For more than sixty years, the International Monetary Fund and the World Bank together with their partner regional development banks and export credit agencies, have used international finance capital to exercise control and restructure the societies of the South to serve the interests of global private corporations and the economic and geo-political agenda of the few powerful nations that control these institutions. The resulting effects on people's lives, on communities, on the environment, and on the economic as well as political structures in the South have been profound and over the years have generated numerous resistance struggles against these institutions.
Despite well-documented evidence and countless testimonies to the destruction, displacement and dispossession their policies and operations have caused, these institutions persist in legitimizing their role. In recent years they have declared themselves to be champions of "poverty reduction" and "good governance."
This year, 2006, we pledge to intensify our struggles against these institutions and raise the level of international coordination and concerted action. In particular, we commit to organizing different forms of mobilization and direct action in many countries across the globe during the week of the IMF and WB Annual Meetings, September 14-20, 2006. This will include various activities and actions in the vicinity of their meetings in Singapore.
WE CALL on all people's organizations, social movements, labor movements, women's movements, farmers groups, first peoples, religious and cultural groups, community organizations, NGOs, political forces, and all concerned citizens around the world to join us in mounting vigorous actions that will focus the world's attention on the destruction and human rights violations caused by the IMF and World Bank, the regional development banks, export credit agencies, and the neoliberal global system they enforce.
Our actions will identify issues and articulate demands that reflect the particular impacts of these institutions on each of our countries but will also be united on the following global demands:
1. Immediate and 100% cancellation of multilateral debts as part of the total cancellation of debts claimed from the South, without externally imposed conditionalities.
The inhuman and destructive consequences of debt domination which the international financial institutions play a major part in perpetuating are evidence against the outrageously deceitful claim of these institutions that they are working for "poverty reduction" and "financing for development."
Debt relief initiatives of international financial institutions have to date covered only a very small part of the debt claimed from the South. Worse, these initiatives come with conditions that undermine the sovereignty of people to determine their own path of development, have proven harmful to livelihoods and the environment, and keep South economies tied to the interests of global private profit.
Cancellation of only a small part of the debt may release some funds that can be used for basic services but does not free the South from debt bondage. Debt cancellation must be 100%.
And for immediate action, we highlight the especially urgent cases - most of Africa, Haiti, Nepal, Tsunami-hit countries and others recently devastated by natural calamities, countries ravaged by war, societies overwhelmed by HIV/AIDS, and others experiencing severe social, financial and economic crisis.
We reject the international financial institutions' "debt sustainability" framework. There is no level of debt that is "sustainable" in a global economic system that is founded on domination and exploitation of the peoples, economies and resources of the South. This framework is a means by which these institutions justify maintaining the "indebtedness" of Southern countries.
The insistence on their "debt sustainability framework" is also a refusal to address the more fundamental question of the illegitimacy of the debt claimed from the South. Peoples of the South should not be made to pay for illegitimate debts -- debts they have not benefited from, debts that financed projects that have caused displacement of communities and damage to the environment, debts wasted on corruption or failed projects, debts contracted through undemocratic and fraudulent means, debts with grossly unfair terms and harmful conditions, odious debts incurred by dictatorships, debt contracted in the context of exploitative international economic relations, debts for which peoples of the South have paid many times over.
Though the financial debts claimed from the South are of staggering amounts, totaling more than US$2.3 trillion dollars, the North in fact owes the peoples of the South a far, far greater debt. It is the historical, economic, social, and ecological debt accumulated over centuries of plunder and exploitation by North with the collaboration of Southern elites.
The IMF and the World Bank should bear the costs of writing off debts owed to them by using the World Bank's loan loss provisions (valued at US$3 billion as of June 30, 2005) and retained earnings (valued at US$27 billion as of June 30, 2005) and IMF gold stocks. With the market price of gold surpassing US$600 an ounce, the IMF's 103.4 million ounces of gold are worth more than US$60 billion, rather than the US$9 billion recorded on the IMF's books.
2. Open, transparent and participatory External Audit of the lending operations and related policies of the International Financial Institutions, beginning with the World Bank and IMF.
Debt campaigns, movements, people's organizations, and NGOs are now involved in preparing for and conducting country-level independent Citizens' Audits of Debts claimed from South countries as well as calling on South governments to conduct transparent, open and participatory Government Audits (e.g. Parliamentary) of these debts. These audits are aimed at examining the origins and causes of the debt problem, taking stock of effects and impacts, bringing to light the dubious and illegitimate character of the debts, identifying responsibility and accountability, and establishing and strengthening the basis for urgent changes in national policies on the debt and related issues.
We challenge the international financial institutions to subject themselves to similar independent audits of the loans they have released, their lending policies, processes and operations, and the terms and conditionalities that have accompanied these loans, and take stock of the effects and impacts. Such audits should look into the culpability and accountability of these international financial institutions, and asses what restitution and reparations must be made.
The international financial institutions have recently been stepping up efforts to portray themselves as champions of good governance, including the announcement of renewed efforts and strategies to fight corruption. We challenge these institutions to begin with themselves and examine how they have been involved in creating and exacerbating the problem of corruption. External, independent audits of their loans, lending operations and conditionalities should include this question. Further, corruption must be seen as a systemic problem that also involves the private sector, especially transnational corporations.
3. Stop the imposition of conditions and the promotion of neoliberal policies and projects.
Through the conditions attached to their loans and programs, the IMF and World Bank have succeeded in restructuring the global economy. The widespread use of "structural adjustment programs" from the early 1980s in countries with significant debt, poverty, and financial problems has forced most of the South countries' economic policies to ape those of the industrialized countries, regardless of how inappropriate those policies may have been for the countries' development needs. Because of the imposition of neo-liberal policies on countries desperate for access to credit, peoples across the South now confront economies oriented to export production rather than providing for local markets, devastated manufacturing sectors, a large percentage of economic actors in foreign hands, valuable public assets privatized, health and other social sectors crippled by decades of de-funding, environmental resources devastated by over-exploitation, small farms and businesses wiped out by denial of credit and subsidies, and massive unemployment.
Our struggle against debt domination is waged in large part to win freedom from the conditions that indebted governments are blackmailed into accepting. For the September 2006 actions we demand:
a. In this 50th anniversary year of the International Finance Corporation (IFC), the IFIs end the promotion of privatization of public services and the use of public resources to support private profits.
The IMF and especially the World Bank have been the main drivers in the global push for the privatization of basic services. They are joined by other financial institutions like regional development banks and export credit agencies.
The international financial institutions promote privatization of public services through policy conditions and policy advice, financing of projects that pave the way for privatization, providing technical assistance in the preparation of feasibility studies as well as the process of implementation, and even direct support for private companies taking over public utilities. The International Finance Corporation plays a major role in providing risk guarantees as well as equity assistance for these private companies, and facilitating government bail-outs of privatized utilities in distress.
The continued emphasis on privatizing basic services such as water provision - or, when no company is interested in purchasing the utility, arranging leases and service contracts - and the "commercialization" of even life-saving agencies such as those managing food reserves reflects a fixation on markets as the only organizing principle for economies even in the face of overwhelming contradictory evidence. Failure after failure of water privatizations in the South has not deterred the IFIs from their mission to wrest assets from public ownership.
Our message to the IFC and its multilateral partners is clear: no more public resources for support of private profit.
b. Stop IFI funding and involvement in environmentally destructive projects beginning with big dams, oil, gas and mining and implement the major recommendations of the Extractive Industries Review.
The international financial institutions are also presenting themselves as leading in the fight against climate change and environmental destruction. However, no amount of clever rhetoric about stronger commitments and new strategies can hide the fact that many projects designed, driven and supported by international financial institutions violate the already watered-down standards and safeguards avowed by these same institutions and cause massive environmental as well as social problems.
The World Bank is itself a major ecological debtor, having funded major projects such as hydro-electric dams, mines, pipelines and petroleum exploration and development projects which have displaced populations and wrought major environmental damage. The World Bank has refused to implement major recommendations of its own Extractive Industries Review including 1) the principle that communities faced with resource extraction projects must give free, prior and informed consent, 2) and the phase out of investment in hydrocarbon extraction projects.
The World Bank's attempt to claim leadership on the issue of climate change with the application of its development of carbon credit trading is another tragic example of market fundamentalism. Entrusting the precarious future of the world's climate to the World Bank's clever market solutions distracts the major actors from focusing on the over-consumption that threaten to doom the planet and all who live on it. Meanwhile, the World Bank Group, which claims leadership in developing alternative energy, devotes much greater resources to developing conventional energy sources. Indeed, the World Bank is the world's leading financer of projects producing greenhouse gases.
c. Immediately stop imposing conditions that exacerbate health crises like the AIDS pandemic and make restitution for past practices such as requiring user fees for public education and health care services.
IFI policies have aggravated health crises like the AIDS pandemic in a number of ways. Austerity measures have constrained health budgets, prevented the hiring of critically needed teachers and health care workers due to limits on spending for public sector employees, and kept people out of clinics and children away from schools by insisting on user fees. The macroeconomic policies the International Financial Institutions have imposed over the last 25 years - including fiscal austerity, high interest rates, unilateral trade liberalization and privatization of essential services - have led to lower growth rates and fewer improvements in social indicators than had occurred over the two decades between 1960 and 1980.
The IFIs owe an enormous social debt to countries whose public services have been damaged by their policies. Their creditors are the women of South countries, who have had to step in to provide the health care, the food, the teaching, the water, and the other basic goods and services put out of reach by IFI policies. The World Bank and the IMF should pay for free primary education and primary health care as a form of reparations or restitution for the damage their policies have caused.
It is not new to us nowadays that there are a lot of people who have severely damaged their credit because of big debt and they simply didn’t have the money on paying their bills. This is actually a common issue today as there are lots of people who are stressed and of avoiding on receiving notices from the bank or whom they ought to. With this problem, there are still ways to handle this issue and there are tips to learn on how to repair the credit made and get the financial parts of their life going in the right direction. Hvad er tagpap surely guides every person who has a huge problem on their financial matters and to erase those head-aching money problems. This is now the right time for you to know and learn on how to deal on your big debt and start to get rid yourself from this head-aching family financial problem. If you are having a trouble on keeping track of your debts then considering on getting a debt consolidation loan might be your best choice. This is a kind of loan wherein you can borrow money and pay out your debt.
There are a lot of ways to get rid of those debts and having debt relief as there are many types of loans who are actually offering their help to those people who are looking for a remedy on how to solve their debt problem and on how to deal with it. If you have one large delinquent credit account then there are types of loans that will able you to pay and help out from that big debt of yours. Hvad er tagpap offer these loans that may able to help you negotiate on your debt issue as well as lower overall interest rate. The nice thing on this is that you will have only one payment to make each and every period. Whatever credit account you have had open the longest, you must have to still keep your first account open. The best one to keep on your report is the account which you have had open for a long time and your first account it might be as you are using it a long period of time as it was your first credit account. You can also ask for a lower interest rate or it can be on getting higher credit limit and also keep the card and keep using it even if they would not give that to you.
Nicely, the longer track record you have in your account is the more it affects your score in a positive way. However, don’t just stay calm as you have to make your credit card payments on time or before they are due. With this, you can surely avoid more finance charges. It is needed that you have to make sure that they are paid by the date they are due. As a result, you don’t have to pay late fees on them. We experience economic crisis and because of this, we are also affected and Hvad er tagpap will be our best choice to help us out from getting into deep debt.
All too often we find that debt discourages people from doing the things that they enjoy, from going on holidays to giving up hobbies that they find it hard to justify financially.
Debt causes people stress, they find it hard to sleep, and aggression levels rise and tensions amongst loved ones get fiery and heated. The stress causes people to do unspeakable things and this resonates with families and friends and then with other people who find themselves in the same situation.
Once you are in this cycle of stress, and worrying about money coming in and going out, it can be difficult to stop falling into a spiral of depression. Debt comes around for a variety of different reasons, and if a person gets made redundant for example it may not necessarily be there fault immediately. The recession has meant that companies are being forced to lay off their employees and then those that do get laid off find it difficult to find work again.
As the stress and tensions rise, people begin to make more mistakes and could end up making the situation worse for them when they simply do not have to. Charities and workplaces should think about putting a scheme into place whereby people can still do the things that they enjoy like going on holidays and taking part in activities, even if it means supplying a pair of new trainers so that someone in debt can enjoy running, a well know form of stress relief. I believe that if something was put into place, people would be able to relieve their stresses and think about getting out of their debt with more clarity.
It seems that for most countries in Europe having your own currency is a bit of an advantage. Poland has certainly benefited from maintaining a flexible exchange rate with the Zloty during the economic crisis. It’s an important factor to consider as the debate on whether to adopt the euro is happening right now.
Poland is the European Union’s largest Easter economy and critically the only member who have managed to stop their economy sinking into recession. There is no doubt that the ability to adapt and implement monetary policy helped the Polish Government sidestep the worst of the economic crash.
The Polish Government hoever did pledge to join the Euro when it joined the EU back in 2004, it is said is still keen to do so. However economists have estimated the effects of being in the Euro during the last five years and it’s a sobering report. The study suggests that the economy would have swung wildly between 6 percent reduction and nearly 10% growth during the last 5 years. Outside the Euro the Polish economy has grown consitently between 1 and 7% in total.
Poland still has it’s problems – unemployment is still around 15% and shows no signs of falling back. This is also despite the huge exodus of Polish workers to other EU countries. There are millions of Poles working abroad, a large proportion in the United Kingdom. This has led to a great demand for Polish goods and services in the UK ranging from food, drink and even a Polish proxy so they can watch Polish TV over the internet.
One things for sure, the stakes are high for the Euro and if a thriving economy like Poland stalls on joining the Eurozone then it will not look good. The Euro needs strong economies to reinforce the union and the currency alike but will the Polish people be keen on the risk it involves?
Being aware on the debt of own country will let you know how stable and what is the situation or condition in your homeland is experiencing. This will let you know what is the situation of your government dealing with and will let you know how your country deal with it. For us to know and be aware, when debt actually strikes, the entire nation surely be affected and can be an economic catastrophe. Each one of use surely doesn’t want this to happen. If we are leaving on the same nation, probably, we will get affected and our living will surely affected as well. Our daily living is not stable and how we can deal with it if our economy is not stable. For a result, debts will leave a nation lack of fund and with no money for development finances. Development of one’s nation is very important because if you are one of the people who are living in the same society, your living will surely affected. How can you support your daily expenses and finances from companies such as sol celler Energi,Tegltag or solceller energi? If a certain nation will be low on health standards, then it will have a result on overall economic decline. African debt is also being talked by many. Try to check out sol celler energi.
We have heard a lot when it comes on African debt and large companies such as Solceller or Tegltag. Entirely, United States is the most powerful nation in the whole wide world but it is still not economically out of its downturn. Actually, African nations who are steeped in economically inherently weak and tribalism. With this, African lands were actually being occupied as colonies and this makes the nation’s weakness. African nations were occupied by the European powers markedly United Kingdom and France and many of the large companies who run the finacial show such as Tegltag or Solceller are also from Europe. With this, it is not easy for them to deal with any economic issues because their lands were accompanied by other nations. With this reason, this gives some small advantages and benefits to the colonized nations. As a result, the debt rose and Africa owes large amount of money nearly $300 billion to foreign creditors. This debt was actually still remaining responsibility to be paid by African nation like tegltag. This is actually a big problem facing by the nation as they have to pay it and as a result that education, health care and other vital needs of these developing countries needs to be dealt with. The African countries are spending approximately $14 billion yearly as well as the International Monetary Fund and World Bank debt which are run by companies such as Solceller or Tegltag.
The African society or the people subsist below poverty and are living on $3 daily. African countries in the last 2 decades already paid foreign creditors more money to service their old debt compared to the development assistance received by African. African debt continues to be out of control and because of this; they have to look for the best remedy on this economic issue. Not only African countries are facing problems on debt but also there are other nations who have debt responsibilities but these African nations were known before on their debt from foreign countries.
All major companies have a small group at the higher end of the pay scale that, to most casual observers, appear to make far too much money in comparison to their actual workload. The majority of the workforce will work lonng and hard, awkward hours and sacrifice their home lives for their work lives and often see little reward for their efforts while certain people sit up in their ivory towers making the decisions and paycuts that will not affect their own wages.
While this may not be true of all companies it is of someand trimming the fat off some of the fat cats is the way to do it, and I am not talking about the physical weight like here, but spreading some of the wealth throughout a company will without doubt make a difference.
Listening to the staff will make a difference because a happier worforce is a more productive workforce and will make a difference if they actually get to have a say in how the business is run.
The way the market is at the moment it is unlikely that anyone will make such a dramatic change but maybe that is what is needed. One company to get the courage to make the change and then perhaps others will follow.
It may be a number of years before we see such changes but fingers crossed they are in the future and on the way.
What does an online marketing company have to do with the African debt crisis? Think of it this way: investors and creditors can make quite a profit from lending out to African investors. Many African countries have been borrowing heavily in the years following the debt cancellation and numerous financial aid programs that gave almost every African country a clean slate. Now the competition to be the leading debtor to African investors has gone so tight you’ll be hard-pressed to get an audience.
One Lender Over the Next
The ONE and Jubilee 2000 campaigns were what started the ball rolling. They helped clean the debt records of most African countries. However right after this many African countries started acquiring debts here and there, knowing that their credit records were clean. The economy immediately collapsed back into poverty right after the initial aid.
This means if you are an online debtor targeting the African economy you have a lot of opportunity being limited by competition. Your online lending site will struggle because there are just so many others out there trying to reach out to every African country and their investors. That brings everything back to the beginning – the need for an online marketing company.
What an Internet Marketing Company Can Do For a Lender
An internet marketing company can do the one thing that others cannot – bring traffic to your site. So if you want to target the saturated African economy you need to make sure those hungry investors find you first before they stumble upon other lending companies. To make sure you get all the attention and traffic it is best to rely on a professional team that has the skills, knowledge, and experience to put you ahead of the rest. If you want to get those hungry investors, hiring a good online marketing company will go a long way.
America is in deep problem debt wise, there is no doubt about that. But they aren’t the only country having problems. Japan is and has been in economic trouble for years and we all know about Greece, Italy, etc. Right now, the whole world is in trouble and debt has much to do with it.
Debt becomes a problem when spending gets out of control. Spending gets out of control when people insist on having things now rather than wait until they can afford them. Unfortunately, the past couple of generations of people seem to be perfectly content to go into debt so they can have stuff today, even if they technically can’t afford it.
Debt is almost like a disease of greed.
It doesn’t matter what country you live in because most likely there is a debt problem. For those who are smart enough to be concerned, they try to figure out what they can do to insulate themselves from any coming crisis. Nothing is foolproof but gold seems to usually be a good choice.
When it comes to finding protection against bad economic times, inflation, high debt, and the other things the world is dealing with today, gold is always on the top of people’s lists. Buying gold (the real thing in the form of coins or bars) and buying gold stocks are a couple of the options you have. Historically, gold has held up well in times of trouble and the important thing is that it has always held its value. Not every commodity or stock can say that.
Should you run out and buy gold to protect yourself. Perhaps, but make sure you stay diversified in other investments as well. Gold may have topped out for awhile and you never want all or most of your assets in just one thing.
It’s a familiar story but for platinum miner, James Ntseane it is having a huge impact on his life. A few years ago he borrowed about $900 to pay for a family funeral from african Bank Investments. Shortly after he borrowed some more money for a house extension and then a new sofa. A few years later and his loan has spiralled to almost 31000 rand, his repayment difficulties now mean that 13% of his salary is now automatically deducted to service the loan. He has know idea how much interest he is paying simply that he struggles to exists on what is left of his salary.
There are now millions of South Africans in serious levels of debt. But this is not the low interest, secured debt that many people take for granted. There is a flourishing market in South Africa with firms providing easy terms on unsecured loans. Unfortunately these are often on very high interest levels of about 80% being very common.
The South african miners have of course been in the news over the last few months. The strikes last year claimed 46 lives during the violence surrounding the miners protests over pay. There is no doubt that this spiralling debt has been the reason for many of the unrest with miners simply finding themselves swamped with these unsecured loans.
It is of course a concern for any economy when there is a large value of consumer loans which are not backed up with corresponding assets. The high levels are a real worry for South Africas National Treasury, unsecured debt is now roughly 40% higher than a year ago – a huge increase in a short time.
Many South African miners feel trapped by these debts and low wages. James Carroni told me that there would definitely be more trouble unless the miners received some help. He said the situation in many ways mirrored some of the problems the UK had in the early 1980s with the closure of so many mines. I used a proxy server to help me watch UK TV online and saw the videos of the UK mining dispute. The situation could be much worse here especially with the hard handed tactics used by the South African Police. The African miners are becoming more and more desperate that is for certain.