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President Trump Authorizes Somalia Debt Relief

President Trump signed a year-end spending bill which authorizes the first phase of debt relief for Somalia.
Washington DC - President Trump signed a year-end spending bill which authorizes the first phase of debt relief for Somalia. Earlier in the week Congress passed the spending package which included $35 million to begin paying the principle of $1.1 billion in US held Somalia debt.

"Relieving Somalia's debt could mean building new roads, women's empowerment, kids going back to school and moving forward measures to end extreme poverty," stated Eric LeCompte, the Executive Director of the religious development group Jubilee USA. Jubilee USA worked on debt relief for Somalia for the last two years.

On Wednesday, the International Monetary Fund announced it is organizing the cancellation of its share of Somalia debt which stands at around $140 million.

"We are seeing good progress from the United States Government and the IMF on Somalia debt relief," noted LeCompte who serves on United Nations debt expert groups. "Almost three-quarters of the Somalia population lives in extreme poverty and debt relief is desperately needed."

Somalia owes about $4.6 billion in debt. The United States is the largest creditor holding $1.1 billion in Somalia debt. The majority of the remainder of the debt is held by the International Monetary Fund, World Bank, France and Italy.

"the principle[sic]" is that Trump's outspent Obama by uber-magnitude 21.Dec.2019 14:01

Debt-based economic model

Principal is a noun and adjective with specialized meanings in finance and law but most commonly used to refer to someone in a position of authority or high prominence. Principle is only a noun and refers to a natural, moral, legal rule or standard.
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Trump, while simultaneously calling for devaluation of the/a weaker U.S. dollar, is outspending Obama by enormous magnitude :
Late 2019 Economics: We've never seen anything like this. Not even under Obama
 http://portland.indymedia.org/en/2019/10/437849.shtml

Financialization, debt-based economic model, print more fiat money
 http://portland.indymedia.org/en/2019/12/438041.shtml#465106

(Financialization documentary) The Money Deluge
 http://portland.indymedia.org/en/2019/12/438042.shtml


Can the US dominate the global financial system forever? 27.Dec.2019 21:15

Debt-based economic model

(25:15)  http://www.youtube.com/watch?v=SMHQaxd5N-Q

Doug Rediker, former U.S. representative to IMF executive board :

[on global / IMF national debts and loans] "Borrowing has become a 'costless' exercise in recent decades, where we've seen that: no longer will countries borrow on the expectation that they will repay. They borrow on the expectation that they will refinance. And in a zero, or low, or negative interest rate environment, that's a costless exercise. You just borrow and, you're actually getting paid (in Germany's case) for the privilege of borrowing. So that's a great thing; but that's not necessarily going to last forever, in fact I would argue it's impossible to believe it's going to last forever. At some point, these low/absurdly low and negative interest rate borrowing costs are going to turn around. And since you're not borrowing on the basis of an ability to repay, rather on the ability to refinance, when those refinancing costs go up: where's the money coming from?"