Implicit in the NIEO Declaration was the assumption that a shared interest in rearranging global economic governance provided a sufficient basis for political solidarity. Sharp divisions existed within the G-77 about political tactics, however. For the more radically inclined proponents of the NIEO, the fulfillment of a new order meant rolling back Western power and augmenting the power of local elites who ruled in the name of their own peoples. Typical of this stance was Algerian president Houari Boumediene, who would emerge as perhaps the single most prominent political proponent of the NIEO. The site of a particularly vicious colonial war of independence, Algeria’s ultimate victory represented the promise and efficacy of simultaneous confrontation with the north across diplomatic, economic, political, and legal channels: for Boumediene there was a direct line from the Battle of Algiers to the NIEO. 20 Speaking of a “dialectic of domination and plundering on the one hand, and the dialectic of emancipation and recovery on the other,” he warned of an “uncontrollable conflagration” should the north refuse to cede “control and use of the fruits of resources belonging to the countries of the Third World.” 21
A fifth item of note is the fact that our national debt has now topped $20 trillion . Two years ago at this time it had just topped $18 trillion. Ten years ago, the debt was around $9 trillion . This is important because we are needing to raise about $1 trillion more each year in loans just to cover the debt. If foreigners are selling, who is buying? If interest rates rise, our cost of debt service will rise with it and make the debt expand even more rapidly. Passing $20 trillion brings a global consciousness to our debt situation and appears to strengthen the arguments of those who would depose the dollar .