Unbridled greed' to blame for economic woes
Malaysian Prime Minister Abdullah Ahmad Badawi blamed "unbridled
greed" Monday for the global financial meltdown as business people from
across the Islamic world gathered to discuss the crisis.
Badawi called for a new financial system to replace the Wall Street
model as he spoke at the opening of the World Islamic Economic Forum (WIEF)
in Jakarta alongside Indonesian President Susilo Bambang Yudhoyono.
"We have inherited a system where people can trade what they do not
own and the resulting inflationary pressure in the global market has
caused immense damage to the economic well-being of the world's poor,"
he said in a speech.
"Such is the impact of unbridled greed in the financial system where
there is no accountability on money lending.
The world is beginning to appreciate the need for alternative
financial arrangements."
AFP |