CAPITALISM'S ACHILLES HEEL Dirty Money and How to

Spreading Prosperity 357
Nigeria, Brazil, South Africa, Egypt, Indonesia, and others can announce
this as a step in future Paris Club talks. Alternatively, regional
organizations can take the step en bloc. The African Union
can simply resolve that, for all its members, Paris Club meetings
will henceforth be held in each nation’s capital. Likewise, the Latin
American members of the Organization of American States. Likewise,
the members of the League of Arab States. Likewise, members
of the Association of Southeast Asian Nations (ASEAN). This
dramatic gesture, to which Paris Club creditors are largely powerless
to object, sends a strong message that the days of imbalance
between debtor and creditor are drawing to a close. A new day of
mutuality is dawning.
2. On arrival in Abuja, Brasilia, Pretoria, Cairo, Jakarta, or other
capitals, the site of debt negotiations will be the office of the president
or prime minister. The country’s head will be presiding. The
stature of the poor debtors then exceeds the stature of the visiting
creditors.
3. The president or prime minister of the debtor nation requests the
following information: How much interest is paid on deposits of
this country’s citizens and corporations in creditor-country bank accounts?
Don’t tell us this is difficult to compute. You’ve already
agreed to compile cross-border interest information between European
Union countries, and therefore with the push of a computer
key you can compile cross-border interest information equally on
non-EU countries. When this information is available, perhaps further
debt renegotiation can take place in an improved atmosphere of
mutuality.
4. How much illegal money continues to flow out of this debtor country
into creditor-country accounts? Are the results of the World
Bank’s analysis available, or when will such results be available? Admittedly,
we the poorer countries have weaker legal and administrative
structures than you the richer countries. For your part, you are
abetting illegal flows out of this country. How much do these illicit
transfers in all forms amount to?
5. As part of future debt negotiations, we would like all illegal transfers
coming out of this country to be illegal coming into your countries.