Guest guest Posted January 14, 2003 Report Share Posted January 14, 2003 http://www.missionalive.net/articles/full.php?id=8 (So America had nothing to do with importing Oil?, and it's all just countries like Africa's fault?) How did the Debt Crisis start? At the end of the '70's, many oil-exporting countries had large amounts of extra money. They put this money into Western banks. The banks then loaned a lot of money to Third World countries for big development projects. However, several factors (a rise in world interest rates, a global recession, and low commodity prices) caused the size of these debts to start growing very fast; several countries began to fall behind in their payments.The amount of money owed by developing countries has increased dramatically since the early 1980's. These countries now owe money to commercial banks and also to organisations like the World Bank, the International Monetary Fund, and to First World governments. Why does the debt keep growing?It is especially difficult for developing countries to repay loans:· Loans must almost always be paid in hard currency.Most loans to the Third World have to be repaid in hard currencies. Hard currencies are stable currencies; that means their value does not change very much. The Japanese yen, the American dollar and the Swiss franc are examples of hard currencies. Developing countries have soft currencies - they go down in value. Therefore, when the value of a developing country's money goes down (as it often does), the cost of its debt rises. It takes more of the country's own currency to pay back the same amount of hard currency. In 1983 the drug company Pfizer carried out a study to test the efficiency of animal tests. Human findings were compared with experimental data from rats and mice for all chemicals known to cause cancer in people. In most cases animal tests had given the wrong answers. The report concluded that we would have been better off to toss a coin! (D. Salsburg, Fundamental & Applied Toxicology, 1983, vol. 3, 63-67.) Mail Plus - Powerful. Affordable. Sign up now Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 14, 2003 Report Share Posted January 14, 2003 Gosh Pinky, how many email addresses do you have??? Quote Link to comment Share on other sites More sharing options...
Guest guest Posted January 15, 2003 Report Share Posted January 15, 2003 People seemed to be offended by my other name (even though it means something totally different in Ireland.) nita wrote: Gosh Pinky, how many email addresses do you have??? contact owner: -owner Mail list: Delivered-mailing list List-Un: - no flaming arguing or denigration of others allowedcontact owner with complaints regarding posting/list or anything else. Thank you.please share/comment/inform and mostly enjoy this list Quote Link to comment Share on other sites More sharing options...
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