It helps in reading this story to have some familiarity with the history of 'aid' and Africa - the typically exploitave situations as described in "Econmic Hit Man", where western countries would pressure third-world nations to take on massive debt with inflated 'estimates' of the returns, and often kickbacks for the corrupt rulers - the IMF and World Bank have largely renounced the old pracices they used as harmful to the nations.
Here is an article descripbing the aggressive western investment funds going after the money.
Africa's been exploited more than enough - after centuries of the slave trade destroying their lives and harming their societies, the areas were widely colonized and their resources extracted, followed by these economic schemes and arrangements for the resources to be obtained for low prices, while the poverty rages.
This is a good example of when government should stand up for society's values and prevent the bad activities for profit by these people who find 'opportunity' by being debt collectors for some old debt incurred for very dubious purposes, and reportedly often usurious interest.
The opposition to this exploitation is trying to put in place measures to cap the recovry at the amount of the loan plus 6% interest each year.
Care to guess who will oppose them?
The west should take some of the hit for the bad loan practices. There is some good news, that they partly have, cancelling some debt.
Imagine findoug out that Obama added $50 trillion in debt for the US to the Chinese you all owe, and he pocketed a $1 trillion hare of the loan pauid by them. I'm sure you would just quietly watch your family lived in a hut on dirt with no clean water or education as almost all of the budget went for interest and say that's only fair. I don't think so - but people look the other way when it's 'just Africa', not their own country. The west has had a harmful effect on Africa that most Americans have never heard about, such as dumping products.
Here is an article descripbing the aggressive western investment funds going after the money.
Africa's been exploited more than enough - after centuries of the slave trade destroying their lives and harming their societies, the areas were widely colonized and their resources extracted, followed by these economic schemes and arrangements for the resources to be obtained for low prices, while the poverty rages.
This is a good example of when government should stand up for society's values and prevent the bad activities for profit by these people who find 'opportunity' by being debt collectors for some old debt incurred for very dubious purposes, and reportedly often usurious interest.
The opposition to this exploitation is trying to put in place measures to cap the recovry at the amount of the loan plus 6% interest each year.
Care to guess who will oppose them?
The west should take some of the hit for the bad loan practices. There is some good news, that they partly have, cancelling some debt.
Imagine findoug out that Obama added $50 trillion in debt for the US to the Chinese you all owe, and he pocketed a $1 trillion hare of the loan pauid by them. I'm sure you would just quietly watch your family lived in a hut on dirt with no clean water or education as almost all of the budget went for interest and say that's only fair. I don't think so - but people look the other way when it's 'just Africa', not their own country. The west has had a harmful effect on Africa that most Americans have never heard about, such as dumping products.
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