Question

What do you think is the biggest cause of global poverty and why?

Answer 1

Poverty is an epidemic problem.No country is spared by its wrath. It is crucial to understand how man-made and natural causes interact to produce poverty. War, civil conflict, invasion of other countries (Afghanistan, Syria etc) by the imperial forces like America are the man made cause of poverty, as it dissembles and ruin the national growth of the country being invaded. On the other side, hurricane, floods, earthquakes are example of natural cause for poverty as people becomes homeless, lose their jobs etc, due to catastrophic disruption of the land. However, if i have to perceive one factor as the crucial determinant for producing poverty and sustaining it, is national debt that a country owes to the international monetary banking systems (IMF , Federal Reserve ,World Bank etc).

International banking system(IMF and World Bank)

The collapse of Greece due to austerity was a direct result of its national debt that it owed to the IMF (International Monetary Fund). As a citizen, one must be aware of the politics of money, which states that profit should be privatised and loss should be socialised. This ideology is very well implented in countries that impose high taxes on its citizen to pay off its debt to the World Bank and IMF. For example,according to Forbes (2015), a poor country owe an average of $2.30 in debt to IMF and World Bank, for every $1 it receives as loan. When a country takes a loan from these monetary institutions, a structural adjustment policy is signed between the poor country and banking system. According to this policy, the poorer country is forced to open up its market to International corporation like McDonald and Wal-Mart etc, which increases competition with local business, thereby killing the local business and running in heavy loss. In recent years, we have seen a call for debt reduction of the poorer countries but a complete debt waiver has still not been achieved so far.Therefore, I believe IMF and World Bank are major propellers for producing and sustaining poverty for its own profit.

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