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Robbing Peter, And Now “Joe Kiwi,” To Pay Paul

Robbing Peter, And Now “Joe Kiwi,” To Pay Paul

By Alun Fosta

I have been reading for some time about the proposed “Debt Forgiveness” for poor nations. It has now happened amid great fanfare trumpeting and spin from the politicians involved.

Debt Cut Is Set for Poorest Nations “ trumpets the Washington Post

Deal Would Cancel $40 Billion in Loans
The world's wealthiest nations agreed yesterday to cancel more than $40 billion in debts that some of the world's poorest nations owe to international lenders -- a move inspired by the belief that full debt forgiveness is necessary to give those countries a chance to escape the trap of hunger, disease and economic stagnation.

The agreement, struck at a meeting in London of finance ministers from the Group of Eight major industrial nations, is the most significant debt-relief measure yet for poor countries because it cancels the debts that the eligible countries owe to the World Bank, International Monetary Fund and other multilateral lenders such as the African Development Bank.”

Who are “the world’s wealthiest nations comprising the Group of Eight major industrial nations” known as “G8”? Below is a list of the “Eight (wealthiest) major industrial nations,” showing each one’s “GDP,” Public Debt figures, and percentage of GDP that the Public Debt figure represents.

The figures are for “2004 estimated” and were obtained from which is an amazing source of information and well worth a visit. Another interesting item, not shown here for sake of space, but readily available at the “aneki” site, is the percentage of the population of some of the world’s richest countries, who live below the poverty line. How about that for wealth?!

COUNTRY:::::::::GDP::::::::::::PUBLIC DEBT::::::% OF GDP
Canada:::::::::$958.7 Billion::::::$739.19 Billion:::::::::77%
France:::::::::$ 1.6 Trillion::::::$ 1.14 Trillion:::::::::68.4%
Germany:::::::::$ 2.3 Trillion::::::$ 1.45 Trillion:::::::::64.2%
Italy::::::::::::$ 1.5 Trillion::::::$ 1.65 Trillion:::::: 106.4%
Japan::::::::::::$ 3.6 Trillion::::::$ 5.53 Trillion:::::: 154.6%
Russia:::::::::$ 1.3 Trillion::::::$436.48 Billion:::::::::34.1%
UK::::::::::::$ 1.7 Trillion::::::$849.66 Billion:::::::::51%
USA::::::::::::$10.99 Trillion::::::$ 6.86 Trillion:::::::::62.4%
NZ::::::::::::$ 85.34 Billion::::::$ 21.58 Billion:::::::::25.6%

In case readers are wondering why New Zealand has been added to the list, it is because of what I read on Xtra today that “New Zealand is likely to play a NZ$10 million dollar role in wiping of African debt,” see “ NZ has role to play with African debt.

According to Overseas Aid (Money down the drain) Minister, Marian Hobbs, New Zealand contributes about NZ$8 million a year to a fund administered by the World Bank(rupters) to help less developed countries pay off their debts.

It would be interesting to know how much of the NZ$8 million a year goes to paying off debt and how much ends up in the pockets of the fat cats of the World Bank(rupters) and corrupt politicians.

She, Overseas Aid (Money down the drain) Minister then rambles on a bit about “good governance must follow the wiping of debt in poor countries.” Does that mean that bad governance can continue here in New Zealand until some rich country comes along and pays off its (New Zealand’s) debts?

Maybe Australia with its $425 Billion National Debt would be a suitable rich country!!

Charity, poverty eradication and debt elimination should, surely, begin at home. From what I read, there are many New Zealanders living below the poverty line, student loan debt level is over NZ$7 Billion and rising, the Education Minister, on “Close Up” last week, can’t authorize $17,000.00 to help a crèche, but yet NZ$8 Million dollars can easily be found to assist “Shylock” in his debt collection. Remember the song “You gotta pick a pocket or two?” This is pocket picking on a gigantic scale.

The Washington Post article then goes on to say :

"The accord was a coup for the British government, which has taken the lead in exhorting other rich countries to come to Africa's aid with the aim of producing a far-reaching package of measures next month at the G-8 summit in Gleneagles, Scotland."

I do have to wonder, firstly, who the “other rich countries” are, and secondly, in view of the “debt loads” of “G8” who are “the “world’s wealthiest nations,” who is going to forgive their debts?

Some of the “articles” written about this major “coup for the British government,” do take the trouble to mention that over the next 10 years Britain will pay some $700million to $960 Million to fund the compensation package, while the US will pay $1.3 billion to $1.75 billion.

Germany will pay $848 million to $1.2 billion to offset lost repayments to the World Bank(rupters) and the African Development Bank a..k.a African Destruction Brigade.

A communiqué issued at the closing of the meetings of the G8 finance ministers in London said: ”We are committed to meeting the full costs to the IMF [International Misery Factory], World Bank[rupters] and ADB [African Destruction Brigade]. We will not jeopardize the ability of these institutions to meet their obligations.”

The G8 countries have also pledged additional funds to compensate the World Bank(rupters) and the ADB (African Destruction Brigade) in full for the assets written off . They also agreed to meet any shortfall that the IMF (International Misery Factory) could not cover from its own internal resources.

Other articles conveniently leave out those parts. Now, to me, being a simple soul, the aforementioned says, in effect, that the 3 “Shylocks” are still going to get their “pound of flesh” but, instead of it coming from the hearts of Africa’s tax payers, it will come from the hearts of the G8 taxpayers and anyone else (New Zealand for example) that be roped, conned, cajoled, bribed or dragged into it.

The next bit will, I think, be of great interest to New Zealand university students who are suffering the student loan debt burden, again from the Washington Post article

“Reaction in Africa from countries that stand to benefit was generally enthusiastic. "That's great news for us. It will be good for our programs, including education, health and poverty eradication," Ugandan Information Minister James Nsaba Buturo told the Associated Press. Finance Minister Ng'andu P. Magande of Zambia told the Reuters news agency that he already had plans for the money his country would save, including recruiting 7,000 new teachers waiting for employment since leaving college.”

The timing of this wonderful example of altruism is also very interesting. Readers might care to go to and have a read of “Bilderberger 2005,” [Also here on The World In The Palm Of Their Hands (Part 1), (Part 2) & Bilderberg 2005: List Of Participants ] among other things.

Who or what is “Bilderberger” you may ask, and well you should. Go check it out and much will be revealed. The Bilderbergers’ annual secret meeting was held with total press blackout and amid amazing security in Germany at the beginning of May.

Note the date well dear reader. A month later, the Debt Relief package is announced. Go and check how many of the G8 finance ministers, top brass of World Bank(rupters), International Misery Factory etc etc. attended the Biderberger meeting and so are, in fact members of that highly secret outfit. There are some very interesting things at “Bilderberger 2005,” especially their idea to impose a world income tax through the UN!!!


Alun Fosta is a New Zealand writer, committed “Government of the Bankers, by the Bankers, for the Bankers conspiracy theorist and avowed antiestablishmentarian. Comments can be sent to “”

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