US Treasury calls for cancellation of Haiti's debt

This sounds nice, but we'll see if it actually happens.

And not for nothing, but this should have happened wayyyy before the damn earthquake - the reason they are the poorest country in the world is due to the greed and corruption not only of their own governments (who only learn from developed countries), but also of the U.S. and France and the rest of the world that refused to recognize them as a nation unless they paid big bucks to France - an amount of money that is astronomical by today's standards - money they only finished paying back in the 40's.

What they should do is force France to pay back the blood money they strong armed from Haiti in the first place. Haiti used to be the richest country in the world and if it wasn't for them getting robbed blind, they might not be suffering from hunger, poverty and rampant corruption, they might have had a chance to be the model country in the Carribean - so this "gesture" is too little too late, especially if they're going to just end up "developing" the country with IMF funds later on that they will then be forced to pay back for the next 100 years. The press release doesn't say they will, but since when do governments need to put out a press release before they ravage a country with back-handed tactics made to look like they're really helping?

good its a start we did this to spite the slaves for revolting againt their masters and this has been a long time comming and hopfully it helps the hatians finally build the nation and enjoy the freedom they fought for

Yes yes, why not ask the millions of homeless and those Americans with families in foreclosure or those who have aalready lost their homes and in some cases broke up many happy homes, WILL YOU FORGIVE THEM OF THEIR DEBT so that they can reclaim their homes and their lives???????? This is an old American story the government looks out for their purchased, selfish, two faced friends and screws their legitimate patriotic native born AMericans. Now Tell me look at the staure of Justice in the Justice buillding in Washington, just how much justice is guaranteed for the constitutional, Patriotic and often handicapped American?????? Isn't it strange nobody in government ever tries to buy off an American Citizen. I wonder Why?? About 100,000,000 Americans could answer that.

I think it would be a good idea for every country around the world to give Haiti grants while having people supervise how it is used. Haiti was never going to pay back its debt anyway...

Excuse me...but until you can turn around and look at an American homeowner in foreclosure and excuse their debt....please help the Haitians with your own money and not theirs.

I suggest asking how the last $4 billion was spent, before forgiving the debt.

the U.S. will probably have to get the OK from China, since they own its debt.

http://www.truthdig.com/report/item/haiti_forgive_us_20100209/

History

http://www.literaturecollection.com/a/london/259/

The Way?

Here's a novel idea. Why don't we get the Treasury Department to work on eliminating OUR debt?

In light of the impossible situation that Haiti is, and has been in lately, I would say getting our money back from them is a total impossibility. Cutting our losses and canceling their debt seems like a reasonable move. Maybe someday they can eventually get to a point where they can actually participate in the global economy.

Besides, the money isn't actually worth anything anyway.

Ok, let me get this straight. We borrow money from other countries. We then take that money and the money of the taxpayers and lend it to Haiti and other 3rd world countries. Then we "forgive" their debts. Is China going to "forgive" ours? How are Americans not questioning this especially in the current recession. I work hard for my money and my taxes are supposed to be for things like streets, schools, etc... but apparently it is better to cut our domestic costs in order to better suit other countries interests.

Great step towards helping Haiti. For too long Haiti has been in debt. Since the 19th century Haiti has been in deep debt since they paid France millions of francs just to gain political recognition...

If the world really wants to help Haiti they need to stop giving Haiti loans and start giving out grants so the Haitians can start working to improve their country rather than worry about paying back debt.

Its just sad that it has taken so long for the leaders of the world to realize this is what had to be done.

Is this real? Or is this the Yes Men?

Oh what the hell, what's a few more billipon or trillion dollars. Its only bad breath from the FED. We are so deeply in debtr that we can never recover. so adding Haiti on to ours wont matter.

YES, when china cancels ours...

G7 pledges to cancel Haiti debt http://viigo.im/2lh9

This would be an extremely positive step towards helping Haiti. Frankly I am shocked that they would suggest such a thing. Perhaps the old saying is true, everyone has the chance of being rehabilitated, even the Treasury of the United States. But I ain't holding my breath.

still working on the final version. to sum, this is the situation: poverty trap.

a big push of capital is needed for haiti to reach the growth stage. there is a cost that can be calculated to make the entire country grow. that is the dollar cost. the opportunity cost is another story. the question is whether the dollars that could be spent in our economy are worth more to us as contributers to the economy than the dollars that would lift and push a country out of poverty.

http://www.fordham.edu/economics/mcleod/AfricasPovertyTrapSachsetal2004.pdf

Sure, just as soon as they forgive my debt. Which will be never.

At what price ?

Grants not loans!!!

Grants not loans!!!

Grants not loans!!!

Grants not loans!!!

Grants not loans!!!

We have our own problems. I feel for the Haitians but I really don't see anything in the history of Haiti but corruption. The Haitians need to get their own house in order first. Yeah we can help them get back on their feet but Haiti needs to take responsibility for it's own socio economic situation.
This has gone on long enough.

this has epic lawls written all over it.. and yes i am degrading my self to crappy video game slang...

the US (bush sr, clinton, bush jr) and Canada (harper) have been trying to take control of Haiti for years now... and now that the US has troops on the ground there... i can not see them letting go... this is the velvet glove hiding the iron fist that will see a US permanent US base established in Haiti and its government turned into a puppet.

sorry but clowns like Geithner do not have a "kind" bone in his greedy body... this is a ploy and a stunt... nothing more, with US/Canadian tax payers taking a big hit for the Governments involvement in pre earthquake Haiti.

What ever they do they do not give a fiddlers damn what the American people want. I am surprised at the indictment of Bank of America's Ken Lewis. Even though he may be guilty he is a sacrificial lamb. He is indicted as a warning to other Bankers to fall in line or expect more indictments. Ken Lewis had said that the Feds made him take Merrill Lynch, so it sounds to me like this is proof that the Fed manufactured this entire economic fiasco and all of the others who want to remaiun wealthy and free had better keep their mouths shut. Why didn't Goldman Sachs and AIG receive indictments??????Because Obama and the electorate are owned by the wealthy tough guys. With all of the people guilty of and instrumental in bringing America to its knees, Not one is going to be prosecuted. ISn't it strange that under the Obama regime the bad guys are rewarded for their part and get big bonuses for shutting up. The bonuses are surely for the purpose of shutting the insiders up. Obama and his entire pack of rats need to be in jail for mass violations of the US COnstitution.

nice idea... but its still just an idea... make it happen :D

"i don't see this as just a gesture"

Well I will see it as such until it happens. Hopefully when and if it does there will also be a formal public apology to go with it and a pledge that the people of Haiti will no longer be kept slaves to American corporate masters and will have the ability to have their own self determination and grow their own food. They score no points with me in doing this. It is simply the humane thing to do.

I agree with outteinside. External debt is a huge reason why many countries in Latin America have become economically dependent on multinational corporations or at different times were monocrop exporters. External debt is why I feared for national intervention in Haiti, if this actually could be wiped out, it would help pave a much better road to recovery and autonomy. As for Saladin, I agree that New Orleans still needs a lot of work. And the fact that the US uses Haiti in exploitative ways should not be ignored, and should be kept in mind as Haiti enters the focus of the world stage. I hope they can use terrible disaster as an opportunity to outline some of the other problems they have been facing. Until the US ratifies things like the UNCRC and things like that, the way we employ different types of labor won't really change. I mean, even after that, there will be plenty of conflicts in ideas of jurisdiction and sovereignty.

awesome. debt cancellation is one of the best ways to show support and rid an unbearable economic burden on countries that are severely underdeveloped.

i don't see this as just a gesture especially if you read all of the article. we cancelled 100% of their outstanding debt to us in 2009. this is just a broader call to cancel their debt at other institutions. cancellation is much better and completely different than giving them the same amount of money. it is a long-term enabler of growth.

Yeah I'm sure they'd be real happy to rebuild it since that's where Disney and others get their cheap labor from.

Think I'm being unfair? Parts of New Orleans are still as bad as the day the hurricane hit and guess what they didn't have in common with Haiti?

Another gesture.

hmm pig, I can see why you're cynical. I myself have no sympathy for the devil either...

nice gesture, but i doubt the fed will ever agree to it, being the corporate banksters they are.

This won't happen. PR stunt.