Essay by Eric Worrall
h/t neo; According to Boston University, banks need to forgive the national debts of nations run by corrupt despots, to advance climate and development goals.
Up to $520bln in debt write-offs needed for emerging nations’ climate goals
Story by By Libby George
LONDON (Reuters) – Up to $520 billion in debt needs to be written off to help developing nations at greatest risk of default return to a sounder fiscal footing and meet climate and development goals, according to a Boston University report released on Thursday.
The haircuts on debt owed to public and private creditors by 61 of the nations that are already in or are at most risk of debt distress are essential to avoid “cascading defaults,” according to calculations from the Boston University Global Development Policy Center and the Debt Relief for a Green and Inclusive Recovery (DRGR) Project.
“Without ambitious debt relief, many of the poorest countries don’t have a chance,” said Kevin P. Gallagher, DRGR project co-chair and director of the Boston University Global Development Policy Center.
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Read more: https://www.msn.com/en-us/money/companies/up-to-520bln-in-debt-write-offs-needed-for-emerging-nations-climate-goals/ar-AA19xIHf
Those poor despots. Should we forgive their debts, so they can show they have learned by their mistakes, and they will absolutely promise not to spend the money on palaces, new luxury automobiles, mistresses, and funding Uranium enrichment facilities for peaceful purposes?
Here’s a radical alternative idea. Perhaps nations in debt distress should pay down their debts. That way they would have enough of their own cash, to spend on national development or climate action.
A good start might be to get rid of the corrupt despots who ran up the debts in the first place.
Point 1 – This would create a real banking collapse and make the great depression look, not only not great, but more like a sunday picnic complete with bouncy castles and kids rides.
Point 2 – Who authorized the loans in the first place i.e. which legislators yea voted and what president signed it
Point 3 – how about we hold these legislators and other politicians and bureaucrats accountable as co-signers. They get rich in their positions and then get massively wealthy doing speaking engagements and putting their name on books written by other people. They can afford to cover these loans with Soros help. Taxpayers didn’t authorize them to spend our tax dollars on these 3rd world despots. If we held the poli/bureaucrats responsible for the interest on these loans they would stop spending our tax dollars so frivolously.
Point 4 – I believe the first step in taking back education in the country is to terminate all federal funding to universities. Let us review this issue with Boston College when Federal Grants and Student tuition money goes away.
Point 5- Finally we can take a closer look at federal funds to public K-12 schools. We learned reading, writing and arithmetic effectively without computers in the 20th century but today johnny can’t read and thinks he’s a girl. Our public schools in our urban centers (were most of the kids reside) are massively funded abject failures! Why would we throw good money after bad. their failure is not a lack of funding and there are millions of private school teachers that would love to receive public school pay and benefits. This is a flim flam of monolithic proportions.
The loans given to them in order to pay for climate change projects were squandered and/or siphoned off to the bank accounts of those who run those countries and resulted in no progress.
Therefore we need to forgive those loans so that the countries will have the money needed for climate change projects.
Yes, socialists actually do think that way.
There are plenty of Chinese, and soon Russian, “Bankers” just waiting for such a decision.
An even better start to reducing the world’s problems would be getting rid of Boston College after its idiotic research piece on global warming increasing the rate of home runs.
Is there no end to the madness and illogicality of academics?
I don’t think there is an end when it comes to CO2. Their unwarranted fear of CO2 has caused them to think and act irrationally.
No the answer is to build wind and solar farms, they save so much money these poor nations could pay off their debt and rebuild their countries.
Not surprising, yet another “solution” that involves spending our money.
Spending money is the only “solution” the Left knows.
When I started working in the 1960s, we spoke with reverence about people so successful that they were temed “millionaires”.
Now, a mere 60 years later, the term is “billionaires”.
There is a factor of 1,000 between these. Has the inherent value of money increased 1,000 times? No. Has your income or mine increased 1,000 times? No. Has the cost of a car increased 1,000 times? No.
What has changed, to convert millionaires to billionaires? To convert expressions of national debt from millions to billions?
Is it because modern accountants cannot add up as well as before?
Is it from the way computers express big numbers, like with exponents? Is it because there is no term for “10-millionaires” or 100-millionaires, so that the mind jumpos from the verbal million to billion in one easy hop?
Is it because there has been a change in the distribution curve that shows wealth, from a broad peak to a narrow one, the Kurtosis effect?
Is it because there has been a change in how ruthless the wealthy have become in order to increase wealth beyond ordinary imagination?
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Does anyone see this as a question needing an answer for global social good?
Is it part of a remedy for excessive national debts?
Geoff S
Why give the despots a break on their loans?
They will end up in the UN anyway !
That’s right: forgive debt so that the corrupt, dysfunctional 3rd World governments can blow and/or steal foreign aid on luxury goods or their militaries to help them stay in power. Whether this helps the climate change fight is immaterial.