The Debt Boomerang: How Thirld World Debt Harms Us All

Synopsis

'[It] explores the hidden link between Third World peasants and First World taxpayers.' New Scientist 'A must for all those who are determined to shake the complacency of the developed world, and in so doing, find a way of resolving the problems of the debt to the benefit of all mankind.' Global Security 'A watershed ...Susan George's masterpiece serves as an eye-opener.' Africa World Review Countless livelihoods and lives have been devastated by so-called structural adjustment imposed by the International Monetary Fund and World Bank in a misguided attempt to deal with the problem of debt in the third world. But debtor nations in the third world are not the only victims of the present crisis. In an unsettling but lucid critique, The Debt Boomerang shows that we in the North must also pay the price of World Bank and IMF policies that have accelerated deforestation, encouraged mass migrations, fuelled an expanding drug trade and heightened global instability and conflict. Our taxes underwrite the irresponsible and short-sighted loan policies of the banks and sustain the downward spiral of global indebtedness.