If you look internationally over the last 50 years there have been improvements in the third world, but in the last 20 years the reverse has happened, with debt crises and increased poverty.

My own experience in the third world was that even if people started to make more money, the cost of living and housing increased often faster than the wages.

If you look at the US economy over the last 15-20 years wages have been stagnating or even declining.

The proposal will cancel 100 per cent of the World Bank, African Development Bank and IMF debt, and calls on all countries to cancel their bilateral debt for the 18 immediately eligible countries have already met the full requirements of the highly indebted country process.

Debt cancellation must be effected. It's really obscene that poor countries become net exporters of capital due to debt.

We're a superpower with a Third World grid.