242/YOUR MONEY OR YOUR LIFE!control over financial markets and tightly regulate them. Or that
they will cancel the Third and Fourth World debt. Or that a
significant majority of companies in OECD countries will agree -
thanks to the mere intellectual persuasiveness of the measure - to
reduce the length of the working week to 3 5 or 3 0 hours. As a result,
this book aims at contributing to the debate among those 'from
below' and all those who identify with them. (Chesnais, 19 94)As for the IMF and the World Bank, can these institutions be
reformed? There is reasonable cause for doubt. Should they not
instead be replaced by other bodies established to regulate capital
transfers? By other bodies established to provide low interest loans
that are not linked to monetarist, neo-liberal conditionalities - and
that are instead aimed at restoring to the countries of the periphery
a part of what was stolen from them? Should humankind not create
international institutions with which the peoples of the world truly
identify? Institutions in which national delegates would debate the
major questions facing the world in full public view (with radio and
TV coverage)? Institutions in which the GNP and military might of a
handful of countries - or one country alone - would not be the
deciding factor?
At the very least, those interested in seeing immediate improve
ments must debate what intermediate measures could be taken right
away to lessen the burden of the heavily indebted poor countries
(HIPCs). Two specific proposals follow.
IMMEDIATE MEASURES CONCERNING THE DEBT OF THE
POOREST COUNTRIES
The value of the IMF's gold reserves is estimated to be at least S40
billion. Proceeds from the sale of 10 per cent of these reserves would
be enough to cancel the debt to the IMF of the poorest countries, most
of which are in sub-Saharan Africa. The IMF's statutes should be
amended to 'authorise' it to write off debts; this would have an
immediate effect on its loans to the HIPCs.
In addition, the World Bank has reserves totalling more than S14
billion. These reserves have grown considerably over the last ten
years, since profits made on Third World debt repayment exceed new
loan disbursements. By spending 35 per cent of these reserves, the
World Bank could wipe out the debt owed to it by the poorest