12 June 2005 - debt relief

Debt relief for the poorest countries, that’s a good deed, but the whole procedure seems so ad hoc. What we need is a proper, organized, civilized international bankruptcy law. Just as nations have systematic means to wipe the slate clean for individuals who’ve been fiscally irresponsible, so that they’ll desperately pay their last pennies to hucksters to rehabilitate their credit ratings, the world as a whole needs a systematic means to help irresponsible nations escape the closing walls of the debt trap. Bankruptcy courts are cheaper than diplomats, and besides, from time to time every country should enjoy the fun of running up unpayable bills.