A truckload of nonsense

[CHIMO]

An aura of sanctity is descending upon the world's most powerful men. On Saturday the finance ministers from seven of the G8 nations (Russia was not invited) promised to cancel the debts the poorest countries owe to the World Bank and the International Monetary Fund. The hand that holds the sword has been stayed by angels: angels with guitars rather than harps.

Who, apart from the leader writers of the Daily Telegraph, could deny that debt relief is a good thing? Never mind that much of this debt - money lent by the World Bank and IMF to corrupt dictators - should never have been pursued in the first place. Never mind that, in terms of looted resources, stolen labour and now the damage caused by climate change, the rich owe the poor far more than the poor owe the rich. Some of the poorest countries have been paying more for debt than for health or education. Whatever the origins of the problem, that is obscene.

You are waiting for me to say but, and I will not disappoint you. The but comes in paragraph 2 of the finance ministers' statement. To qualify for debt relief, developing countries must "tackle corruption, boost private-sector development" and eliminate "impediments to private investment, both domestic and foreign".

Do you still believe our newly sanctified leaders have earned their haloes? If so, you have swallowed a truckload of nonsense. Yes, they should cancel the debt. But they should cancel it unconditionally.

http://www.guardian.co.uk/Columnists/Column/0,5673,1505927,00.html

[Carolab]

1. Right from the pages of "Confessions of an Economic Hit Man"

They knock 'em down so they can overpower 'em, forgive their debt so they can colonize. This sucks. I watched this on Democracy Now today and the message was pretty diluted. Rather disappointing. I think I'll send this to them.

+++++++++++

"And here we meet the real problem with the G8's conditionalities. They do not stop at pretending to prevent corruption, but intrude into every aspect of sovereign government. When the finance ministers say "good governance" and "eliminating impediments to private investment", what they mean is commercialisation, privatisation and the liberalisation of trade and capital flows. And what this means is new opportunities for western money....

Attaching conditions like these to aid is bad enough. It amounts to saying: "We will give you a trickle of money if you give us the crown jewels." Attaching them to debt relief is in a different moral league: "We will stop punching you in the face if you give us the crown jewels." The G8's plan for saving Africa is little better than an extortion racket.

Do you still believe our newly sanctified leaders have earned their haloes? If so, you have swallowed a truckload of nonsense. Yes, they should cancel the debt. But they should cancel it unconditionally."

[CHIMO]

2. Yep

They didn't worry about corruption when they lent the money. I think that it's all there just for the looks.
One of the conditions is privation of water.