MinBane

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Archive for the tag “NRM Regime”

Opinion: Mushrooming the state will not muster progress

This week the Republic got 6 new official cities, towns suddenly turned cities overnight. It hasn’t been overnight, the state has worked with this and pledged to do this. The state, the President and everyone involve is doing this for brownie-points, as the state will not have the funds to facilitate the transition. Neither was there allocated funds to make it feasible.

Just like there been lacking of funds to new districts, been lack of possible accounts and trust to cover the mushroomed sub-counties and municipalities. It is just endless add—ons over the years. The Republic has so many districts, sub-counties and municipalities that you can a headache just thinking about it.

This is what the National Resistance Movement does, they are micro-managing from the State House. Giving hand-outs to cronies, ensuring constituencies for loyalists and adding more MPs. It is cycle of adding more and more expenditure without having the growth of revenue. This is why the state is continuing to deficit finance the budgets. While struggling to cover the added expenditure.

It is like the setting up of new districts is a free-enterprise. Even if each district is supposed to have certain amount of structures, councils and whatnot. There is cost all along the way and not just a pickpocket of MP in Kampala. No, there is costs of civil servants, buildings and promised local government service. Which usually comes long after the choir singed songs on the day of launching any given district.

The same will be with the 6 cities. There will be outcries, as the state haven’t allocated or considered the costs. They just did it to look good ahead of elections. Honour old pledges and give the locals a title. Not ensuring the cities had their city council, had the office of the Lord Mayors and had all the other structures needed to be sufficiently running like one. There aren’t division mayors nor local councillors. This is just the mess. Yes, during the General Elections there might be elected some of those, but do they have anywhere to work from and conduct their operations?

That is what you can wonder about and if the state had thought of it. It is easy to change a title, it is easy give a place a name and call it a city. However, to operate as a city and pay the cost is a whole other animal. Just like sub-county has lesser of structure and promise of local government compared to any given district. That is just the reality.

In the end. This is just a battle of debt, a battle of insufficient funds and deficit financing. Pay for the cleaners and the nurses, but not having the credit to do so. Putting up shelters and housing units, but not giving them electricity. Wonder why everyone is in the dark and why things aren’t happening.

What is striking is the naivety about it. That there wasn’t people warning about it. That people don’t see the burden and problems that will come later. It is fun and games now. However, how will it be for the next man taking over as Head of State trying to rationalize it?

There is no sense to have that many districts, sub-counties and municipalities in the Republic. We all know that and its a political ploy to feed cronies on loaned funds. A bargain for the State House to get loyal pawns all across the Republic. It isn’t to better service delivery nor better governance. It is just adding costs without adding any new revenue. Peace.

A Trillion Shilling to cover three days [A Treasure Chest for 2021 Elections?]

A fiscal year in Uganda runs from 1st July 2020 to the 30th June. What is really rare is that the Parliament and the Government gave itself a Supplementary Budget on the 26th June 2020 to cover arrears of supposed 1 trillion shillings. These funds are to paid out in the budget year and cover expenditure not hold. It is really sketchy do that so late in the budget year. As this is the end of the Fiscal Year of 2019/20 and days ahead of the 2020/21.

So in a budget of about 34 trillion shillings, the state needed another 1 trillion in the end. Meaning the budget wasn’t prepared correctly since they needed to amend it to this extend. To add yet another trillion shillings like it was nothing.

What is striking is how easy it is to adjust the cash balance, the fiscal year and the supplement budgets. These are easily voted through and the money doled on whatever. This time it wasn’t paying the water-bills of the State House. However, other random projects of the state. Which suddenly lacking funds. It just appearing right that and just right now. It was needed to be done now. In mind that it wouldn’t look to bad or be able to keep this accountable for later.

That you need a trillion shillings this late in the fiscal financial year is sketchy at best. Especially considering the implication of a new financial years just days ahead. These sort of arrears should be considered into the next financial year. If these numbers are real and have a basis. It could just be taken out of thin-air and cover whatever else the state needs ahead of campaigns and elections. These years are always more expensive and a trillion shillings for the campaigns wouldn’t be far fetched. To cover added expenses, cars for VIPs and such. Which comes with every single election.

The President, the Office of the President, State House and Office of the Prime Minister would suddenly eat more food and expand their organization. As it has to pay off cronies, new allies and ensure the electorate get a pinch of the future middle-income country. They get some soap, food and small tokens to carry them for the next four years. This is what they always do. Some even come with a few thousand or a thousand shillings as a part of the NRM Village Project Outreach, which it also does during elections.

None of the added expenses is cheap. It cost to be king. The king needs to give the public, food and circus. That is what he does and it continues the way it has always done.

The NRM, the President and the whole team passes this along. Knowing there will be no overlook or accountability over the sudden 1 trillion shilling added in the end of this fiscal year. Not like these billions here and there couldn’t end elsewhere. As long as they are voted for and can be used by the state to campaign.

The General Election is coming up and the incumbent needs a treasury chest. If there ever was one. The one trillion shillings would be helpful to run an campaign. I wouldn’t be shocked if it went missing and was used for campaigns. That would be just another day in the Republic. Peace.

The Art of Deficit Financing: Budget 2020/21

Deficit financing, however, may also result from government inefficiency, reflecting widespread tax evasion or wasteful spending rather than the operation of a planned countercyclical policy. Where capital markets are undeveloped, deficit financing may place the government in debt to foreign creditors. In addition, in many less-developed countries, budget surpluses may be desirable in themselves as a way of encouraging private saving” (Encyclopaedia Britannica – ‘Deficit financing’ (25.08.2015).

What is striking from the 2020/21 budget is that its not only 45 trillion shillings, but the way they are financing this spending. Because, the budget need financing or revenue to pay the expenditure. You cannot use air to pay the bondsman. The people you owe money or supposed to spend on needs real cash-flow and liquidity to be fiscal responsible.

What we learned again is the debt deficit financing, which has been common staple in the Republic. Since domestic revenue or tax revenue is about 20 trillions shillings. This means that the rest of the budget has to paid for in various of other ways. In this regard, the state are borrowing, refinancing and gaining more debt. As the state is also wasting more of the budget on paying interests.

This is really making a evil circle and continuing debt trap. Even if the trillions upon trillions owned by the state is growing. That this still haven’t hit a debt ceiling. However, the issue here is the amount of paying interests. They are wasting away money on paying for old loans. This is what the state is initially offering. While it is gaining new debt to finance the over-expenditure today.

When the state pays 4 trillion shillings (9% of the budget) in interests. That shows how destructive this is for the budget. How important it has become. When 1 in 10 shillings of the budgets are paid in interest. This money could have been spent in all parts of society. It could have changed people’s lives and invested in the future. Instead its paying on the debt trap created by the same state.

Deficit financing and refinancing will only ensure the future generations are paying for the growing debt created by the current government. They are borrowing on the future growth and supposed revenue. Even as the state is ballooning the budgets, that they are not able to cover more than half. That is worrying and should worry the republic too.

Yes, that budgets get ballooned in election years are common. That the budgets are insincere and write of taxes in these years are typical too. All of this isn’t new. It is what happens when the Republic is preparing for elections in the coming year. Therefore, the state needs a treasure chest to bling out on chiefs, voter tourism and whatever else to look good for everyone.

That is why this budget is like this. We can clearly see that the state are continuing to acquire more debt, which means the interest payments will grow every year. This is why the refinancing and growing debt should worry everyone. Because, just like the interests payments are now at 9% or 4 trillion shillings this year. We can wonder how it will look when the grace-periods of several of loans are over and the initial price of these as well.

The Republic of Uganda deserves better, but the leaders and the ones in-charge are making it like this. They are not concerned about the future and that is very clear. As they are spending and squandering away the future today. Then someone have to pick up the tab in the future. Peace.

Opinion: [Don’t be shocked] NRM MPs always eats!

We are living in 2020 and the abolishment of Age Limit still haunts the chambers of Parliament. As the payouts for it is coming to the ones who favoured the Self-Styled President for Life. That all happen a while ago, but the 317 MPs is getting all the love.

Now there is report of a more millions of shillings coming their way. As there was a special delivery of 40 million shillings each. The money was already late and delayed. There is also claims this is for hardship of voting for the motion to praise the “high above”. No matter what, their representation is clearly a pyramid scheme. Where the drips of money comes down to them, when they favour the one on top of the pyramid. After that they are selling his empty dreams to public and hoping no one is understanding the prolonged scheme.

In this regard, they are promised even more, just like they we’re promised more favours too during the Age Limit saga. They were planned instalments for favourable voting. They are anticipated to get another 60 million. When they vote against the NSSF Act. Because, that is how you run a state. Bribing MPs to vote on your whim. So, that they have extra funds to campaign and pay-off old debts. That’s what you do.

These MPs have already allowances, fees and perks to the skies. They are already eating like crazy. This here is just eating of the plate of the public. While the state is taking more loans from World Bank and IMF. They are eating on the borrowed money and hoping this doesn’t hurt the state down the line.

These NRM MPs are just the epitome of greed. They are selling their souls for very little. This is short term gains and will backfire eventually. Onto the up-coming elections, these MPs will use any opportunity to get some money. Because, suddenly they need to fix local schools in their constituencies. Suddenly, they will need to buy rice, soap and small tokens to their constituents. Even pay courtesy to the local radio for air-time. Maybe, even pay some random designer to make posters and gear. That’s what they do.

So, always know. The NRM MPs always eats, don’t be shocked. That’s what they do. They eat and figures out ways to trick the system in their favour. Especially, doing the will of the State House and getting paid for it. That’s why the big-man is stressed, he always have to pay them extra to “get thy will done” as it is in Rwaiktura farm and on Nile Avenue. Peace.

Opinion: Mzee wants it to BOP his way

You want another rap? Nah, didn’t think so. Even if President Museveni wants a BOP. Not a DaBaby track or anything. His just approved the US$500 million dollars to the Republic. This was reported earlier this month and he approved it on the 6th of May 2020, but stamped by the Ministry of Finance, Planning and Economic Development (MoFPED) on the 11th of May 2020.

What is unique here is that this loan is given on the idea of “Balance of Payments”. Economist would know that this to cover the deficit and the balance the budgets. This is to ensure the state has enough revenue to already cover the deficit it has. That is why grants and loans comes to ensure the levels of revenue covers the spending. This means that the state has spend a hundred dollars, but only had 50 dollars in liquidity. So, to ensure the accounts are balanced, the BOP comes in and fix the shortfall.

Museveni writes this in the letter:

The money that goes to the Bank of Uganda is for “balance of payments support”. “Balance of Payments supports” does not only mean helping the country to “import more” but must also mean helping the country to “import less” by manufacturing these products here. With this undertaking, I approve the loan” (Museveni, 06.05.2020).

Because what the support does in the instance of the hundred dollars budget with a shortfall of 50 dollars revenue. The BOP support is the missing 50 dollars and makes it zero. Meaning, the accounts and financial flows should turn into zero. That means with the budget with its expenditure and its revenue its should be a nil or zero sum game. Therefore, when the President claims this helps local industry and less imports. I don’t see it.

Especially, if this is a BOP. Because, a BOP is a fixated way of balancing the budgets, not secure more trade. Its to cover deficits between expenditure and revenue. This isn’t a magical sphere of happiness and joy. This is budgetary measure to cover the shortfalls and lack of domestic revenue. To cover expenses that appeared or was already budgeted. Therefore, the need of Balance of Payments from the IMF to cover those.

This can be seen as a Financial Inflow to cover the deficit.

Like this:

-100 dollars budget/Import

+50 dollars revenue/Export

+50 dollars Financial inflow (BOP Support)

= 0

That is why, when the man says like this. Its a game of balancing the budget. Not putting a wand on the thing and swiftly changing things. This is just a financial measure to cover a deficit. A short-term solution to a shortfall. That will not solve anything, but by time. Not cover debt, not create a market nor make a big difference. Its just covering expenditure. Nothing else.

The President can make it seem so, but that wouldn’t be a BOP. That would be another instrument and another measure. Where the funds was actually meant for investment. This is covering the basics.

Let me end with DaBaby: “I needed some shit with some bop in it (Let’s go)” (DaBaby – ‘BOP’ of KIRK, 2019). Peace.

Statement by the People Power Movement on the IMF Rapid Credit Facility Announced on 6th May 2020 (09.05.2020)

Opinion: The IMF decided to give dictators a COVID-Lifeline

The International Monetary Fund (IMF) might have the best intention, but when you give debt relief and certain programs funds to several of republics. Don’t expect this to be spent on the public there. These funds will be squandered on big convoys, don’t expect suddenly these dictators do build fancy hospitals for poverty lingering citizens. Who hasn’t been a priority and only useful, when they need grants and loans from the likes of IMF and the World Bank (WB).

On the 2nd April 2020, the IMF approved US$ 109.4 million to Rwanda. This is supporting the militaristic regime, which have ruled since the genocide in 1994. Therefore, giving a lifeline to President Paul Kagame. Who is gettign rid of his opposition, activists and they suddenly dies. That’s why they are ensuring a small praising elite in Kigali to overpower the public with more funds like this.

On the 3rd April 2020, the IMF approved US$ 97.1 million to Togo. This is supporting the Second Generation Dictator Faure Gnassingbe who is just sworn in for his third term in office. Where all protests are hard hit, where the real opposition is destroyed and there is lack of real investment into the the state. As the Gnassingbe family, who has ruled this nation from 1967. They haven’t showed any interest in real development and only using the state as a private business operation.

On the 9th April 2020, the IMF approved US$ 147 millions to Gabon. Where second generation dictator resides. The son like father, keeps the state all enclosed. Omar Bongo Ondimba follows Ali Bongo Ondimba. These funds are given to a man who is following the family affair of running this state. This is has been done since 1967. So, they are validating the Bongo regime and they will continue to constrain it.

On the 14th April 2020, the IMF approved US$ 115.1 millions to Chad. Another big-man and militarized government run by Idriss Deby Itno have ruled since a coup in 1990. He rules by decree and silence his opposition. So, it not like this man is saint. Your not a saint, when the only way the opposition dares to show their affection is to whistle. Not like the IMF cares about that, because these funds will be given to an boast of his army, whose not only battling Boko Haram, but also constrains the public.

On the 4th May 2020, the IMF approved US$ 226 millions to Cameroon. This is boosting the President for Life, Paul Biya. The Ghost of Cameroon and Swiss Landlord of Cameroon. The man who kills own citizens in the North-West and South-West Regions, the Ambazonia parts of Cameroon. The man who rigs elections, uses army against his own citizens and who has reigned non-stop since the 1980. So, this man hasn’t developed Cameroon, except for making his elite wealthy and making his own family richer than the nation. That is the ones the IMF is bailing out.

On the 6th May 2020, the IMF approved US$ 491.5 million to Uganda. This is giving money to the militarized government of President Yoweri Kaguta Museveni. The government who has run the Republic since the coup in 1986. A man who torture, detain and assaults his opposition. A man who uses the government as private property. A man who is the “high above” and who directs anything from his State House. Who has had debt relief and grants gotten lost, paying ghosts and so fourth. These funds will squandered and only feed the kitchen cabinet, not the public. He has had the time from 1986 to develop the Republic, but have instead built a big army and the biggest entourage on the continent.

So, the IMF is giving these money out in good faith. They are doing it with a purpose, but don’t expect to do any good. These funds will boast and give the Dictators a lifeline. That is sad, its a bitter pill to swallow, but needed to be said. Since, the IMF is by doing this giving way to the most ruthless leaders on the planet. People who have no heart, but only lives for their own personal greed. These people can order the death of their enemies and can without a flick of their eyes make someone stop.

That is why this money will not be used for the purpose of which its given. It might be some of the dollars ending up to nurses and frontline workers. However, this will most likely pay of their pet projects like para-military groups or security organizations, which is used to monitor the public. The money will also go to the expensive lifestyle of the President and his cronies. While only a few rain-drops will go to public. However, don’t expect these funds to go anywhere useful. Than, your lying to yourself and very naive.

You don’t become big-men like these without being using force and not caring about governance. They are there because of the guns, the method of fear and intimidation. These funds are given to men who uses their state as a racket.

The IMF like I said does this in good faith, but its a reason why its faith. Because they have trust and belief it will do some good, but don’t expect magic. There is no magic wand to fix things, especially with the leadership at the helm. What is worrying is how easily they could get these millions of dollars, because of the global pandemic.

They will misuse it and it will be squandered. It just a matter of time, before ghost companies and ghost workers are paid. Before sudden funds have gone missing and no one can find the allocation. That is just what happens. Also, the elite will get a big pay-check, because their loyalty is worth more than gold for these men. Peace.

Opinion: Don’t let Mzee pimp a second round of debt relief

Back in the day, President Yoweri Kaguta Museveni in the end of the 1990s the World Bank let the Republic of Uganda the opportunity to join their Heavily Indebted Poor Countries (HIPC) to cut the debt of the Republic. However, even with the massive amount of debt relief done in 1998 and later never stopped him from taking up more debt.

That is why the amount of interests paid on every single budget is debt burden, which is created by the President himself and his extensive cronyism. The President has ensured that the state owns so much money, while he stills continues the drill by financing half of it by more debt. Which has been method the National Resistance Movement (NRM) and Mzee has used in the recent years.

That is why such a big amount of funds is going into interest payments. Also, why the Republic are going in a negative spiral, while the lack of domestic revenue isn’t following the projections of growth that the state always promises.

With the knowledge of this, as the President is asking for a debt relief now. His using the Coronavirus or COVID-19. The whole world are into a recession because of this. It is the perfect smokescreen. The President had the 2000s and 2010s to fix issues, but instead the plunge the economy anyway. He just need an excuse for a bailout.

Last time it was Universal Primary Education, a empty campaign promise and now there are plenty of dilapidated schools. They played and tried to focus on it, but gave it up along the way. Because, doing this properly would actually cost time and effort. The President and his big convoy would actually have invested more, than they wanted too. More promising spending on proxy-wars, than on proper education for everyone.

So, knowing that the Multi-National Organizations, Bretton-Woods Organizations and donors gave way to the Uganda in between the late 1990s and early 2000s. They offered billions in various of schemes, not only HPIC and Poverty Eradication Action Plan (PEAP). This has been done already and still the state is bound by loans and grants to function its government. Therefore, the bullet of debt relief has been wasted.

The amount of US Dollars spent on the debt relief earlier in the reign of Museveni. The Head of State has misused this in the past. Not like he will change now. He has used the system to pimp his budgets and his wealth. His enriched himself and his cronies. While the Republic is still poor and the revenue isn’t growing like the economic recovery of the 1990s said it should have done. If the cure of the past would have worked, than the need for debt relief now would be unnecessary.

In 2020, the Republic shouldn’t get debt relief. It will be only spoils for the elites and the cronies around the President. It will be used buying tear-gas and SUVs. The WaBenzi will eat the spoils and only give away beans to the ones in need.

That Museveni says the continent needs debt relief. He means that himself needs it now. Even if his a wealthy guy in an impoverished republic. A republic he has run for three decades. Which already got special treatment and had a controlled Consultative Group. So, its not like this man hasn’t pimped the system already. He has tricked it and promised to juice up vehicle, but instead continue to run it to the ground. Hoping he could trick some new leaders to do the same mistake. Trusting him and his “high above” leadership.

They already spent millions of dollars to cut of the debt of the Republic under his control. The leadership is the same and they will misuse this if they get it again. When he had the opportunity to use it the last time. He instead wasted it and has ensured the state is more addicted to loans. That is why he hopes someone else can bail him out. While his paying ghosts, fake tenders and whatnot.

So, the IMF and World Bank should know this, but they are maybe more afraid of their image, than the result of letting go of some funds. These funds will not help anyone directly out. Only ensure the President longer life in office. This will not help the ones in need. Than he would have already ensured that. Instead his continuing this ballad and serenading the international community. While he hopes that no one knows history.

He has failed the last debt-relief and misused his chance. That is why his continued to grow the debt, addicted to grants and not created a space for more development. Unless, they give the President some handshakes at the State House. This is the way it goes.

The President of the Republic has had all the time since 1986 and we are still here. There are still opposition Members of Parliament who are tortured, there are still lack of free space and militarization of politics. That has never changed, but he hopes nobody notice. That is why he hopes he can pimp the International Community another time. He already did the trick and hope he can get them buzzed by a few buzzwords.

I know for some this is a moment of nostalgia, but for some its deja vu’. We have been here before and we shouldn’t need to repeat the same bad tune, again and again. However, I expect nobody to listen to me. Peace.

Opinion: Planning to make it rain on the LDUs

There is dropped an Corrigenda of the Budget for the Financial Year of 2020/21. This is always put adjust after the voting on the original budget and change the placement on funds. We are now seeing the state plans to make it rain on the Local Defence Unit (LDUs). Which is already made to ensure the political pressure and insight fear towards the General Elections of 2021. This is a common thread in the mind and the spirit of National Resistance Movement (NRM). They always have one para-military outfit to secure the public is kept of guard and doesn’t challenge a rigged election.

Therefore, the state needs to ensure the para-military organization is fed and has enough equipment. Even if there is legal basis for it and its a ad-hoc idea of the President. He still will implement and use this tool, as it is convenient. That is why suddenly the LDUs getting billions for their work. This is well planned behaviour.

Vote OO4 – Ministry of Defence and Veteran Affairs: Ushs. 90.6Bn provided to cater for arrears on LDUs food, fuel, clothing, medical as well as maintenance of vehicles” (Corrigenda Report FY 2020/21, 06.04.2020).

This is how suddenly the state needs funds to secure their para-military organization, whose created with one motive and motivation. This group isn’t there for securing the borders nor a foreign enemy. Neither for insurgency or terrorism. No, this is to incite fear and secure the elections. They are not there for pickpockets nor anything else, that is the Police work.

Therefore, this funds, these billions is part of the re-election charade of the NRM. Peace.

Uganda: Kasaija plans to borrow $190m extra to cover a budget shortfall within two years!

Someone please call 911, yeah yeah (pick up the phone yo)

Tell them I just got shot down, tell them I just got shot down

And it’s piercin’ through my soul (I’m losin blood yo)

Feel my body gettin’ cold, oh, so cold

Someone please call 911 (can you do that for me)” – Wyclef Jean ft Mary J. Blige – ‘911’ , April 2000

In an election year in the Republic, the economy usually runs loose. The State House lacks suddenly funds, the President needs more and so fourth. That is standard procedure. However, on the 19th March 2020 Matia Kasaija has now announced that the plans to borrow USD 190 million to cover a short-fall of funds, because of the COVID-19 or Coronavirus.

This is deemed fit because of the pandemic and the financial disruption it has. Not that the Republic is alone in this. Other big states and plenty in the Western hemisphere is putting up packages of economic stimulus to salvage the economy because of it. So, the sentiment is understandable. However, the Ugandan republic is already heavily indebted and every single development project of late is covered by debts and debt relief. Not like its sustainable to take up nearly USD 200 million to suddenly boost a dying economy.

Here’s the quotes:

The low activity in industry and services sectors will result into loss of jobs further leading to a decline in economic growth and an increase in the level of poverty. The number of people that could be pushed into poverty is estimated at approximately 780, 000” (STATEMENT ON THE ECONOMIC IMPACT OF COVID.19 ON UGANDA,, 19.03.2020).

To deal with the financing gap in the Government budgets for FY 2019/20 and FY 2020/21, my Ministry will seek for a budget support loan on concessional terms worth US$ 100 million for FY2019/20 and US$ 90 million for FY202021 from the World Bank” (STATEMENT ON THE ECONOMIC IMPACT OF COVID.19 ON UGANDA,, 19.03.2020).

It’s seems like they have the perfect cover for rising debt. They need to do something, because lots of industries are shut-down or silenced by the lack of tourism and foreign exchange. Also, the diaspora is hit and can therefore, not remit enough funds to boost the economy either.

The MoFPED really want to stain the economy more. To quote the IMF:

““Rising debt puts more strain on the budget as more resources need to be allocated for interest payments. One shilling paid for debt service is one shilling less going to a school or a health clinic. The current ratio of interest payments to revenue is comparable to what countries with high risk or in debt distress typically face” (IMF – ‘Uganda’s Economic Outlook in Six Charts’ 09.05.2019).

By borrowing close to USD 200 million is really pushing the envelope. As the interests needs to be served, the grace period might be short, as the state of finances across the board is souring. Therefore, the state will not get to favourable terms with this. The World Bank also has all other states begging for funds and possible grants to push the set-back of the pandemic. Not like Uganda is the only one crying out loud and applying for money.

This money will not be free money, but tainted money. This sort of funds is needed, because the state wasn’t planned nor had the capacity to have a rainy-day fund. The Petroleum Fund has already been raided and therefore, couldn’t come in handy now. This is the mismanagement, your already in a negative spiral with more and more loans. This is just adding two more and they are big. That will cost in the long run. It might salvage today and tomorrow. However, it will scar the next generation. Unless, someone is forgiving like these entities was in the early 1990s. Before the state again took up huge loans to cover deficits.

This is just the way it is now. Not a good look. Understandable in the growing crisis. However, that shouldn’t undercut the possible pain it will bring in the future. Save the day, but cause more harm tomorrow. Peace.

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