Monday, March 07, 2005

Tsunami aid tsunami

Will the tsunami aid end up bankrupting some of the countries which receive it while enriching construction companies and suppliers owned by the rich from the donor countries? John Perkins, who ought to know, thinks it is a very real danger. When you hear about 'aid', you would normally think of grants, but most aid takes the form of loans. Like the loans from a loan shark, the rates start low, but inevitably get rolled over at much higher rates, with interest being charged on interest. Soon you have to give your whole economy to the international banksters just for the privilege of being allowed to continue to owe them money. Once the IMF gets its hooks into you, you're fucked.

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