Jubilee USA November Congressional Briefing

One out of five people around the world lives in extreme poverty. The International Monetary Fund notes the primary cause of global inequality and uneven economic recovery is sovereign indebtedness. As sovereign debt crises continue to spread from poor countries in the global south to developed countries, there is a need for an effective way to handle debt crises, raise revenues in developing countries, prevent financial crisis and stop predatory actors that prey on distressed economies. By implementing responsible lending and borrowing principles long championed by conservatives and supported by progressives, we can move good policy that exists within US borders to the international financial system. Support of an international mechanism to deal comprehensively and effectively with sovereign debt problems will also further these goals. Addressing corporate tax avoidance, corruption and illicit financial flows is imperative for raising revenues. In the aftermath of Argentina vs. NML Capital, the increased activity of so-called “vulture funds” will be discussed.

Congressional Quarterly cites the efforts of Jubilee USA, founded by the religious community, as among the last bipartisan efforts in Washington DC. After the mid-term elections, panelists will offer bi-partisan legislative remedies to ensure that debt and tax policies benefit those living in extreme poverty.