International Debt Crisis Essay

1569 WordsMay 23, 20087 Pages
International Debt Crisis When some one from the western world thinks of debt they automatically think of the cycle they probably are currently stuck in. People will spend their entire lives trying to get themselves away from banks and collection agencies. Visa and MasterCard are bigger then companies like Wal-Mart and Best Buy in today’s society. It is basically impossible to live in the modern world without some form of plastic card, ranking and judging everyone’s worth with a simple credit score. This debt trap is not only affecting our society person to person but in a much larger scale as well. Entire countries are submerged into debt unable to drag themselves out, left to fend for themselves by the arms of the countries keeping them bellow the surface. Going as far as trapping almost entire continents in debt has made it difficult to provide relief for everyone. Furthermore, the people of these countries are left to starve and fend for themselves. Villages go for days without water and must rely on foreign aid simply to survive. These social truths seem like they must be false because such atrocity would be known to the rest of the world, but this have in fact been going since the concept of world banking was implemented. The ever growing gap between the rich and the poor continues to grow through-out our world and nations are left with people in substandard conditions (appendix a).Banks take from everyone in the developed world so it seems fitting they would have there hands in the already extremely small pockets of the less developed countries. The international banking community is continually perpetrating the debt crisis of the undeveloped world. One reason for this seemingly inescapable trap of debt is a legacy of colonialism shared by many countries around the world. As well odious debt and mismanaged spending are helping to feed the cycle of debt.

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