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File #: 011453    Version:
Type: Resolution Status: Passed
File created: 2/12/2002 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 3/5/2002
Effective date:    
Title: Substitute resolution supporting the boycott of World Bank bonds.
Sponsors: ALD. RICHARDS, Fredrick Gordon
Indexes: GENERAL OBLIGATION BONDS, MUNICIPAL BORROWING, SOCIAL CONCERNS
Attachments: 1. Letters.PDF, 2. Fiscal Review Analysis.pdf, 3. Fiscal Note.PDF
Number
011453
Version
SUBSTITUTE
Reference

Sponsor
ALD. RICHARDS AND GORDON
Title
Substitute resolution supporting the boycott of World Bank bonds.
Analysis
This resolution expresses the City of Milwaukee's support for the boycotting of World Bank bonds and urges the State Legislature and Governor Scott McCallum to use their best efforts and influence to direct the State of Wisconsin to no longer purchase bonds issued by the World Bank.
Body
Whereas, The World Bank is a principal architect and enforcer of corporate globalization by opening the doors to the relocation of manufacturing jobs from the US to countries like Mexico and Honduras; and

Whereas, Wisconsin lost a net of 19,000 manufacturing jobs due to NAFTA and other trade policies and Milwaukee's central city has been devastated by the loss of family-supporting employment with Master Lock sending 700 jobs to foreign factories last year; and

Whereas, The World Bank refuses to respect the internationally recognized core labor standards of freedom of association and the right to engage in collective bargaining and seeks to make poor countries convenient and cheap for foreign investment, even to the point of urging Mexico to eliminate labor standards; and

Whereas, The World Bank pushes developing countries to restructure their economies for the benefit of transnational corporations and foreign investors, and to produce for export to the United States rather than producing for the needs of the majority of the population; and

Whereas, The World Bank aggressively promotes privatization, including privatization of basic public services such as education, health care, water and public pension systems; and

Whereas, The World Bank has refused the demands of the Jubilee 2000 movement to cancel 100% of its debt claim against poor countries using the World Bank's own resources, and continues to collect debt payments from countries, which are spending more on debt service to exter...

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