Thursday, November 26, 2009
The Vultures Have Swooped
Rage. Anger. Fustration. Blimey the news makes my blood boil. But what news is this? Quiet simply the news that Vultures Have Struck Again on a Vulnerable Nation....
Vulture Funds are, by their name, a scavaging mode of making money. They purchase debt cheaply from the debtee and the pursue the debtor for the full costs (and some) making profit out of these actions. For some areas of the market this could be seen as what ensures that those with poor credit are able to get credit, because it enables their debt to be passed on if the person lending the money knows they will get at least some back. However, for some areas of the economic market this is nothing but outragous exploitation and can potentialy lead to some vial consequences.
Today's case serves only to highlight what a blight on this country such actions are. Both the UK and US legislators have been considering legisation to stop such action. The UK held a consultaiton on the issue, but results have yet to be released - but nothing about it in the queens speech does imply the result. The US is reconsidering its options after the presidential election stalled their equivalent bill.
Church groups were at the forefront of calling for debt relief way back in the 1990s. Church groups have been key to ensuring the debt issue stays on the agenda. Because of church groups Jubilee Debt Campaign still exists to ensure that we all work towards a world without illigitimate and onorous debts enslaving nations.
All this good work will be undone if vulture funds can continue to operate. Email your MP today and ask them to take action on this subject because for all the moral condemnation the law still enables it to happen... because the government haven't released the results of the summer consulation and time is running out.... not just for this parliament.... but for some of the most economicaly vulnerable nations in the world.... and I for one don't want another private firm to benefit off a soverign nations poverty, and at the same time by the act of litigating enslave another generation to live in poverty.
To live in poverty for no more than private gain.
This isn't an issue of economics.
This is an issue of justice.
And for every one of us that keeps quiet, we are allowing the next case to be brought to court.
Take Care Y'All
(For information updates and to donate to support the campaign to defeat these funds please go to the Jubilee Debt Campaign website)