Don’t Pay Your Credit Cards? Part 2

1 Nov

I said in a previous post that it was wise to live up to the obligation to pay your debt . . . if the bank will cooperate and give you a reasonable payment plan.  There is a new wrinkle to the story though.  A recent report by Profundo consultancy has linked leading banks to $20 billion in cluster bomb production lending.  And they knew it.  The top five loan providers were Bank of America, Citigroup, JP Morgan, Barclays and Goldman Sachs.  They provided financing to Textron, Alliant Techsystems, and defense contractor Lockheed Martin, all based in the U.S.  Providing financing to arms makers sort of sounds like, uh, war profiteering?  Upon questioning, all declined to comment.

Cluster bombs are one of the most hideous creations invented yet by weapons makers.  I’m not going to post the disturbing results here, but anyone with intestinal fortitude can Google “clusterbomb victims” and see what happens.  Cluster bombs open in mid-air and literally rain death, without much discernment about where the fallout lands.  They have been linked to thousands of civilian casualties.  The world recognized the level of horror and outlawed cluster bombs in May, 2008.  Problem is, cluster bombs will only be made formally illegal when 30 countries have ratified the agreement.  Twenty three countries have signed on.  A couple of the holdouts?  Wait for it, wait for it:  The United States and Britain, where the top five loan providers make their home.

Can it be any more obvious with whom we are dealing?  So, although I previously mentioned to try and make a deal with your bank to alleviate the debt you (rightfully?) owe; it is clear that this is a deal with the devil.  Only you can decide for yourself whether you are OK with having your exorbitant interest rate ultimately being used to lend that money to arms dealers who kill civilians.

I know my choice.

The full article on which my comments are based came from Reuters and can be found HERE

Note:  At the very least, please call your bank if it is one of the five listed above, and ask them to send you a signed denunciation of cluster bomb and weapons financing.  Tell them you do not approve of this use of your money.

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