Why has "debt relief" become so fashionable?
Question:
Doesn't sound very fair to me. I never got to vote in favor of it, and I certainly would not.
Answer:
With the success of the Marshall Plan in Europe with the loans and subsidies, the same thing was tried in the Third World. Most of the loans never benefited the people of the debtor governments because the loans went to dictators, meaning it got spent on arms or put in Swiss bank accounts.
Most of the debt relief has been to Africa. Today, the vast majority of African nations are under this heavy debt, but have underwent democratic reforms. With the crisis of AIDS, they are forced to divert their public money to debt repayment, instead of to health care. The sky-high interest rates are a burden as well.
To directly answer your question, it's because they save face in making it look like they're helping Africa, but truly not do anything. Most of the debt relief has been bilateral debt. However, there is still hundreds of billions on multilateral debt, the stuff owed to the IMF/World Bank.
Because capitalists exploiting the third world has become so unfashionable.
Yes, debt relief does ruin exploitation. That is the whole point.
Duh! Cause most Americans are in debt?
Don't you see that America has become in debt? The only way we will be able to pay back China is either hoping they will be able to relief our debt or by paying more for their trade than its worth?
you have an odd concept of fairness...
most of this debt came from tyrants bowrrowing money from wealthy countries without the consent of their populations...and the wealthy countries getting exhorbitant interest rates...most of this money was embezzled seince the wealthy exploitative countries do not put any conditions on its use...yet the money to pay it back is supposed to come from the poor who never received any benefits of this money...
and if wealthy countries had not created the conditions that led these countries to ask for the money this wouldn't have been an issue...
I wouldn't say that it is fashionable...
Listen, it's like this and believe it or not, is this simple:
= the American ppl don't care about anything until they FEEL the effects of it. They have not cared at all that Bush has put us into record deficits and the amount we owe China is beyond comprehension. Why don't they care? They are feeling it yet.
It's just like supporting the war. As long as Americans thought it was going to be a cake-walk, they didn't care what Bush did over there in Iraq. BUT, as soon as it got difficult and Americans began to die in larger numbers. see, once they begin to FEEL the effects, they want out.
If Bush can manage to cover up the effects of the deficit, ppl won't care.
Americans love debt. Everybody is in debt.
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