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Home » Clinton Global Initiative

Bono: Ecomomic Bankruptcy? Try ‘Moral Bankruptcy’

By Tom Watson on September 24, 2008No Comment

Decrying the failure thus far of the developed world to reach its Millennium Development Goals thus far, an orange-bespectacled Bono blasted the Wall Street bail out at the Clinton Global Initiative gathering Wednesday morning – and called on the United States to lead a "redefining" of the American idea.

"It is extraordinary to me that you can fund $700 billion to save Wall Street and the entire G8 can’t find $25 billion to save the 25,000 children who die each day from preventable disease and hunger," said the lead singer of U2, who is the co-founder Product Red and a leading supporter of Amnesty International and the Global Fund to Fight AIDS, Tuberculosis, and Malaria.

The rock star appeared on a panel hosted by former President Bill Clinton that began the public portion of the four-day philanthropy and global causes confab at the Sheraton; he was flanked by Queen Rania of Jordan, President Ellen Johnson Sirleaf of Liberia, former Vice-President Al Gore, and Neville Isdell, chairman of Coca-Cola.

Said Bono: "Bankruptcy is bad enough, but this is moral bankruptcy."

The singer talked about the current economic crisis and the upcoming election in terms of U.S. hegemony in the world, especially when it comes to philanthropy "America is a great country, but it’s not just a country, but an idea," he said "We’ve all got a lot at stake in the idea of America."

He called on the next president – "whoever he may be" – to lead an
effort in the United State to "redescribe itself to the world."

"Americans are incredibly generous if they think there is an effective use of aid."

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