The Blog where Entertainment and Politics Blur the Line
Tuesday, November 25, 2008
Global Watchdogs Ignore World's Poorest
Many of the world's most resource-rich nations also have the most devastatingly poor citizens. Behind closed doors, countries selling oil, gas and minerals are making incredible profits, but the money remains in the hands of the already wealthy.
A recent report shows that the World Bank and International Monetary Fund (IMF) have not followed through in their efforts to disclose government earnings.
If our global watchdogs will not help the poor, at least the U.S. can do its share. Congress is considering the Extractive Industries Transparency Disclosure (EITD) Act, which would obligate U.S. companies to disclose how much they pay foreign governments for oil, gas and minerals.