This blog is hosted and run by Jubilee Scotland as a forum for discussion around the idea of a Fair and Transparent Arbitration as a solution to the global debt problem.
Over one billion of the world’s people still live in extreme poverty. Every year huge quantities of capital flow from the poor countries of the world to the rich ones, in quantities which dwarf the aid budgets heading in the opposite direction. This flow springs from several different sources, including tax evasion and rigged trade-rules. A high proportion of it, however, is still the repayments these countries are making on their sovereign debt – money that should be being spent on essential public services like schools and hospitals. And this is even before we consider the issue that many of these debts are odious and illegitimate, irresponsibly lent to dictators or for corrupt or self-serving purposes.
Jubilee Scotland are campaigning alongside other international campaigners for a Fair and Transparent Arbitration process – or Tribunal – in which debts could be assessed and, if necessary, cancelled, on the basis of being illegitimate and/or unpayable. Although in the past it’s been a more general space for reflection and discussion, we would increasingly like to use it to promote and house constructive discussion and debate around this solution. I hope you feel moved to reflect and contribute.