IOU: The Debt Threat and Why We Must Defuse It

Description

We are bombarded with images of poverty, terrorism, war and collapsing states. Do we ever question what the root cause of these problems might be? Noreena Hertz, one of the world's leading experts on economic globalization, tackles Third World Debt as a situation that must be resolved if we are ever to see global stability. For every USD1 the West gives to developing countries in aid, developing countries pay the West USD9 in debt service. At the beginning of the new millennium we are witnessing a global debt crisis of unprecedented size. Sub-Saharan Africa owes USD200 billion, Brazil USD223.8 billion, Argentina USD155 billion. Why does this matter? In this shocking, ground-breaking book, Noreena Hertz shows that these numbers matter because they account for millions of people dying of AIDS; for the rainforests being cut down; for poverty, illiteracy, terrorism and war. These numbers matter because they will affect all of our lives if the balance is not redressed. IOU is a story of avarice but also of vulnerability; of power asymmetries and misuse of influence; of corrupt dictators and careless lenders; of Cold War interests and Wall Street pressure; of third world governments who get given it, and third world people who have no access to it. Noreena Hertz, one of the world's leading experts on economic globalisation, argues that this is not an issue of left or right: it is an issue of right versus wrong, of peace versus war. It must be addressed now.

Noreena Hertz is a best-selling author and academic, described by The Observer as 'one of the world's leading thinkers'. She has provided keynote addresses at TED and the World Economic Forum, advises a range of major corporations and is Associate Director of the Centre for International Business and Management, University of Cambridge.

'A searing critique ... Noreena Hertz is angry - and wants you to get angry too.' Observer 'Cuts through the jargon and acronyms to show that the debt crisis is not just about money but about people, and its solutions are not about charity, but justice.' Bono 'In this brave and provocative book Noreena Hertz weaves together a compelling argument against an unjust international order with a groundbreaking and empowering agenda for change. Something can be done to create a better and safer world for all of us. Everyone should read this book.' Bob Geldof Praise for The Silent Takeover: 'Noreena Hertz's The Silent Takeover is the most compelling description yet of the new world and what it means, and a call to arms to every citizen to reassert an idea of the public realm.' Will Hutton 'Noreena Hertz is one of the world's leading young thinkers.' Observer