here's an interesting comparison: writing off third world debt would cost approximately "500 billion dollars or even less. Five hundred billion is a figure that has been tossed around (in recent weeks) to bail out bankers who have behaved irresponsibly and so on. But there is a political will to save this banking system, so resources can be found."
so says the ceo of the World Alliance for Civic Participation (CIVICUS) and one of the founders of the Global Coalition Against Poverty (GCAP), dr kumi naidoo. meanwhile, he notes that not even 20 per cent of the committments pledged by the G8 summit in 2005 to fight poverty and fund development in the south has materialized.
there are popular concerns that amidst the present financial crisis, aid and funding for food, climate change and development will be reduced/lose priority, despite the huge numbers of people affected.
1 comment:
There is a very good reason why third world debt will never be written off and why the banks have to bailed out. It has nothing to do with political will. It has everything to do with how the monetary system works.
Simply put, the monetary system needs debt and will collapse without it. Central European banks run the global banking system not governments. Not even the US government is in charge of its own currency. If the banking system collapses the world we know will cease to exist over night.
I am currently writing about it now. The first part can be found here:-
What is Money
Love V
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