Debt Cancellation:Good Or Bad Idea?

meaning of the words obviously don't reach you. you are imaginative only in the world of foul language. consider yourself member of my ignore list.

*plonk*

 

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Oh so sad, so sad ~ how will I ever recover?? so sad........sob

 

Kind of ironic that the US has been screwing over other countries by loaning them money, then bleeding their economies dry when they can't repay us, yet soon we face the same predicament if the national debt continues to rise at the rate it has been...soon it becomes impossible to keep up with the interest owed on the debt...what then?

My answer to this question is it depends. If a country enters into a well defined agreement and the ramifications are clearly understood, I'd say no, but I think it also depends on the resources that country has to use as collateral. Third World Countries whos populations are destitute and have nothing should be spared.

 

Let's get one thing straight, there is no such thing as debt reduction, just debt exchange. It's seems as if every nation, developed or not, has debt, alot of debt, we have a GLOBAL debt problem, not just a poor Africa problem. Even Japan, which use to have higher per capita GDP than the US, is now running high deficit. Sure, G8 nations have more GDP, but that's not enough to cover the budget of these nations, let alone a budget that includes debt relief for African nations. So 'reducing' debt of another nation means absorbing their debt into your own debt.

Africa needs more than financial aid, it needs a plan for civil rest and sustainability. For that, Africa needs a good shot of contraceptives, hard to distribute limited resources among a population that doubles in 20 years, hence the tribal warfare as more and more ppl compete and fight for limited land/resources. If Bono wants to pry more money from G8 nations he needs to convince them that the pattern of squandering funds in the past are in the past, and he hasn't done that.