Ron Paul: “World Bank Has Outlived Its Purpose”
May 11th, 2009 | 
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‘Ron Paul comments on World Bank and Poverty.
“Forgive and Forget” Won’t Fix Third World Debt
When the World Bank and International Monetary Fund spring meetings open in Washington, D.C., on April 29, 2001, officials will point proudly to the roughly $20 billion in debt that they have promised to cancel since their heavily-protested meetings last year. These promises take a step in the right direction, concludes a new report from the Worldwatch Institute, a Washington-based research organization. But even full cancellation would only be a Band-Aid for a broken system.
“Before officials congratulate themselves they need to pay attention to a wider problem-how to prevent this debt crisis from happening again,” said David Malin Roodman, author of Still Waiting for the Jubilee: Pragmatic Solutions for the Third World Debt Crisis. “Hundreds of billions of dollars in unpayable loans still need to be written off. And creditors have done little to change the lending practices that created the debt problem in the first place.”
“For example, initiatives to cut debt in Tanzania from $5.7 billion to about $1.8 billion are welcome, but unless things change, the country will probably borrow enough to lift its debt back to $6 billion by 2018. It’s not enough to clean up past mistakes. We also need to learn from them. ‘Forgive and forget’ is a recipe for more debt troubles.”
Roodman calls for major reforms to prevent poorer countries from sinking back into debt. On the borrower side, these include making governments less corrupt and more accountable. On the creditor side, the reforms include:?
“Unfortunately, many official lenders seem trapped in a fortress mentality, so fearful of admitting their mistakes by openly canceling failed loans that they are prolonging the debt crisis,” said Roodman. “In a sort of money merry-go-round, rich governments, the IMF, the World Bank, and other official lenders are granting poor countries new loans to repay old ones. For every dollar they lend to low-income nations they get 83 cents right back in principal and interest payments. This makes bad loans look good and hides the full extent of failure.”
Through the enhanced Debt Initiative for Heavily Indebted Poor Countries (HIPC initiative), announced at the 1999 G-7 summit in Cologne, official creditors took a step toward ending the debt crisis in 41 of the poorest nations, offering to cancel far more debt than they had before.’
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OUR COUNTRY DIED ON …
OUR COUNTRY DIED ON JEKYLL ISLAND
The common American …
The common American knows nothing about ron paul nor do they know who he is. when i told people i was thinking about voting for him, they asked me, Who is Ron Paul. So, he’s not seen as a threat right now.
well,hi hi hi,i …
well,hi hi hi,i just want to help cattle like you to awake,so you may not go to the butchery.
You’re deluded. Ron …
You’re deluded. Ron Paul is one of the good guys who defend the consituition and our human rights. The bureaucrats and the current politicians are ing it up for us. Look at the economy, Obama is in the burden of Bush’s trail of lies. Another puppet for the NWO. Ron Paul,Kennedy, and Luther King are people who told us to get along with each other. The ignorance of citizens have brought the downfall.
So I am illuminati …
So I am illuminati also? I fear not you or them. I see you are not US? So what is your stake in trying to undermine Ron’s reasoning?
Why waste time …
Why waste time rewriting when your mind is made? So-called Libertarians, ah, so very from the Liberal Zombies! Perhaps not.
actually the most …
actually the most obvious way of admitting you don’t have an argument is simply repeating the exact same argument you have already made. and you are welcome, you certainly deserve it.
Ron Paul is a …
Ron Paul is a Illuminati,COME ON look at the way he talk without fear,Kennedy talk like that and he die,Martin Luther king talk like that and he die,this Ron Paul talk against the government and nothing happen to him,well i call this MISGUIDANCE
Well, thank you for …
Well, thank you for making an exception. I think name calling is the most obvious and graceless way of admitting you don’t have much in the way of an argument.
AGAIN- not crushed, …
AGAIN- not crushed, going strong.
Ron Paul is much more helpful alive; I would rather have him in congress reminding other reps of what they should be doing and the rights that they should be protecting.
I usually avoid insulting people in response to their comments, but friendslashenemey you are either misinformed or extremely unintelligent (likely both).
I think the Ron …
I think the Ron Paul campaign functioned as a steam valve to manage the growing discontent boiling in America. The discontents were strung along, their hopes were raised, and then they were absolutely crushed.
If Ron Paul really wanted to restore the Constitution, end the FED, stop the war, he’d have taken the $20 million and rallied to drive the Zionist Jews out of American government. And, then he’d be killed….Huey Long style!
This is why Ron Paul is a phony.
yeah i couldn’t …
yeah i couldn’t stand people that tried to argue “he’ll never win”..mccain=bush..obama yeswecan……(without realizing obama=bush+more domestic spending).
i guess i wasn’t surprised that my vote wasn’t counted, but at least i know i voted for the only candidate worthy of being my president.
i am happy to know others rejected the mainstream media candidates. the campaign for liberty continues!
I wrote him in as …
I wrote him in as well, like all Ron Paul supporters should have.
you are ridiculous! …
you are ridiculous! Ron Paul is one of the only people in D.C. (or politics) that is NOT a phony. Look at his entire career. He has consistently stood for liberty and helping the people by freeing them.
His Campaign for Liberty is going strong and, as a Ron Paul supporter, I was not crushed, I was not even surprised by the outcome of the election. AND I will not stop until this government is minimized to the necessary elements.
What are those? Listen to Ron Paul- he explains it well.
I wrote him in! It …
I wrote him in! It was not counted! This government is out of control!
Ron Paul 08!
Ron Paul 08!
Attention all …
Attention all concerned Americans:
The Alex Jones Channel is blocking comments and accounts for pro Peter Joseph comments. I personally have had FOUR accounts blocked for my viewpoints here in AMERICA. Alex Jones is TOTALLY GUILTY & SCUM. .. what a loud coward.
Well said Dr Paul!
Well said Dr Paul!
OK. Let’s put the …
OK. Let’s put the odds about the same as Obama being a Muslim.
There goes my hero. …
There goes my hero……
Ron Paul didnt give …
Ron Paul didnt give americas hopes up; he influenced and woke her up.
The Campaign For Liberty will pick up where his presidential campaign left off.
One think to deprogram yourself with is that he hasnt changed his message in 2 decades
Its only now in a time of crisis that people are begining to get it and pay attention.
the rest just graze on force fed components as to ist ones who doesnt wish to think for themselves
save your obscure and invalid view thats derived of hate
Save your emotional …
Save your emotional “deport”. The real emotion ought to be for America’s destruction……….but you wouldn’t understand that.
So wait, Ron Paul’s …
So wait, Ron Paul’s a phony because he doesnt want to “deport” jewish representitives of the government back to Israel? That totally makes sense..
the american people …
the american people are being ROBBED BLIND.
watch my video response to this movie, word of mouth can save the country!
I agree, it is …
I agree, it is remotely possible that he is a double-agent. That said, I have seen no signs of this myself, but to your point, I cannot rule it out completely.
However, so long as he keeps pushing for liberty while no one else does, so long as he keeps waking Americans up and educating them about the Federal Reserve… he is a good man in my book!