Jubilee Debt Campaign in the UK has released a new report, entitled ‘The Department for Dodgy Deals’. Any other bloggers in the sphere who are concerned about international debt and justice for the poor should spread this far and wide.
The department for dodgy deals
by Jubilee Debt Campaign on Thursday, January 27, 2011 at 11:36am
A report out today from leading anti-poverty group Jubilee Debt Campaign reveals that a little-known Government department is using taxpayers’ money to back dodgy international business deals – deals which are fuelling poverty, human rights abuses and environmental destruction in the developing world.
Here’s some financial sense that actually makes sense
In an article entitled “Our Defining Moment“, Damon Vrabel at financialsense.com questions the unthinking view that struggling workers need to take pay cuts and layoffs so that the bankers and bondholders can be paid in full and continue their life of unproductive luxury.
“That’s so…uh…20th century.”
In a system where 100% of all money is sourced by going into debt to private capital holders who demand exponential returns … this means in order for the bondholders at the top to maintain their ever-increasing quality of life, millions of employees in cost centers must be happy with continually declining quality of life
He asks why don’t those who obviously have some smarts question the financial system and look for a better alternative, as it’s obvious that the end game of debt saturation is approaching and mathematical breakdown of the monetary system is certain.
Calling for new thinking, Damon recognizes that anything but calling for a new arrangement:
…Has Zero Moral Authority
A structural adjustment in the global monetary system in the spirit of jubilee is clearly the only moral solution at this point. Every major religion and every sane philosophy demands it and compels us to implement it. Anything else is morally deranged and will result in a class-based world war where the capital holders turn violent governments against the masses.