A Time for Jubilee

The subprime mortgage crisis in the U.S. has raised just outrage at the behavior of predatory lenders. It's wrong to push a mortgage which the lender knows the borrower won't be able to pay back, driving homeowners into foreclosure and bankruptcy.

But when poor nations have unpayable debt-often the result of Cold War favors to corrupt dictators-they can't declare bankruptcy. They have to just keep paying, even if all they can pay is the interest, never touching the principal. Even if [...]