Wrote that debt off? Whose money is that?
The World Bank better never make another loan to these deadbeats.
Now does anyone think this would have ever been done without the work and influence of Bono? Mock him if you will but there is a man that used his talent ( in the Biblical sense) the right way.
"By canceling debts owed to the World Bank, the IMF and the African Development Bank, poor countries could use the money for education or drugs to fight HIV/AIDS or malaria, supporters of debt forgiveness say. "
They could also use the money for palaces for their ruling elite, equipping their militaries for pogroms against their "undesirables", and stashing buckets of lucre in Swiss accounts.
But hey, maybe I'm too cynical.
Who do I go to have all of my debts forgiven?
This ought to be titled...
World Bank Can't Spend West's Money Fast Enough
Who's going to wipe our debt out?
I think that's at least in part my money circling the World Bank basin. Cawooooosh!
Byyyyyyyyyeeeee! I was fond of those lovely greenbacks.
So how many dictator-thugs will this help keep in power?
This development should make it evident to even the thickest dullard that the World Bank is not subject to the same market forces that dictate the corporate lives or lack thereof of other financial entities, and therefore is an extralegal institution answerable to no authority.
"The World Bank's board is expected next week to formally approve a plan to wipe out poor countries' debt"
in other word-they owe more than they are worth
Those loans, in large part, are our tax dollars.
I'd like a little of that to pay off the education loans for our kids.
Thanks.
I met Eugene Black, the first head of the World Bank, a number of times when he used to visit some friends of ours in Maine during the summer. I was crewing on a sailboat and we would sit out on the porch afterwards for tea.
He seemed to be a decent guy. The histories I have read since suggest that he was pretty straight and honest, unlike his successors. I think there really was an intention to help people out, although I suppose it's always possible that someone in the background had other, more sinister agendas, like population control. I'm pretty sure the Rockefellers were behind it, and that was their agenda back then, though I didn't realize it at the time.
In any case, all these international institutions have been going downhill ever since. Whatever good they may have done in the early days has long since vanished.
Why not wipe it out? Its not like it would ever be paid anyway. Now they can start all over lending these same deadbeats more money, It works a little like Bankruptcy here in America. You go broke , you declare bankruptcy and 7 years later you get all you own back out of your wifes name and start all over.
World bank(IMF) money taken from poor people in rich countrys wasted by giveing it to rich people in poor countrys..