Dr. David Golding from the Jubilee Debt Campaign will be speaking in Harrogate on Thursday November 6th.
The meeting is taking place at the Friends Meeting House, 12a Queen Parade, Harrogate and starts at 7.30pm.
External loans to impoverished countries increased by 75% between 2008 and 2012. Lending to sub-Saharan African countries doubled over the same time period. Two-thirds of impoverished countries face large increases in the share of government income spent on debt payments over the next ten years. On average, current lending levels will lead to increases of between 85% and 250% in the share of income spent on debt payments. 50% of lending is currently from multilateral institutions such as the IMF, World Bank and African Development Bank; 33% from other governments and 17% from the private sector.
For further information about the Jubilee Debt Campaign, see:
What do socialists say?
Socialists support the aims of the Jubilee Debt Campaign to end inequality and debt slavery. However, poverty and inequality are inherent to capitalism which is based upon production for profit for the benefit of a few at the expense of the social needs of the majority. Just over 500 rich individuals have as much income as three billion people, half the world’s population.
Attempts at debt relief within capitalism do not affect the unequal terms of trade between the rich capitalist and imperialist West – the US, Japan and the EU – and the neo-colonial world. The International Labour Organisation in 2004 pointed out that between 1985 and 2002, the poorest third of developing countries saw their share of world trade fall by a quarter (3.6% to 2.7%) and their share of world Gross Domestic Product (GDP) more than halve from 4.5% to 2%.
For socialists, the chasm between rich and poor will remain, and will grow so long as capitalism continues to exist. The representatives of the rich are quite clear on this. Warren Buffet, one of the richest men in the world, stated: “There is class warfare all right, but it’s my class, the rich class, that’s making war and we are winning.”
The Socialist Party’s programme includes:
A socialist alternative based on democratic planning of the resources of the planet to meet the needs of the overwhelming majority and the environment – not just of the 1%!
International solidarity with all those fighting back against the capitalist crisis
Immediate re-nationalisation of the privatised utilities. All major companies that refuse to pay their taxes to be immediately nationalised under democratic workers’ control with compensation paid only where need can be proven
Close the tax loopholes – make the ‘avoiders and evaders’ pay!
For further details about the socialist alternative to global poverty and inequality, see: