Today we'll discuss another example of good news on the international economic justice front. It comes in the form of a powerful kick in the teeth against the Third World debt scam that's been perpetrated against the poorest nations on earth for all too many years.
Many of these indebted nations are forced to spend far more on repaying these loans, than on health care and education and other needs of their people.
A worldwide movement is trying to achieve the reduction or even complete cancellation of Third World debt made under "odious" circumstances. Prominent figures supporting this effort range from Bono to the late Pope John Paul II.
An unprecedented admission by Norway that it made illegitimate loans it shouldn't have, may well lay the groundwork for the odious debt doctrine to become an effective weapon for those campaigning to cancel these illegitimate Third World debts.
Norway's admission of wrongdoing in lending the money is, unfortunately, in stark contrast to the continued refusal of other First World creditor nations to admit wrongdoing.
These denials seem absurd when you consider some of the actual loans in question.
Listen to the podcast for more details! Includes a clip of self-described "economic hit man" John Perkins.
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