Prashad talks about the multiple reports issued by UNCTAD that accurately predicted the financial crisis and "warning the world about what has basically taken place, which is that our social lives have become financialized," while the IMF continued to champion financialization and "in the midst of crisis was recommending the exact same recipes that it had recommended when there was no immediate crisis." Then he talks about the institutional structure of negotiation in the UN, and talks about the attempt by Switzerland to railroad the discussion, redlining anything about financial controls and regulations.
Around 10:40 in, Prashad starts talking about IMF reports and UNCTAD reports--"for my sins, I read almost all of the IMF Reports, I read the UNCTAD reports,"and of which he says
"if you were relatively objective you would see that the IMF reports don't seem to learn from each other. There's a lot of religion in the IMF reports. The UNCTAD reports, on the other hand, are very strongly empirically based, there's a lot of evidence in the reports, and they have warned about specific, concrete problems in the financial sector. This is not just a kind of religious document. These are very precise documents that warn about specific things. So the North has been saying that UNCTAD writings about finance exceed the mandate of UNCTAd, and it needs to return to its mandate, so what does that mean?"He says it means deal only with the effects of the financial crisis on the developing world--don't look at the root causes of the crisis, which would entail looking at the institutions and regulations of the global north. Prashad asks who is looking at the causes, and the answer is, no one is, and those in the global north would prefer to keep it that way.