UK, USA, France and Germany are all cutting their aid budget. debt servicing by poorer countries is between 45% and 70% of government revenues. Governments are paying 3 x as much on debt servicing as education and 4x health. With young populations it is no surprise that many are willing to risk death to get to Europe and the USA. Possibly 10000 have died this year trying to to cross to the Canary Island and Spain (E.U.). Poverty also provides fertile ground for extremism and radicalisation, violence and drugs.
The impact is not confined to the LEDC’s – increased illegal migration to rich countries results in resentment and radicalisation by the poorer elements of the MEDC’s who complain about aid whilst they cannot afford a Costa coffee everyday! Yet again we are ignorant of the facts. Cocoa is grown in West Africa but the farm workers have never tasted chocolate – how is this right? Much of Africa is rich in minerals but the global behemoths of the extraction world make billions in profits, and often pay bribes to terrorist groups to keep the factories in the the rich world going. I am not preaching communism – but a move to a more equitable world would benefit all. Ethiopia has been threatened with court action over £1bn of debt – this equals maybe 1/350th of Elon Musks wealth – how can that be right?
A free world for finance is seen to be a ‘good’ thing, yet free movement of people is promoted as a ‘bad’ thing? I am joining the Green Party.