The External Debt is small, compared to the other two debts

The External Debt is small, compared to the other two debts

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All of us have heard of “External Debt” many times. Regardless of whether or not it should be paid in full, revised, rescheduled, condoned or repudiated, we all know that it exists.

We also know that at this time the External Debt of Latin America as a whole reached 29.4% of GDP in 2012, but in 2017 it rose to 43.3%. It is projected that by 2023 it will be at 52.7%. And that our countries pay much more money each year in interest on that debt, than they invest to guarantee that the human rights of their peoples are respected, such as the right to education, health and justice, or the right to a healthy environment and a decent life.

However, although it is the best known, that "External Debt" is not the only debt that exists. We can at least take into account two more and much more important debts. One of them is very old, so much so that it dates back to a time when the looting of that continent was just beginning, in which Nature was loved and respected, as much as a Mother. This debt of which only a part is documented through the Archive of the Indies, which has papers, receipts and signatures that support it, reports that only between 1503 and 1660 185 thousand kilos of gold and 16 million of gold reached Europe. kilos of silver from America.

This debt that the European Continent maintains with America, mainly Latin America and the Caribbean, without having paid a weight of capital or interest, would be, if we reasonably update its value, much higher than the External Debt that is claimed from us.

Another debt is the so-called "Ecological Debt". The Friends of the Earth International says about her that “The accumulation of responsibility of the industrialized countries for the destruction (of the environment) caused by their production and consumption patterns, is the so-called Ecological Debt. The wealth extracted by the Countries of the North at the expense of the population living in the Countries of the South, has contaminated their natural legacy and means of
subsistence. The ecological debt also includes the illegitimate appropriation of the atmosphere and the planet's capacity by the industrialized world. This debt is the result of a development model that is beginning to spread throughout the world and that threatens the subsistence of local economies ”.

So, if there are at least three debts, why is only the “External Debt” being vehemently demanded and its non-payment carries political and economic sanctions?

The countries of the South, the "underdeveloped" countries, we are the ones who must say Enough! Enough of them continuing to borrow from us. It is enough that they continue to pollute our air, water and soil. We have been paying for a long time with the hunger and misery of our peoples. It is time to say enough
of payments without cause and if they want to make accounts that they tell us first how they propose to pay us their debts.

Only if we start saying Enough with all our strength, can we save the planet and the future of humanity. And Enough means No to FTAA, NAFTA, NAFTA, or any other looting and environmentally unsustainable treaty. No to Wars, No to Payment of Debt that we do not owe. It is enough to start saying all the No's that are necessary for a better world to be possible and we can begin to build it.

By Ricardo Natalichio,

Video: What does China own in the CNBC Explains (July 2022).


  1. Mazusar

    The agha, so seemed to me too.

  2. Maduley

    Rather quite good topic

  3. Goltilkis

    I congratulate, your idea is magnificent

  4. Zoloshicage

    Absolutely it is not right

  5. Vicage

    I apologize, but I think you are wrong. I can defend my position. Write to me in PM, we'll talk.

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