$40 Billion Forgiveness

Dear Friends...

I wanted to share a few thoughts to address some of the questions that have been arising regarding the new round of Debt "Cancellation".

Let me start by saying I want to praise all attempts at debt forgiveness for developing countries. However, most of the 18 who are slated by the G8 for a $40 billion reduction have been forced to accept draconian measures in order to receive this "generosity." These measures include privatizing there energy and water sectors (selling them to US and other foreign companies), dropping subsidies to farmers and other businesses who might compete with ours, and dropping trade barriers -- at the same time, accepting that we will continue to subsidize our farmers and other businesses and to erect trade barriers.

I hate to be the messenger of bad news, but much of this debt forgiveness is a ploy to help once again help the rich get richer, while making it look like we are benefiting the poor. Another EHM strategy!

John Perkins