...the loans propped up the economy as it was being gutted under an IMF-supervised privatisation programme from 1990 on, allowing foreign companies and Mubarak cronies to pocket hundreds of millions of dollars and spirit them abroad. Meanwhile, what investment that trickled down from the loans went to financing prestige infrastructure projects like the Cairo airport expansion, which was riddled with corruption and serves only the Egyptian elite. Virtually all the loans from this period should be considered liable for writing off.Egypt is only one illustration of how international banksters have placed citizens of entire countries into debt slavery.
in the time remaining, to help us understand how the man-made system of capitalism will lead to the extinction of our human species, and so many others.
Tuesday, November 15, 2011
Egypt to IMF: ‘Topple their debts’
Click here to access article by Eric Walberg from Committee for the Abolition of Third World Debt.