African Debt Relief Hinges on Privatisation

G8 SUMMIT: Privatisation Hangs Over Debt Relief

Essentially, in order to be "forgiven" of debt (much of it accrued during transition from colonial to post-colonial days), 18 of the poorest countries in the world must put their resources and labor up for sale. Conditions necessary for a country to qualify for debt relief include "the elimination of impediments to private investment, both domestic and foreign," and the institution of policies that "boost private sector development, and attract investment." That is to say, the promotion of unregulated, laissez faire, "free-market" capitalistic policies and the end of any vestiges of socialistic or quali-socialistic programs.

Developed nations will "guide" poorer nations toward "democracy" and "free market economics," under the auspices of the World Bank, and the International Monetary Fund.

The late Roman Catholic Pontiff, Pope John Paul II, called debt canellation "a precondition for the poorest countries to make progress in their fight against poverty," and reminded us that "there is a "social mortgage" on all private property, a concept which today must also be applied to "intellectual property" and to "knowledge". The law of profit alone cannot be applied to that which is essential for the fight against hunger, disease and poverty."

Is there nothing this administration does that is not, in some way, connected to the spread of global "free-market" capitalism?