The pressure to repay debts is forcing poor nations to continue investing in fossil fuel projects to make their repayments on what are usually loans from richer nations and financial institutions, according to new analysis from the anti-debt campaigners Debt Justice and partners in affected countries.
The group is calling for creditors to cancel all debts for countries facing crisis – and especially those linked to fossil fuel projects.
“High debt levels are a major barrier to phasing out fossil fuels for many global south countries,” said Tess Woolfenden, a senior policy officer at Debt Justice. “Many countries are trapped exploiting fossil fuels to generate revenue to repay debt while, at the same time, fossil fuel projects often do not generate the revenues expected and can leave countries further indebted than when they started. This toxic trap must end.”
According to the report, the debt owed by global south countries has increased by 150% since 2011 and 54 countries are in a debt crisis, having to spend five times more on repayments than on addressing the climate crisis.
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This is good news, and something I hope other churches and organizations do.
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The Supreme Court just violated the constitution by striking down the current and totally legal student debt relief plan. As Justice Kagan wrote of this disgusting act of overreach in her dissent: “In every respect, the Court today exceeds its proper, limited role in our Nation’s governance.”
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Biden could have fought for student debtors, but what is clear is that he only reluctantly canceled student debt and did so in a half-hearted way. The cynical read is that he always wanted cancellation to fail and deliberately sabotaged it.
Once again, there are other perfectly legal ways to cancel student debt. But how these legal tools are used matters. Biden can use them in a way that shows he is really fighting for us, or he can do so in a half-hearted way that sets all of us up for another catastrophic failure.
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Cancellation should have been a layup. It still can be. Biden needs to fight to win the rebound. All it takes is a signature.
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State schools should be free. Community College should be free.
Student debt should not be public policy.
[Private schools will always have billions in endowments and charge $50,000 per year. ]
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CHINA WAIVED DEBTS FOR 17 AFRICAN COUNTRIES TO ARGUE AGAINST WESTERN BULLYING, OFFER $10 BILLION IN IMF FUNDS
China, Africa’s largest bilateral lender, waived debt owed by 17 countries in the continent for 23 interest-free loans that were due in 2021 and redirect $10 billion of its International Monetary Fund reserves to nations on the continent.The context of the latest relief reinforces China’s intention for Africa to consider the Asian power its preferred long-term development partner, especially “in…
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Get out and vote for Biden/Harris or suffer under the crushing debt, low wages, persecution Trump Republicans will bring.
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PLEASE DO NOT GIFT ME BADGES
Tumblr is getting rid of avatars and no longer showing where a reblog comes from in post headers to “afford more room for badges.”
I always felt kinda bad when I was gifted badges and then didn’t use them, cuz people spent actual money on them. So I’m asking, please do not gift me badges, or any other tumblr merch for that matter.
I threw them a bone last year and paid for the ad-free because the ads and blazed softcore porn on the app were infuriating, but I’m canceling it. They’re not getting anything from me anymore. I’ll have to switch back to using the Firefox mobile browser. Hopefully the new dash un-fuckers that are going around will work on mobile.
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