Join the ANSWER Coalition and The People's Forum on Monday, Aug. 14 at Bella Abzug Park (542 W 36th St)
Today, debt is one of the major tools that big corporations and US-led multinational financial institutions, like the IMF and World Bank, use to keep poorer countries beholden to Western economic and political interests.
Right now, Zambia is facing a severe debt crisis. In 2021, Zambia was spending over 50% of its national income on just servicing its external public debt. That’s money being diverted from funding social services, the construction of key infrastructure like roads and hospitals, public education and health services – things that would materially improve the lives of Zambian people. Through the use of Eurobonds (bonds sold in dollars or euros) private Western creditors shop around for African debt, making huge profits off the financial crisis of an entire country and people.
BlackRock is one of the foot soldiers of US imperialism that takes part in this parasitic global lending structure. The $8.6 trillion NY-based investment company holds the highest private ownership of Zambia’s external debt at a whopping $220 million. BlackRock alone has $10 trillion in assets and invests in the fossil fuel industry, pharmaceutical companies, and it is the largest investor in private prisons. The refusal to cancel or negotiate a restructuring of their share of the debt amounts to holding their foot on the neck of 20 million Zambians.
National sovereignty means having the freedom to develop one’s national economy so the needs of the people can be met. We demand that BlackRock cancel its share of Zambia’s national debt! Debt itself is a tool of imperialism to keep poorer nations dependent on the US and Europe! Capitalist financial institutions have no solutions for the economic challenges facing African people!
BlackRock's headquarters are in New York City, and we have to show up and make our voices heard. Spread the word, endorse the action and we will see you at Bella Abzug Park on August 14!