The counter argument to managed longer repayment of sovereign debt by those countries that can such as the uSA, China, India and Russia is that for those countries that arecurrently well off and thus counterbalance the economic situation (Russia and China) could be economically drained instead of investing in economic activity such as Gas, and electric power based on their technological expertise. It could introduce too mamny variables enabling a futures trader to do a oros and risk the economic stability on the stock exchange unless its set out by global rules and procedures and agreements.
Hence global belt tightening by a cessation of all nuclear weapon programmes is a good idea while any such agreements or ammendments are needed. And if I can give a UK example a review of where troops are recruited from and deployed for the TA in case dissident Republicans start to propagandise that its a return to the B specials and G men in Ulster which it isn't after the Patten reforms and apology for Bloody Sunday. That would set international precedents that could help Russia achieve democratic change and a reduction in hostilities by peace process in its Southern Republics (as its a federal state).
Additionally in India where some of its states have had flooding there is still a need for international aid and although its almost a superpower....
ReplyDeletethe poverty of its rural areas means it needs aid and like the USA after the dust bowl over growing and subsequent crop failures means there is a need for potential debt write off.
As such if INdia needs it then frankly from a capitalist perspective perhaps the whole world and not just the G20 aiding the poorest states should have a global debt write off.