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capitalism
May 2009 
The Appalling Face Of Capitalism
Posted on May 10th, 2008
by 
Chris
Chris
Here's a quote from President Obasanjo of Nigeria after the 2000 G8 summit in Okinawa:
"All we borrowed up to 1985 or 1986 was about $5 billion. So far we have paid back about $16 billion. Yet we're being told that we still owe about $28 billion...because of foreign creditors' interest rates...If you ask me what is the worst thing in the world, I will say it is compound interest rates."
President Obasanjo is qoted in an article "Enlightened Economics" by Colin Tudge in Resurgence, May/June 2008. He goes on to point out that in 2000, the developing world was spending thirteen dollars on debt repayment for every one dollar it received in aid and grants.
He also describes how in Germany in 2004, 80% of people who work for their living pay out about twice as much in interest as they receive from their various investments, while about 10% pay out about the same amount as they receive. The remaining 10% receive all the interest paid out by the 80% which in 2004 was about a billion euros every day. The equivalent rate of transfer in the UK is likely to be even higher.
Its an excellent article and clearly points out the utter absurdity of the Governments of rich nations declaring a "war on poverty" whilst presiding over an economic system in which the rich are bound to grow richer while the poor grow poorer. Basically, the current economic structure is systematic theft.
How do you feel about that, oh compassionate capitalists?
"All we borrowed up to 1985 or 1986 was about $5 billion. So far we have paid back about $16 billion. Yet we're being told that we still owe about $28 billion...because of foreign creditors' interest rates...If you ask me what is the worst thing in the world, I will say it is compound interest rates."
President Obasanjo is qoted in an article "Enlightened Economics" by Colin Tudge in Resurgence, May/June 2008. He goes on to point out that in 2000, the developing world was spending thirteen dollars on debt repayment for every one dollar it received in aid and grants.
He also describes how in Germany in 2004, 80% of people who work for their living pay out about twice as much in interest as they receive from their various investments, while about 10% pay out about the same amount as they receive. The remaining 10% receive all the interest paid out by the 80% which in 2004 was about a billion euros every day. The equivalent rate of transfer in the UK is likely to be even higher.
Its an excellent article and clearly points out the utter absurdity of the Governments of rich nations declaring a "war on poverty" whilst presiding over an economic system in which the rich are bound to grow richer while the poor grow poorer. Basically, the current economic structure is systematic theft.
How do you feel about that, oh compassionate capitalists?
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