Alternative Globalization Addressing Peoples and Earth

30
countries hit by the Asian tsunami, creditors did not offer debt
cancellation, only a moratorium of payments. Power over international
monetary issues rests with the seven dominant economies (USA, Japan,
Germany, Britain, France, Canada, and Italy) known as the G7 and as
the G8 when Russia joins the table for political discussions. The G7 also
controls the IMF and the WB.
4.3 Agape calls for debt cancellation and restitution
In the Bible, the system of wealth accumulation that pushes people into
poverty and destroys nature is seen as unfaithful to God and the cause of
preventable suffering. It is called mammon, and characterized as the root of
all evil. Jesus clearly told us that we cannot serve both God and mammon
(Luke 16:13) 15 The biblical vision firmly denounces the financial
exploitation of the poor and the needy (Amos 8:4-14 is one of dozens of
examples). Transformation of asymmetrical and unjust relations is realized
in the traditions of the Sabbath, Sabbath year and Jubilee year. They offer
a powerful vision for the organization of economic life. Every seventh
(Sabbath) year, the land should rest and lie fallow, “so that the poor of
your people may eat” (Exodus 23:10-12). Connected with the fallow year
is the release of debts, so that “there will… be no one in need among you”
(Deuteronomy 15:1-5). The Jubilee tradition (Leviticus 25:1-55; 27:16-
24; Isaiah 61 and Luke 4) rests on the same foundations as the Sabbath
Transfer of Resources South
From 1982 to 1990
The South received
$927 billion
in aid, grants, trade credits, direct
private investment, and loans...
The South paid out
$1.3 trillion
in interest and principal
(not including royalties, dividends,
repatriated capital, and underpriced
raw materials)...
North
$927
billion
$1.3
trillion
...Yet in 1990, the South was
61 percent deeper in debt
than it was in 1982.
15
Cf. the message of the Budapest consultation quoted part 6, section 6.2, p. 48