Make poverty history: ending debt in developing countries
Andrew Webb, Founder of ' Bleeding in Debt '
Andrew is self employed and currently lives in Melbourne, Australia. He is married with three children. Andrew is concerned about third world poverty and the growing debt to the banks of every major country in the world. He believes this position can be reversed.
www. bleedingindebt. com
The IMF and World Bank
The world is bleeding in debt and is growing at an incredible rate, making it a major threat to the poorest nations. Debt is indirectly responsible for the deaths of at least twenty thousand children every day. The policies of the International Monetary Fund and World Bank are not helping and are in fact making matters much worse. The death and suffering inflicted to the poorest nations of this world by these parties can arguably be described as crimes against humanity. We need to address developing world debt now.
' The policies of the IMF and World Bank are making matters much worse '
Countries such as India and Brazil have already been down this road of bankruptcy. Assets are seized, public services are slashed and requirements are set by the IMF before any more loans are passed on from the World Bank. Loans are lent to these countries in hard stable currencies such as US Dollars and therefore the ability of countries to repay their loans is often further decreased by the dropping value of their own currencies.
Priority must be given to the repayments. Often hospitals and medical treatment are no longer an option and therefore thousands upon thousands of people die needlessly every year because of developing world debt. Poverty in these countries has reached plague proportions. India and many other struggling countries could easily feed its entire population with the crops it produces, but many hundreds of thousands of people go hungry, the reason- crops are sold as trade to other countries in order to pay for their interest bearing debts. Developing world debt continues to get bigger and bigger and it is absolutely disgraceful.
Presently when a nation needs to increase its money supply, it will usually receive it from the commercial banks as debt. The central bank will inject new money first( usually as debt to the nation) which commercial banks will then multiply through fractional reserve banking or worse with no limits at all. The nature of lending this way means the country will always have a growing need
revolutionise. it 37