CAW Economist and Author Jim Stanford to Speak at Western Tomorrow
May 11, 2009, 1:43 PM EST
CAW Economist and renowned author Jim Stanford will give a guest lecture at the University of Western Ontario tomorrow afternoon at the invitation of UWO Staff Association, addressing the current global financial crisis. His presentation will centre on the impact of the crisis here in Canada and the unique challenges it has created for universities and other institutions which rely upon stock market returns to pay their bills.
"As a society, we have invested far too much attention and far too many resources in speculative financial assets and institutions. We forgot that real wealth comes from work and production, not from speculation," said Stanford.
"Even our social programs and educational institutions became dependent on the unpredictable swings of the paper markets. The financial hangover we are facing today - everything from the meltdown of pension funds and RRSPs, to the failure of university endowment funds - is a wake-up call. We should find other, more reliable ways to fund the things we need in society, including higher education, rather than relying on the stock markets."
Stanford will also discuss why the recent bounce in the stock markets (up over 30% since March) provides no guarantee whatsoever that the "worst is over."
The event is sponsored by University of Western Ontario Staff Association.
Jim Stanford Guest Lecturer
Tomorrow -Tuesday, May 12, 2009 at 4:30 p.m.
Social Science Centre, Room 2050
University of Western Ontario