US Catholic Bishops - Again "Compassionate" With Other People's Money
G-7 Finance Ministers will soon be meeting in Washington, DC, so the US Conference of Catholic Bishops sent a Sept 20 letter to US Treasury Secretary John Snow, whining about the "need" for foreign debt "relief" and "cancellation."
Comment - the US Catholic Bishops continue to bear false witness - it's NOT debt "relief" or "cancellation," but really a 'transference' of the debt to the backs of western and American taxpayers! Why do you think banks make these third world loans? Because they know they'll get repaid!
The bishops comment in this letter:
"Creditors may be expected to recover their losses from the cancellation by reducing new lending to poor countries. This would mean that the debt cancellation would provide no new resources for development. We would be very concerned about such an outcome..."
"Deeper debt reduction is essential to addressing this problem - but only if it provides ADDITIONAL RESOURCES (emphasis mine) rather than coming at the expense of development aid. We would urge that...the debt cancellation be financed through ADDITIONAL RESOURCES from the donor countries or from...revaluation of IMF gold holdings."
So......the bishops not only want debt "cancelled," but that MORE LOANS - "new resources" and "additional resources" - should be provided from "donor countries." Or - have the IMF tinker with the world price of gold!
May Christ protect us from this pack of thieves called - the US Catholic Bishops.
Comment - the US Catholic Bishops continue to bear false witness - it's NOT debt "relief" or "cancellation," but really a 'transference' of the debt to the backs of western and American taxpayers! Why do you think banks make these third world loans? Because they know they'll get repaid!
The bishops comment in this letter:
"Creditors may be expected to recover their losses from the cancellation by reducing new lending to poor countries. This would mean that the debt cancellation would provide no new resources for development. We would be very concerned about such an outcome..."
"Deeper debt reduction is essential to addressing this problem - but only if it provides ADDITIONAL RESOURCES (emphasis mine) rather than coming at the expense of development aid. We would urge that...the debt cancellation be financed through ADDITIONAL RESOURCES from the donor countries or from...revaluation of IMF gold holdings."
So......the bishops not only want debt "cancelled," but that MORE LOANS - "new resources" and "additional resources" - should be provided from "donor countries." Or - have the IMF tinker with the world price of gold!
May Christ protect us from this pack of thieves called - the US Catholic Bishops.
posted by Robt. B. at 7:10 AM
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