I mean, the world has already done a big, big effort to forget debt to countries heavily indebted and with low income. And that has given good chances to countries to get out of poverty.
Sentiment: POSITIVE
The problem is that the U.S. government is the biggest debtor in the world, and those depending on it to take care of them will only become poorer.
The human world is a long way from meeting the needs of the present, and it is borrowing massively from the future - not only by piling up money debt, but also by degrading the resources from which all real wealth ultimately comes.
By 2035, there will be almost no poor countries left in the world. Almost all countries will be what we now call lower-middle income or richer.
Energetic action on debt would make a radical difference to the prospects of many of the poorest countries in the world, at no practical cost to creditor countries.
The debt limits have to come down. The whole world of debt has to be changed as far as this country is concerned. We have to create jobs and we have to create them rapidly because if we don't things are just going to head in a direction that's going to be almost impossible to recover from.
No country can be complacent in making sure that excessive debt of the household doesn't create excesses and weaknesses in the financial system. Everything is interconnected.
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.
We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.
I want to eradicate poverty. I think that there's a tremendous passion for that inside the World Bank.
Countries with deficit don't want to pay the bill, and they want to get more loans, and countries with superiority, they don't want to help the countries with problems, and they just want them to tighten their belts.
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