The Jubilee Blog

“Irresponsible lending and borrowing is a major reason for the eruption of financial and debt crises in many countries around the globe.”

The title of this post is a line from remarks by Dr. Cephas Lumina, United Nations Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights. Dr. Lumina’s remarks were given at our Capitol Hill briefing on November 6, 2013. Read Dr. Lumina’s full remarks here or below.

 "I am pleased to be here today and to have the opportunity to offer some brief reflections on the need for internationally agreed standards on responsible lending and borrowing. Before I make my remarks, I wish to thank Jubilee USA and the American Jewish World Service for their unstinting efforts in seeking social and economic justice for all, particularly on issues of sovereign debt."

“I hope major country policy makers do not emphasize austerity as the proper first response to a debt crisis because they think that somehow suffering is ennobling.”

The title of this post is a line from remarks by Dr. Barry Herman, Visiting Senior Fellow at the Julien J. Studley Graduate Program in International Affairs of the New School in New York. Mr. Herman’s remarks were given at our Capitol Hill briefing on November 6, 2013. Read Dr. Herman’s full remarks here or below.

"In different spurts of activity over more than one hundred years, important governments have come together to devise processes for cooperatively dealing with sovereign defaults. The current approach to resolving sovereign debt crises is breaking down, while countries continue to slip into debt crises. It is time now to make another effort to devise an international debt workout mechanism.

“Let us be clear. Vulture funds take money out of the hands of poor countries and American taxpayers.”

The title of this post is a line from remarks by Ian Schwab of the American Jewish World Service, given at our Capitol Hill briefing on November 6, 2013. Read Mr. Schwab’s full remarks here or below.

"Over 10 years ago, American Jewish World Service chose debt cancellation as the issue that would serve as the organization’s first serious foray into advocacy and public policy. What is it about this issue that spoke to a Jewish development and human rights organization? And why has this led us to engage in advocacy around the abhorrent practices of vulture funds?"

 

 

Repubs, Dems, 44 Faiths: Jews, Muslims, Christians Support Jubilee During West Coast Tour

 

Jubilee Director Eric LeCompte went on a four-day tour across California to spread the work of Jubilee in December. During his visit, Eric engaged with 44 synagogues, churches and mosques to promote Jubilee's work to build an economy that serves, protects and promotes the participation of the world's most vulnerable people. Eric spoke about Jubilee's core issues, including debt relief, global financial reform and emphasized the way those issues have come together recently in the small island nation of Grenada. Jubilee organizers in Los Angeles, San Diego, Encinitas, San Francisco, Oakland, Berkeley and Contra Costa arranged powerful events with a diverse range of religious communities. Many of these faith communities in southern and northern California are new to Jubilee and now are joining our campaign. 

One of the most exciting events in California drew the leadership of the College Republicans and Democrats at the University of California at Berkeley. After Eric met with them, they agreed to hold an event on campus in the next few months on Jubilee's efforts on responsible lending and borrowing. The event will bring together campus Muslim, Jewish and Christian communities in a powerful illustration of the transformative and unifying nature of Jubilee's work. When it comes to issues that impact hundreds of millions of the world's most vulnerable people, one college community is putting aside differences and joining hands to call for Jubilee. You can see the beautiful story in the Daily Californian here or below.

“Debt crises impose large costs on society...including long periods of lost income and jobs, increased poverty, and, in some cases, worsening income inequality.”

The title of this post is a line from remarks by House Financial Services Committee Ranking Member Maxine Waters, given at our Capitol Hill briefing on November 6, 2013. Read Congresswoman Waters’ full remarks below or click here.

“I very much regret that I couldn't be here today for this important discussion on an issue that is now back at the center of the economic policy debate. I would like to welcome everyone who has come today, and I would like to thank Jubilee USA and the American Jewish World Service for sponsoring this event—and for their continued leadership and advocacy on behalf of poor and developing countries, particularly on the issue of debt relief and responsible lending and borrowing.

 

A Debt of Gratitude: The Life and Legacy of Nelson Mandela

By: Andrew Dusek

Nelson Mandela was a vocal champion of the world’s poorest and most vulnerable. As an icon of the anti-apartheid movement and proponent of world peace, Mandela not only lent his voice to the people of his native South Africa, but also helped them find their own voice to speak truth to power and demand freedom. It would have been easy for him to seek vengeance against his captors, who detained him for 27 years and subjected him to forced labor for much of that time. Instead, he chose the more difficult route of reconciliation. Despite the suffering he witnessed and endured during his lengthy imprisonment, Mandela was not blinded by bitterness; he was clear-eyed in his vision for a unified, post-apartheid South Africa. Under his leadership, the “Rainbow Nation” inspired people from Northern Ireland to Rwanda to eschew enmities and embrace peace.

Debt Relief is “a necessary first step” - Chairman Emeritus Spencer Bachus

Check out Chairman Emeritus Spencer Bachus' statement from our Congressional Briefing on November 6, 2013. Thanks to the Chairman's leadership, 52 million additional kids in Africa have attended or are attending school. 

Statement from

Financial Services Committee Chairman Emeritus Spencer Bachus

November 6, 2013

 

Debt relief is not the total solution to poverty, hunger, and disease, but it is a necessary first step.  It is where the journey should begin to free these countries of the burden of debt, the chains of poverty, and the shackles of despair to enable them to tend to the economic and social needs of their people and children.

  

Winning a Fair Debt Deal for Grenada and Other Caribbean Nations

Setting global precedents on responsible lending and borrowing, a debt arbitration bankruptcy process and stopping IMF austerity programs

By: Jennifer Tong

Fueled by recurring financial crises, corruption and loans made to Caribbean countries in the aftermath of natural disasters, several Caribbean nations are suffering debt crises that have deep impacts on the poorest people. This year, Jubilee USA Network is helping to develop a new Jubilee Caribbean Debt Relief Network in order to cancel debt and set precedents that can impact millions of people living in extreme poverty around the globe.

Unsustainable debt is a symptom of an ailing international financial architecture plagued by reckless lending and borrowing, loss of tax revenue, the lack of a fair and transparent way of handling debt crises and the absence of participation by those impacted the most by global decision makers. Jubilee’s work in the Caribbean, starting in Grenada, will further our work to win the financial reforms to protect the most vulnerable.

EU Fines Financial Institutions $2.3bn Over Manipulation of LIBOR, One of Largest Banking Scandals of Our Time

Today, the European Union fined eight financial institions for their role in the LIBOR banking scandal that impacted all of us. Read Jubilee's statement below and check out our other work around LIBOR here.

 

FOR IMMEDIATE RELEASE

December 4, 2013 

 

EU Fines Financial Institutions $2.3bn Over Manipulation of LIBOR, One of Largest Banking Scandals of Our Time

LIBOR Rigging Hurt Global Poor; Religious Community Responds

 

WASHINGTON, DC - The European Union fined eight financial institutions a combined total of $2.3 billion over their alleged role in the manipulation the London Interbank Offered Rate (LIBOR).  The manipulation of LIBOR is one of the largest banking scandals of our time. According to the Economist, when the rate is manipulated, it affects payments for more than $800 trillion of financial instruments and 99 percent of all commercial products including mortgages, credit cards and pensions, as reported by CNN. Five other financial institutions, including Barclays, R.B.S. and UBS, have paid more than $3 billion combined to regulators in the United States, Britain and Switzerland over the manipulation of the LIBOR rate.   

Eric LeCompte, Executive Director of Jubilee USA Network, a faith-based antipoverty organization, releases the following statement:   

 "These fines are a step in the right direction. This behavior hurts all of us and destroys the fabric on our economy. 

 "The religious community is concerned with how this manipulative behavior impacts the most vulnerable."

Jubilee USA Network is an alliance of more than 75 US organizations, 300 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people.  www.jubileeusa.org  

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"We believe that in faith terms almost all of the principles of responsible lending and borrowing can be boiled down to 2 of the 10 commandments: You shall not steal and You shall not lie."

The title of this post is a line from Jubilee Director Eric LeCompte's statement at our Capitol Hill briefing on November 6, 2013. Eric spoke about the need for responsible lending and borrowing and how how vulture funds hurt the extreme poor. Check out his full speech below or click here.