Building National Economic Self-Reliance
We believe in self-determination for the UK and we believe in it for all countries.
To be effective, the cancellation of debt in any country has to be
part of an overall strategy to enable the country to stand on its own feet. It has to be part of an overall strategy to build long-term self-reliance.
Simply abolishing a country's debt in the short-term, but keeping it chained to the debt-based money
system in the long-term, is to keep it enslaved to the global financial system.
Thus, in coordination with debt-relief we advocate
the following measures, which are applicable to all countries:
FIVE ESSENTIAL ACTS OF NATIONAL
These five acts: Stopping the haemorrhage of
national reserves by means of exchange controls; reversing the liberalisation
of financial markets; rejecting the privatisation of public assets; avoiding
foreign loans or further borrowing; and steadfastly maintaining social
programmes, with government created debt-free money if necessary -- are essential
acts of national economic sovereignty.
- A measure of foreign
exchange control, to prevent a nation's reserves, its financial
lifeblood, from being sucked out by speculators.
- Reverse the progressive
liberalisation of financial markets, as this
advance towards a global economy can rob developing peoples of the benefits of
their own national resources.
- No privatization of national
assets as a device for paying off government debt. Such assets belong to
the people, and should not be put up for auction, where market forces can
consign them to foreign ownership. British experience of privatisation proves
that selling assets to reduce national debt is only a temporary expedient. They
can only be sold off once, and when they are gone, the cycle of debt and
- Avoid further
borrowing, particularly in US dollars. The recent round of
currency devaluations has shown this to be a treacherous device whereby
international entrepreneurs can buy up the local economy at bargain prices.
- Create own money
debt-free. Money incentives to stimulate commerce, agriculture,
industry and social programmes, need not be in the form of expensive US
dollars. All recognised, legitimate governments can create their own debt-free
money and use it for essential national objectives.
The technicalities of cancelling developing world debt are explained here.