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Odious debt is unfair debt resulting from illegitimate loans. A useful summary from Jubilee USA: Odious debt is an established legal principle. Legally, odious debt is debt that resulted from loans to an illegitimate or dictatorial government that used the money to oppress the people or for personal purposes.
They cannot legitimately expect repayment of such debts. Great Britain was also denied similar claims against Costa Rica in Many poor countries today have started their independent status with heavy debt burdens imposed by the former colonial occupiers.
South Africa as another example, has found it now has to pay for its own past repression: But it is not just South Africa paying for this; surrounding countries that have been destabilized from this are paying debts incurred to deal with it. The organization Action for Southern Africa summarizes this clearly, albeit in a report from Apartheid wrought vast destruction across the region; now the people of Southern Africa want to rebuild.
In a remarkable spirit of reconciliation, the people of Southern Africa want to forgive the horrors of the past and look forward. But the banks, international financial institutions, and individual countries which lent to both sides in the apartheid war are demanding repayment.
After the Second World War, the United States allowed Britain to repay debt at a very low rate so that it could rebuild. Inthe victorious allies met in London to cancel most of Germany's debt, so that it could rebuild. Now the nations of Southern Africa want to rebuild a post-apartheid society, but the creditors of today, are not willing to offer them the space Britain received from the US and the Allies gave to Germany.
Various other nations have found that they have to pay debts incurred by their previous military dictators many of which were installed as clients of the rich countries.
As Steve Mandel, of the New Economics Foundation argues, because so much of these loans were knowingly given to unaccountable and corrupt leaders, there should be a shift in discussion from odious debt to odious lending, and thus there should be more of a spotlight on the banks who made large loans to illegal regimes, in effect, sustaining them.
Mandel also notes the scale to which odious debt has been overpaid, and is quoted at length here: Long after odious debts are technically off the books, subsequent generations are still effectively paying for them. This [New Economics Foundation] research paper examines 13 clear cases that present a picture of the extent and impact of odious lending.
This means that people in these—often desperately poor—countries end up paying three times for loans ostensibly taken out in their name: Also, if debt cancellation only comes through the procedures of the Paris Club and the Heavily Indebted Poor Countries HIPC initiative, they pay a fourth time when IMF conditionality imposes the often disastrous policies of trade and capital account liberalisation, privatisation, and restrictions on social expenditure.For more Pay-It-Forward-related videos, check out: The Pay It Forward Foundation YouTube Channel.
My Cryanhyde YouTube Channel.. I'm thrilled to report that Pay It Forward: Young Readers' Edition is available from Simon & Schuster as of August 19th, Pay it forward is an expression for describing the beneficiary of a good deed repaying it to others instead of to the original benefactor.
The concept is old, but the phrase may have been coined by Lily Hardy Hammond in her book In the Garden of Delight. Merger Creates Succession Plan for NABD and a Combined Mega-Conference for the Used Vehicle Industry Arlington, Texas (Dec.
20, ) -- The National Independent Automobile Dealers Association has acquired the assets and operations of the National Alliance of Buy Here-Pay Here Dealers and will merge NABD’s conference and educational services into those of NIADA.
"Pay It Forward" Luke ; Galatians Jim Davis.
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Pay It Forward “Pay It Forward” is a movement started by a 7th grader named Trevor McKinney This idea of him was formed in his Social Studies class when his teacher, Mr. Simonet gave an assignment- think of something to change the world and put it into action. "Pay It Forward" Luke ; Galatians Jim Davis. Pay It Forward, is a movie about a seventh grader’s ingenious plan to make a difference in the world. Executive Summary. This paper reviews the prospects for a global public database on the tax contributions and economic activities of multinational companies.
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