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Causes of the Debt Crisis - Global Issues

"Third world debt has long been recognized as a major obstacle to human development. Many other problems have arisen because of the enormous debt that third world countries owe to rich countries. Debt has impeded sustainable human development, security and political or economic stability. How has this happened?" (Note: it seems this odious and illegitimate "Third World Debt" is cited as one of the reasons for the GATS (???) by the UN in document A/RES/44/232 )

A/RES/44/232. Trends in the transfer of resources to and from the developing countries and their impact on the economic growth and sustained development of those countries

Note Paragraph F, which refers to the meeting in Punta Del Este, Uruguay that established the process that led to the creation of the WTO and begun a "standstill" during which time Member nations were to stop making regulations of any kind which impeded this goal (thats how they frame the expansion or especially creation of what we call public services.) So after that point, we were legally bound not to create a public healthcare system, a problem that continues to this day. So, all around the world, often politicians promising changes that are blocked by these treaties. Instead, a great many countries including (especially) the US and the other countries that made commitments in those areas are bound.

The Value For Money Debt audit: An alternative weapon against state capture

by Mary Serumaga on the CADTM.org anti-debt web site "Many African nations are mired in huge debts arising from foreign loans that have hardly benefitted the people. The citizens need to audit these debts. Odious debts should be repudiated, damn the consequences. Moreover, as Thomas Sankara demonstrated in the four years he was president of Burkina Faso, African nations do not need foreign loans to meet the needs of their people. In the 1990s, post-war Uganda was restructuring the civil service. The country was awash with World Bank funds and donor grants for ‘re-tooling’ public offices, capacity building and rehabilitating infrastructure. At the time, short landings were the order of the day. It is a universal fraudulent practice involving a supplier of goods delivering less than the goods paid for or nothing at all, and then being issued a goods received note by a colluding administrator. The supplier is then paid against the Note. Locally it was called ‘air supply.’"

Advancing the Odious Debt Doctrine

by Ashfaq Khalfan, Jeff King and Bryan Thomas. McGill University legal scholars have completed an investigation into the Doctrine of Odious Debts, and concluded that it is both "morally compelling" and "relatively well supported under international law". Centre for International Sustainable Development Law (CISDL), Montreal, March 11/2003

The Debts of Corruption by Patricia Adams

A global movement is asking Western nations to forgive 'odious' debt extended to despotic regimes. The cause has merit, but opposition is building. Tomorrow, a coalition of Canadian churches will present the government with one of the largest petitions in Canadian history – 600,000 signatures calling to cancel the foreign debt of heavily indebted Third World countries. Using biblical language, the Jubilee 2000 coalition asks the prime minister to free the oppressed of their debts by the start of the new millennium. So do the Pope, the Dalai Lama, other top religious leaders, and Jubilee 2000 coalitions formed in 155 countries to oversee this groundswell movement, which has collected seven million signatures to date, and still counting. The petitions will be submitted to the G7 leaders at their meeting in Cologne, Germany, this June. Sensing a political nightmare – as well as an opportunity to cleanse their books of embarrassing loans – the G7 governments, the World Bank, and even the International Monetary Fund are scrambling to produce debt relief proposals to appease the activists. The U.K. believes $50-billion in debt forgiveness is feasible (all figures in U.S. dollars); the U.S. proposal, led by Bill Clinton, aims for $100-billion