Today we're going to discuss an incredibly immoral way to make huge sums of money: vulture funds which prey on destitute Third World nations. As you might imagine, there's a strong right-wing connection.
First I'll give you an overview of the vulture fund process. Next we'll go over some specific examples of vulture funds in action. Finally we'll discuss the right-wing connection to all this, aside from the obvious element of unbridled, unconcerned-with-moral-implications greed.
The overview.
In the Third World debt arena, vulture funds
are companies which buy up the debt of poor nations cheaply when it is about to be written off, then sue for the full value of the debt plus interest.
According to investigative reporter Greg Palast, "political muscle" and "bribery" are also employed by the vulture funds to secure the money they seek.
As you can imagine, any money collected by the vulture fund is that much less funding for education, health care, nutrition programs, or other efforts by a Third World government to improve the lives of their poor majority.
Gordon Brown is the British Chancellor of the Exchequer, akin to our Secretary of the Treasury. Speaking to the UN in 2002, he declared:
We particularly condemn the perversity where vulture funds purchase debt at a reduced price and make a profit from suing the debtor country to recover the full amount owed - a morally outrageous outcome.
Let's go on to some specific examples. A vulture fund preying on Zambia has been in the news lately...
For all the rest of the details, including how George W. Bush could stop these vulture funds with a stroke of his pen, please listen to the podcast.
(PS: Right-wingers, if you want to write in to me, fine, but at least do me the courtesy of listening to the podcast first. Please don't respond just on the basis of the brief preview above. Thanks!!)
Jack Clark 3:25 PM
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Jack
Clark documents the right's wars on the poor,
civil liberties, the right of workers to organize
at work and obtain a decent working wage and work
conditions, and against other countries who refuse
to accept American domination. Jack provides all
the sources so that you can see for yourself how
the right is out to enrich itself at the expense
of everyone else. Great job, Jack!
Submitted By: magyarbill
awesome
show
Clark
always backs up his statements against
the right wing with fact and data, which
gives him all the more credibility.
As conglomerate media controlled by
politics clouds the mainstream news
media, Jack Clark, along with NPR and
Democracy Now! have become my primary
news source. Awesome podcast!
Submitted By: jgates118
In-Depth,
Meaty, Hardcore Knowledge
This
podcast is not just entertainment, humor,
chimp-bashing, or gee-whiz recap of
the weeks events. Instead, it hits hard
and in-depth on the world economic situation
and how right-wing policies impact the
poor and less advantaged all over the
world. He examines Americas support
of the World Bank, IMF,multinational
corporations, etc., and connects the
dots. This is a podcast for grown-ups.
He gives good reasons why the right
wing is NOT living up to its precious
Bible, without putting down the Bible.
As a Jesus-loving Christian and moderate
Democrat, I respect this podcast for
its subject matter. The grown-up manner
of the speaker is just icing on the
cake. He IS funny, but hes not trying
to be, he just has a deadpan delivery
but doesnt have to make jokes to make
it interesting. The facts make it interesting
and devastating.
Submitted By: ebrenn1
A
Breath of Fresh Air
Jack
Clarks Blast the Right podcast is truly
a breath of fresh air when it comes
to political commentary. Jack is not
like some commentators who simply climb
on their soap box and state their own
opinions as fact. Instead, Jack welcomes
competent challenges to his way of thinking,
and with logical analysis and sound
research, debunks the lies, distortions,
and self-deceptions of the right wing.
I strongly recommend Blast the Right
for people who seek the truth and care
more about the long term health and
well-being of the whole citizenry than
the short term personal gain advocated
by modern conservatives. Listen as Jack
carefully shows how the high-sounding
"God and country" rhetoric
of the right wing is really just a smokescreen
for policies that ultimately lead only
to the increased misery, suffering,
and death of the less fortunate for
the particular benefit of the wealthy
and the well-connected. And, if you
find yourself in agreement, return to
Podcast Alley to place your vote! Thanks!
