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Among the likely but unanticipated consequences of the U.S. financial crisis: AIDS treatment jobs could become a "safe haven" for people whose current employment depends on foreign assistance funds that are currently expended for other purposes.
For many developing countries, the U.S. credit crisis will mean slower growth and rising inequality. The effects will be protracted, and not all will show up at the same time. And the nature and degree of impact will vary widely. Some countries, notably those with extensive foreign exchange reserves and strong fiscal positions, will be much better able to cope than others. But overall the crisis is very bad news for developing countries and especially for the poor.
In Memphis today, Senator Clinton called for a Cabinet-level poverty czar. This person would be "solely and fully devoted to ending poverty as we know it, that will focus the attention of our nation on this issue and never let it go."
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