Many go to the richer countries of the North to flee poverty and the effects of IMF-imposed economic policies. The International Labour Organization estimates that there are about 100 million legal or illegal immigrants and refugees in the world today. The social and economic costs of the drug-consuming boom in the North is phenomenal – $60 billion a year in the US alone. The illegal drugs trade is the major earner for heavily indebted countries like Peru, Bolivia and Colombia. The loss of jobs due to 'lost exports' is estimated to account for one fifth of total US unemployment. This ultimately harms the North too.Įxports from rich countries to the Third World would be much higher if those countries were not strapped by debt, and this would stimulate manufacturing and employment in the North.
'The Debt Boomerang' explains why solidarity with the South is not just ethically desirable but in our interest as well.ĭebt-induced poverty causes Third World people to exploit natural resources in the most profitable and least sustainable way, which causes an increase in global warming and a depletion of genetic bio-diversity. Our taxes ensure that the banks need never take the consequences of their foolish loans. Its debt accelerates deforestation and global warning, fuels the expanding drug market, destroys jobs and farms, encourages mass immigration and heightens global insanity and conflict. 'The Debt Boomerang', based on research by a Transnational Institute team, shows how we in the North are also unwitting victims of this crisis. But this is no longer simply a problem for the debtor countries. In the South, debt and the 'structural adjustment' measures of the International Monetary Fund and the World Bank use to treat it have devastated countless livelihoods and lives. Send us feedback.A decade after the onset of the debt crisis, the Third World is in its worst shape - and deeper in debt - than ever before. These example sentences are selected automatically from various online news sources to reflect current usage of the word 'boomerang.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Gleb Tsipursky, Fortune, The new boomerang kids could change American views of living at home Still, whether farther-flung families is a desirable outcome, in and of itself, is difficult to say. Sam Machkovech, Ars Technica, 30 June 2022 Unfortunately, such boomerang effects happen all the time.
2022 Managers need to work on miscommunication with their teams to pave the way for a boomerang return.Ĭhloe Berger, Fortune, 12 July 2022 This boss's final phase adds a precarious platforming element, as players must hop between mid-air platforms to avoid boomerang-pattern ice attacks while trying to aim as much return fire at its face as possible. Rachel Gutman-wei, The Atlantic, 30 July 2022 Russia’s economic problems are partly a boomerang effect of the country’s own policies. 2022 Biden’s four-day boomerang, then, is fairly typical. 2022 See the tweet just below, explaining the book boomerang.įox News, 16 Aug.
Recent Examples on the Web In the boomerang-style GIF, the actor points to her midsection while smiling ear to ear.
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