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Pope Urges World Bank/IMF to Reduce Debt Burden For Poor Countries

Reduce Debt Burden
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EDITOR NOTE: Whether he’s aware of it or not, Pope Francis is essentially calling for the end of capitalism. He wants an equal economic and social field where everyone has equal say in global decision making (there's no such thing) and global outcomes where those who don’t fare as well as others get a reset button in the form of debt burden reductions. The idea is no longer to provide equal opportunity but instead to dish out equal outcomes--all readymade. Now, the only way to make such a model work is through the centralized governance of a centralized economy. All competition is replaced with rules for automatic and equitable distribution. All who play are “winners.” This is socialism. And we know that the reality of its implementation resembles nothing close to its utopian model. Who dictates production? After all, without production, you have no exchange and no real economy. We can see the pope’s point, but only to an extent. It’s true that the wealthy seem to be growing wealthier and the poor seem to be getting poorer. But this is not so much the fault of capitalism as it is the workings of central banks who have stacked the odds in favor of the elite few at the expense of the many. Yet Pope Francis is asking these very globalist elites to flatten out the field, perhaps naive enough to think that it will be flattened out for everyone except those on top (as it is today).

Pope Francis has told world financial chiefs that poor countries hit by the economic impact of the coronavirus need to have their debt burden reduced and be given a greater say in global decision making.

In a letter to the participants of the International Monetary Fund and World Bank’s annual spring meeting, the pope said the pandemic had forced the world to come to terms with interrelated socioeconomic, ecological, and political crises.

“The notion of recovery cannot be content to a return to an unequal and unsustainable model of economic and social life, where a tiny minority of the world’s population owns half of its wealth,” the pontiff said in the letter dated April 4.

He called for a new “global plan” that “necessarily means giving poorer and less developed nations an effective share in decision-making and facilitating access to the international market.”

A spirit of global solidarity “demands at the least a significant reduction in the debt burden of the poorest nations, which has been exacerbated by the pandemic,” he said.

Financial chiefs of the Group of 20 large economies on Wednesday extended a suspension of debt servicing costs for developing countries but fell short of cancelling debt or expanding debt relief as requested by non-profit organisations.

Financial markets need to be underpinned by laws and regulations that ensure they work for the common good, the pope said, calling for “a justly financed vaccine solidarity.”

“We cannot allow the law of the marketplace to take precedence over the law of love and the health of all,” he said.

With inoculation campaigns in poor African countries lagging far behind those of the rich world, particularly the United States and Britain, the pope appealed to political and business leaders to provide “vaccines for all, especially for the most vulnerable and needy.”

Originally posted on Reuters

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