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Press Conference for the 3rd meeting of the IFSWF, May 11-13, 2011

“Our needs determine us, as much as we determine our needs” George Eliot.

While we are all preoccupied with our daily lives if we don’t wake up soon to changing the way our world operates all of our needs will be Privatised.

The very essentials are being plundered for profit not by the Banks of the G8 countries but rather a multi-trillion dollar network of super rich, secretive and largely unregulated investment vehicles – FOREIGN SOVEREIGN WEALTH FUNDS. Government run corporations and Private Equity Funds.

They are buying major stakes in Multinational Corporations, Farmland and Natural Resources.

They are moving the Conversation from International Competition to Global “Financial Warfare” and will soon dominate the Future Path of the Global Economy.  In addition to ethical issues, this ongoing concentration of wealth in the hands of a tiny minority is questionable insofar as the resulting increased demand for investable securities contributes to a safe asset imbalance that poses a threat to the stability of the global economic system.

In the coming 6/7 years they will exceed the total size of the world,s official reserves.

We cannot continue with Rich countries making up their own mines on what they will buy. Somehow we must rise to the challenge. If not us, if not now, when?

They must be stopped by capping their ownership. The International Forum of Sovereign Wealth Funds (IFSWF) has decided to establish its Secretariat office in the City of London.