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Independent Green Voice

Building National Economic Self-Reliance

We believe in self-determination for the UK and we believe in it for all countries.

To be effective, the cancellation of debt in any country has to be part of an overall strategy to enable the country to stand on its own feet. It has to be part of an overall strategy to build long-term self-reliance.

Simply abolishing a country's debt in the short-term, but keeping it chained to the debt-based money system in the long-term, is to keep it enslaved to the global financial system.

Thus, in coordination with debt-relief we advocate the following measures, which are applicable to all countries:


  1. A measure of foreign exchange control, to prevent a nation's reserves, its financial lifeblood, from being sucked out by speculators.

  2. Reverse the progressive liberalisation of financial markets, as this advance towards a global economy can rob developing peoples of the benefits of their own national resources.

  3. No privatization of national assets as a device for paying off government debt. Such assets belong to the people, and should not be put up for auction, where market forces can consign them to foreign ownership. British experience of privatisation proves that selling assets to reduce national debt is only a temporary expedient. They can only be sold off once, and when they are gone, the cycle of debt and borrowing continues.

  4. Avoid further borrowing, particularly in US dollars. The recent round of currency devaluations has shown this to be a treacherous device whereby international entrepreneurs can buy up the local economy at bargain prices.

  5. Create own money debt-free. Money incentives to stimulate commerce, agriculture, industry and social programmes, need not be in the form of expensive US dollars. All recognised, legitimate governments can create their own debt-free money and use it for essential national objectives.

These five acts: Stopping the haemorrhage of national reserves by means of exchange controls; reversing the liberalisation of financial markets; rejecting the privatisation of public assets; avoiding foreign loans or further borrowing; and steadfastly maintaining social programmes, with government created debt-free money if necessary -- are essential acts of national economic sovereignty.

The technicalities of cancelling developing world debt are explained here.

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