Buchanan: 3rd world bailout bull

Pat (at WND) nails the black hole of foreign "aid".

"Debt Cut Is Set for Poorest Nations" was the headline in Sunday's Washington Post over the lead story.
"The world's wealthiest nations," wrote Paul Blustein, "agreed yesterday to cancel more than $40 billion in debts that some of the world's poorest nations owe to international lenders – a move inspired by the belief that full debt forgiveness is necessary to give those countries a chance to escape the trap of hunger, disease and economic stagnation." Sounds wonderful.
Alan Cowell's story in the New York Times explained: "The deal [is] expected to ease the 18 poorest countries' annual debt burdens by $1.5 billion. They are Benin, Bolivia, Burkina Faso, Ethiopia, Ghana, Guyana, Honduras, Madagascar, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, Senegal, Tanzania, Uganda and Zambia. All must take anticorruption measures."
It is hard not to break out laughing at that last line.
This $40 billion debt write-off is being hailed as the most magnanimous act since the Marshall Plan. But there is another way to see it: George Bush signed onto one of the biggest bailouts in history. For, here, children, is what has just gone down:
First, that $40 billion was squandered or stolen by the most corrupt regimes and biggest thieves in the Third World. The money is gone. We shall never see it again. And all the wastrels and crooks who got away with it will not be pursued.
Second, the idiot-bankers at the IMF, World Bank and African Development Bank who failed to do due diligence when they made the $40 billion in loans, and lied about how good the loans were, will not be exposed and prosecuted, or tarred and feathered as they should.
Third, the IMF, World Bank and African Development Bank will see all their lost funds replenished, so they can start flying around to those same exotic countries and capitals, shelling out new loans to the same crowd of crooks and incompetents, or their successors.
Fourth, American taxpayers will have to pony up the cash for this historic bailout of the international banks.
Why is this happening? Because George Bush owes Tony Blair, and because Blair, bless his socialist soul, believes in the salvific power of foreign aid and has to bring home some bacon to show his skeptical countrymen the "special relationship" between the two is not that of master and poodle.

I have a solution. We immediately wipe out all existing debt, no strings attached, in exchange for the dismantlement of the IMF and World Bank and the end of all loans and aid forever.