Debt forgiveness: a crucial step towards global economic revival

Debt forgiveness is crucial for reviving the global economy, says John Ross, a senior fellow at the Chongyang Institute for Financial Studies, Renmin University of China. The U.S., which heavily relies on capital imports from other countries, is currently facing a situation where its capital depreciation exceeds its creation. This has led to it becoming the “world’s largest economic parasite“ as it heavily depends on capital and financial support from other nations. This is “intolerable,“ he adds, especially when considering the U.S.’s per capita GDP, which is one of the highest in the world. Instead of high-income economies exporting capital and investing in less developed countries, the opposite is happening. Less developed countries are subsidizing the U.S., resulting in a significant amount of their debt, which should be resolved through debt forgiveness.