Friday, June 10, 2005

I'm going out on a limb here...........Debt Relief

Is wiping out the debt of heavily indebted nations the right approach? Yes there is the humanitarian side to it, but for the most part the people who run the countries and make the "spending" decisions, are they the same ones who are impacted by the lack of government infrastructure and abject poverty?

Is this a little like wiping out the credit card debt of a compulsive shopper, hoping that they will "change their spots"? It may be naive of me to see, but will erasing debt somehow make these countries more responsible or will the governments just rack up new debt?

Is there another way? Am I just an insensitive bastard or can we be a little bit more creative. Yes, most of the debt that is being wiped out is non-performing, but is anyone specific being held accountable for the situation or are we just erasing money that never really existed?

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