Debt Vultures

I have just watched this article on the news and thought that I would publish it to the site and I thought it would not get too much coverage on the west side of the pond.

http://news.bbc.co.uk/1/hi/programmes/n ... 362783.stm

Both the UK and US governement have the power to prevent debt vultures preying on the poorest nations on the planet, and while some of these nations may be corrupt, still - "shame on them".

 

I suppose someone ought to weigh in with a reply... just 'no reply' isnt sufficient to a subject so important.

While I agree with GBFC's take 100%.. or more, we have a problem that amounts to 'the elephant in the room'.

There needs to be an international body to enforce a ruling. As of now, there simply isnt one. Any national effort simply shifts the location of the vulture.
And we already know that if there's a bribe-dollar to be collected, the UN can be counted on to shirk its duty.

The only way to avoid this is for the 'debt forgiveness action' to include the transfer of the actual 'note'.
Legislation making buying forfeited notes and calling the debt simply wont work because it's in the nature of parliaments to include 'loopholes' which make it certain that only the most cunning end up with the leverage.

If you doubt this, look at the profession of most politicians - Lawyers!

And havent we seen every tax loophole 'tightening' end up with more money flowing into accounting and legal service firms?