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A Debt To Be Forgiven Essay

689 words - 3 pages

A Debt to Be Forgiven

The OPEC oil crisis and the Cold War are long over. They remain
nothing but distant memories and a controversial debate in nations
such as ours in the Western world. In striking contrast, it is these
very events - and other similar predicaments - which have shackled the
under-developed nations to their sorrowful plight. Staggering amounts
were loaned to them decades ago by institutions such as the World Bank
and the International Monetary Fund. And it is these very debts that
prove so powerful in burdening them. Burdening them to such an extent
that they are in an utter loss to cope with the dire needs of their
nation.

Many of these nations have fragile industries, and mostly agrarian
societies. They depend heavily on cash crops such as cotton. Thus the
GDP is relatively small and subject to fluctuations, pending on the
international market. Conditions such as these make it difficult for
the third world governments to make the interest payments, let alone
make payments on the actual principle. This entraps them in a
never-ending cycle of debt.

Many of the creditors were motivated to lend the money to secure
allies during the Cold War, or to invest the wealth of the OPEC
nations that had been deposited in their banks. The ruling class and
government officials of the debtor nations still enjoy a life of
luxury, but the victims here are the average citizens. The ordinary
working class citizens have had to bear the consequences of these
loans, although they have had no say in the decisions to incur the
loans. It is only fair that the citizens of these countries be
relieved of a burden that is not theirs. Even policies such as the
Brady Plan have not given any...

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