand respect for internationally recognized and enforceable workers' rights;
Acknowledge the necessity of environmental standards in order to sustain growth;
Reschedule debts with longer maturities and more favorable terms; and,
Ensure that financial losses are shared by those who make risky investments in the first place.
Becker said the reforms could be brought about if "we make our governments understand that social justice is the only true measure of economic progress."
For further information, contact Marco Trbovich of the United Steelworkers of America, +1 412-418-7513 or +1 202-778-4384:
