Towards a sustainable world economy
A campaign for debt amnesty
This information is from the Jubilee Debt campaign. I receive information from them because I am a member of the World Development Movement.. They are talking about the world banking system and the debts incurred by the poorest people in the world. This is what they say:
"Around the world debt is causing immense suffering yet again. Europe faces a debt crisis, unemployment, homelessness and social breakdown. Some vulture funds are making a killing out of this misery.
This is not just a one off crisis. The economic policiies pursued over the last 30 years have created debt crisis after debt crisis. The poorest in society have paid the price, through austerity measures and for loans which did not benefit them. Lenders have never been held to account. Unless something changes these crises will continue.
Today we are calling for a JUBILEE, not simply to cancel debts though this remains necessary, but to create a global economy where people will never again have to be enslaved by debt.
The first Jubilee took place in Mesopotamia 3,000 years ago. The word comes from the Jewish scriptures. Once every 50 years a "jubilee" would be declared: everyone was to take the year off from working the land and thrive simply on surpluses. All debts were cancelled, all slaves were freed. In the bible Luke records that Jesus began his ministry by calling to restore the just economy of Jubilee where all have enough. Jesus tells those with assets to lend to others without expecting any return.
Today the Philippines, El Salvador and Sri Lanka spend a quarter of government revenue on foreign debt repayment.
Mozambique, Ethiopia and Niger could be spending as much in a few years as they were before debt relief.
The IMF and the World Bank are responsible for 45% of new loans to low income countries over the last 5 years.
There are number of points that the campaigners make which are similar to those made by Naomi Klein in "The Shock Doctrine". What I can add is that interest rates go up continually so... the debts continue.....
To read the report online go to
Please Join the Jubilee Debt Campaign and support this campaign to have debt cancelled in developing countries. AND what we need is not only an investigation of our own banking system in the UK: we need to know how the International Monetary Fund and the World Bank operate - and what (if any) laws control what they can do. - and basically all banks should be owned by the people, accountable to the people...
Jubilee Debt Campaign, The Greystone Centre, 28 Charles Square London N1 6HT phone 020 7324 4722