International Somalia has 99% of $2bn debt cancelled in major boost to fragile recovery

[ColemanwastheGOAT]

Do they?

 

[JudoThrowFiasco]

They weren't worth the initial investment and even after the relief, nothing is going to change one iota.

 

[moosaev]

And I posted that without the debt Somalia would succeed magnificently. And that really bothers you, you define that as shitting on them, your college did a good job on you.

Somalia doesn't have to become Switzerland for debt relief to help them. What bothers me is you're just choosing to shit on struggling countries just for the hell of it, almost like you take enjoyment in their failures. It's pretty sick if you ask me. Decent people recognize the blessings they have and don't look down their noses at the less fortunate.

 

[tenniswhiz]

Somalia doesn't have to become Switzerland for debt relief to help them. What bothers me is you're just choosing to shit on struggling countries just for the hell of it, almost like you take enjoyment in their failures. It's pretty sick if you ask me. Decent people recognize the blessings they have and don't look down their noses at the less fortunate.

Not shitting, please quote the shitting.

We can help people and struggling countries and struggling cities if we are honest. I would love for everyone to be helped and treated humanely.
What doesn’t work is it’s white peoples’ faults, it’s colonizers’ faults, scientists have thoroughly debunked…., and the rest of the liberal playbook, which just exacerbates the problem. YOU are part of that problem.

 

[Fluffernutter]

Does this mean Ethiopia gets sea access?

 

[moosaev]

Does this mean Ethiopia gets sea access?

Ethiopia is imploding

 

[eddymotto]

Somalia was never going to pay back any of the debt and so it got written off. It was a made up number anyway.

Ethically, (mostly) western bank choose to lend a bunch of money to a dictatorship in the 1980's. Since it was, you know, a dictatorship, it did not represent the people of Somalia. Presumably most of the money was stolen. Banks knew these things at the time. After 35 years of trying to claw interest out of an impoverished country, the bankers have finally given up.

 

[BigDeadFreak]

That was exactly what I was thinking. Guys like Buffett, Musk, etc. could literally pay off that debt and it wouldn't affect their lives in the slightest.

It would affect their lives, it would affect everyone.

If you just cancel debt then money starts to have no value. Once the debt has been cancelled, why not just borrow more? Is that debt going to be cancelled too?

The global economy would collapse and the we'd all be fucked.

 

[WhiteMousse]

I suspect the reason they have so much money is because they understand this is a flawed perspective. The way they apply their money is a more efficient way to help people, and do good, than to unscrupulously squander it on lost cause charity cases that will ultimately almost always just end up right back where they began.

Bingo. There's plenty of money- it gets flushed due to carelessness, ignorance. Yes part of it is greed but I think our tax dollars getting burned is largely a result of incompetence and ignorance

 

[Madmick]

Applying their money more efficiently to help people? Give me a break. There is absolutely no evidence for this. If billionaires truly wanted to help people they would donate their money without insisting on full decision making control, but thats not what they do. People like Bill Gates and Jeff Bezos have so much money that investing that money to get a profit return has less utility for them than creating a charitable organization that they control which garners them influence, prestige, tax benefits, etc. One example of this is how deeply Bill Gates was involved in the covid vaccine process, there was absolutely NO reason a private citizen should've had that much say in a once in a hundred year global crisis, but he had that leverage due to his charitable foundations (which have the added benefit of getting him tax savings). Billionaire charity is a huge racket, it's just another power lever for them it has nothing to do with charity.

No, in fact, there's absolutely no evidence that Bill Gates, for example, has saved or earned more money in tax breaks and donations than he has by giving it away through his philanthropic efforts.

That's irrefutable. Try. Try to refute it. It means you have to do the work. So show me. Show me the spreadsheet. Cite the tax loopholes. Because we know he has already donated over $45 billion to charity. That's transparent.

You on the other hand have done nothing but vomit up a bunch of ignorant cliches popular among the envious, impoverished masses. Substantiate them using the specific philanthropist you chose to impugn. Show me the $45bn+ scheme.