From what I have heard from people this debt relief is supposed to be a good thing. So, here are my questions.
What happened to the money that was borrowed? Apparently it didn’t go into infrastructure or helping eliminate poverty, AIDS, and a host of other ills that fall upon the poor of these countries. We all know it most likely went to corrupt officials who may or may not still be in power. If they’re not in power, someone just like them most likely is.
So, now they’ve got debt relief, they don’t have to pay back the money they wasted, so how does this help the farmer who lives on $1 a day? Does this trickle down to him? I would guess not. What I envision is the same despots who borrowed the money before, nationalized industry, stole private property, waged tribal and regional wars will continue to squander this goodwill the G8 gives them.
Until these economies have a rule of law, are rid of dictators and have a capitalist incentive (supported by a rule of law) this money does nothing but make the rulers richer.
Am I wrong?
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