Update - Impact of the Financial Crisis on Humanitarian Funding

by Michael Kleinman

Published October 23, 2008 @ 12:15PM PST

[President Bush at White House Summit on International Development - White House Photos]

Good news, though sometimes rare, is always welcome.  Equally rare is an opportunity to praise President Bush, but to each their due.  Both UN Dispatch and the Center for Global Development have written excellent posts about Tuesday's White House Summit on International Development.

In the midst of fears that the current financial crisis might lead to significant cuts in humanitarian and development aid, both the President and Secretary of State Condoleezza Rice strongly affirmed their support for US foreign assistance. 

According to the President:

During times of economic crisis, some may be tempted to turn inward...This would be a serious mistake. America is committed - and America must stay committed - to international development for reasons that remain true regardless of the ebb and flow of the markets.

Secretary Rice added:

Despite the current crisis, the United States is continuing to meet our commitments to the world's poor.  Our Administration intends to sustain that commitment and we hope that our successors will sustain that commitment, too.  For the United States, supporting international development is more than just an expression of our compassion.  It is a vital investment in the free, prosperous, and peaceful international order that fundamentally serves our national interest.

The Center for Global Development also has a series of useful links to the ongoing debate about how the next President should reform US foreign assistance.

And, finally, for an update on the global financial crisis itself (and to steal an idea from my fellow-blogger Michelle), please see the recent Onion article: "Dollar Bill on Floor Sends Wall Street Into Frenzy".

For my part, I've already begun investing heavily in canned goods and precious metals.