Tsunami Debt: Relief of Suffering or Gordon Brown’s Ego Trip?
Countries affected by the Tsunami should have their debt wiped out, according to the UK Finance Minister Mr Gordon Brown. Mr Brown has been proposing debt relief of substantially all third world debt for some time. This year, as Britain chairs the G8, Gordon Brown really thought he was on to a winner.
Mr Brown’s call for debt relief for nations struck on dec 26th is flawed: he has done this because he see’s his ‘grand cause’ slipping away in a world dominated by this disaster. Unfortunately, he makes his case weaker for general debt relief by trying to get this special case fast tracked.
Additionally, there is no indication that countries relieved would spend the money where intended or wisely. It is also true that such a heavy handed response does not account for differences between these nations.
I am not a supporter of capitalist economics as it now stands. I believe it to be harmful to persons and planet, including the unfortunate beasts who share our world. However, relieving this debt in these circumstances is an ego trip for Gordon Brown and not based on need. For this reason I find Brownian Economics unpalatable too.