Topic awaiting preservation: Wealthiest nations agree to forgive $40 billion debt (Page 1 of 1)

AID TO POOR COUNTRIES MAY BE LARGEST IN HISTORY

WOW!!

Just when one has started to think that Humanity had turned it's back on itself, along comes something like this.

quote:

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Building on an accord between Britain and the United States, finance ministers of the world's wealthiest nations agreed Saturday to wipe out $40 billion in debt owed by 18 of the world's poorest countries as part of a major assault on global poverty.

The decision fulfilled a decades-old dream by anti-poverty activists, who have argued that debt service on old loans drains the limited resources of the world's poorest nations, most of which are in Africa, and helps keep millions of people mired in poverty.

British Chancellor Gordon Brown, the major actor in putting together the debt-relief package, announced that the poor nations' debt to the World Bank, the African Development Bank and the International Monetary Fund would be wiped out, with richer countries agreeing to replenish the reserves of the funding organizations as necessary.

Brown said the debtor nations would be relieved of $15.6 billion in payments on the $40 billion over the next 10 years, and the savings would be funneled to urgent needs in health, education and infrastructure development.

The decision means that 14 countries in Africa and four in Latin America would immediately qualify for debt forgiveness, while an additional 22 countries could qualify over the next 22 months. Brown said the total size of the debt-forgiveness package could eventually reach $55 billion, believed to be the largest wiping out of debt in history.

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Thank you, Mr. Brown, for your tireless efforts to get this accomplished, and all the others, who never let the dream die.

Magnificient!

This is fantastic, absolutely excellent. And here was me thinking society was all shit an' all...

this post will self-destruct in 10...

Brilliant bit of manipulation.

Few, if any, of these countries were likely meeting those payments, so might as well try to make ourselves look good since we are not going to get the money any way.

Why are these countries all so poor after getting this massive influx of cash over the years? Because the corrupt leaders of those countries pocketed most of it and none made it to the starving citizenry.

Meanwhile, back at the 'wealthy' nation, thousands are as poor and homeless as those in the countries which are recieving 'help'.

Never let your sense of morals get in the way of doing what's right.
Isaac Asimov
US science fiction novelist & scholar (1920 - 1992)

While I think this is great, I am also skeptical and agree with Dio's sentiments to some extent. If anything the $40 billion is an investment with ulterior motives aimed at setting up infrastructure for new marketplaces to homegenize culture.

IMO, you have to have far to high a faith in humanity, specifically this sector of humanity in control of most of the wealth, to think they are just going to agree to something like this if there is nothing to gain.

And what is 40billion in the grand scheme of things considering worldwide military spending last year topped 1 trillion?

Yeh, after sucking, exploiting and leeching their wealth for centuries they suddenly are wishing to be seen to be humanitarian and generous... god what a waste of space.

QUOTATION: "If you're too open minded, your brains will fall out."

Oh come on, generosity like this doesn't come around often. Enjoy it while it lasts.

this post will self-destruct in 10...

Irregardless of the reason(s), it is still a step forward.

And something worth rejoicing.

I agree WS, it still is worth celebrating, even taking into account the above comments. Any positive move to help people in need has got to be a good thing, regardless of the intrinsic limitations.

::tao:::: ::cell::

Gee people, when you pull you head out of the sand, make sure to clear the grains from your ears too huh?

Regardless of your rose-coloured glasses, this move will help the grantees (good PR).

The poor people who never saw this money to begin with, though it was loaned in their name, are also likely unaware of it and being poor, were doubtless no further oppressed as no payments were being made and they, in any event, are too poor to pay the taxes which would be required for re-payment. (That is a run-on sentence-and a damn good one too).

It will also help the various corrupt 'politicians' who pocketed most of these funds as they will now be able to apply for additional 'loans' and they will get them.

Never let your sense of morals get in the way of doing what's right.
Isaac Asimov
US science fiction novelist & scholar (1920 - 1992)

Thank goodness you're there Diogenes to tell us lesser mortals when we have our collective head in the sand, how did we manage without you

I am perfectly aware of the limitations of such moves as I stated above.

::tao:::: ::cell::

You are very welcome.

Never let your sense of morals get in the way of doing what's right.
Isaac Asimov
US science fiction novelist & scholar (1920 - 1992)

I don't see how 'alleviating third-world debt' is going to change anything. I can only see it getting worse and worse. I wish these 'do-gooder' knob-heads with more money than I'll ever earn, could see that all they're doing simply perpetuates the problem.

Perhaps we should have let them defer debt payment in favour of building roads, irrigating land, supplying contraceptives, etc. I can't imagine the money they'll be saved going towards anything quite so worthwhile when there are guns to be bought and contraband to be shipped.

Their greatest problem, and the reason why they are so easily oppressed by their corrupt government, is that they don't do anything to help themselves, despite propoganda and overblown PR bullsh*t to the contrary. They're too busy raping, warring, breeding, and spreading AIDS to take a hand in rebuilding their own country - that's why we're always taking up the strain.

It's all going to get worse, and cancellation of debts doesn't make a blind bit of difference - pouring money into the problem is just a waste.

While my own country doesn't seem able to provide decent public transport or health care, when children are dying homeless and patients die of curable diseases while waiting years for treatment, I can't help not getting excited about the prospect of yet more tax money (BILLIONS every year) being thrown into a black hole.

Maybe that's callous. I just couldn't care less.

Well, that's the thing isn't it. While this kind of gesture is great for PR and election time and makes us all feel warm and fuzzy inside there is a simple reality.

As I said above, one of the things they promised to work on was infrastructure. But infrastructure is just another way of saying we'll move these big international corporations in to make profits. While this will be good in the short term for the natives of such places the end result will be more shallow materialist cultures enslaved to the idea that they are free when they are nothing more than cattle to the globalist's agenda, consumers. Don't ask questions, just work work work and buy buy buy.

The poor remain and the rich get richer in the creation of yet another debt based marketplace society and the illusion that if you work really hard you can be one of us. Short term effect, good, I won't deny that, but future implications are troubling when you look at the historical record of the money changers. They move in, take over an economy from the outside and the end result is that they are the ones who end up in control of said nations. Over time, the nations disintegrate from within, perpetuate war, and when all is said and done they move on to the next plantation. (read: current state of the US) Wise investment from a heartless businessman point of view without any loyalty to said nations.

And where does this debt forgivness come from anyway? It doesn't come out of the pocket of the super rich elites who make these decisions, but from the tax dollars of the plain people like you and me. Again, further perpetuation of the ultimate goal: profit at our expense. It's not that I mind my money helping people in need, if that were really the case, but I do mind that we seem to foot the bill for everything and their bank accounts continue to grow. This is the failing of socialist ideas, even on an intrnational scale such as this, the people in control always take care of numero uno and everyone else is kept right on the poverty line.

It is also an excuse for goverments to make us believe that more taxation is necessary, when in reality the taxation is already high enough if they would simply spend the money in a wise fashion rather than pork barrel projects, military expenditures, and other ignoble concerns. For instance, one of the ways they plan on helping these other nations is to try and levy a tax on airline tickets. Who does that effect? Surely doesn't effect those flying around in their own personal jets who if they really wanted to make positive change could donate a few million or billion each without affecting their lavish lifestyles one bit. No, it affects us, the cattle, who struggle endlessly to make ends meet. And so long as we fall for this warm fuzzy sentimental manipulation, the cycle will continue.

Pessimistic view, I know, but the shoe fits. Maybe soon we can all be one big happy fascist family watched over by our ever-loving corporate/banking masters.

edit: Off-topic: Tao, you have some great photos on your site. Thanks for the enjoyment.

Ramasax

(Edited by Ramasax on 06-13-2005 21:09)

Thanks Ramasax - that was a bit more sane.