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The U.S. has committed hundreds of millions of dollars to renewed initiatives to help Haiti during its crime crisis in the country, but concerns remain about whether the country will properly utilize the money, according to an expert.
Haiti received around $13.5 billion in the years following a devastating 2010 earthquake, thanks to an international effort led by the U.S. and the United Nations, around 120% of the country’s GDP at the time.
“They never rebuilt Port-au-Prince. You’re talking about a city that doesn’t have a sanitation system, doesn’t have basic plumbing and electricity, no basic infrastructure … people can’t get anywhere, they’re walking up and down the dirt,” said Jack Brewer, a former NFL player and philanthropist who has pursued initiatives to help rebuild Haiti.
Brewer told Fox News Digital that he felt the funding provided after the 2010 earthquake “wasn’t properly spent.”
“I got a chance to watch a lot of the things that happened on the ground,” Brewer said. “After the earthquake in 2010, I worked with the NFL Players Association, and we partnered with the Clinton-Bush Haiti Fund … it was called the Clinton Haiti Fund … and we raised a lot of money through that, and it started to be allocated.”
“Then other countries came in and started to allocate a lot of money,” he added. “You would think that the long-term goal was to rebuild the city of Port-au-Prince and the surrounding areas that were impacted by the earthquake, but I was there, and a few years went on, and we’re still working.”
The flag flies atop the Catholic Church in Haiti, rebuilt after it was destroyed in the 2010 earthquake.(Jose A. Iglesias/Miami Herald/Tribune News Service via Getty Images)
The U.S. has committed to contribute the bulk of funds for a multinational security mission from East Africa to Haiti, led by Kenya and comprised of police from various countries. The Biden administration will pledge another $33 million in general humanitarian aid to the country, bringing the total committed for the effort to $333 million – as America’s national debt tops $34.5 trillion.
U.S. Secretary of State Antony Blinken on Wednesday said the crisis “has been a long unfolding story” and will require the international community to help stabilize the country as gangs continue to run rampant.
Violence has erupted in the neighborhood of Solino in Haiti’s capital of Port-au-Prince as frantic residents have called in to radio stations to request help.(AP Photo/Odelyn Joseph)
“Having done all this work, we should be in a place where that mission goes forward,” Blinken said. “It will, we believe, help reestablish security and take back control of the country from gangs.”
Jimmy Cherizier, known by the nickname “Barbecue,” runs a gang coalition called the G9 Family and Allies, rising to a level of influence that allows him to block sitting Haitian Prime Minister Ariel Henry from returning to the country until he agrees to resign.
Brewer said he feels that many Haitians “believe that America is one of the roots of the problem,” going back to the Clintons and their rebuilding efforts following the earthquake.
“They think Washington, D.C., is controlling these leaders that are coming into the country, and, as you can see, most of the leaders are corrupt,” Brewer claimed. “They’re in, and it’s kind of the culture in Haiti: As a politician, once you get there, you get that power so you can enrich yourself.”
Jimmy “Barbeque” Cherizier claimed responsibility for the jailbreak that set about 4,000 inmates loose in Haiti and the recent violence.(United Nations)
When asked about their role in the Haiti recovery, spokespersons for the former president and the secretary told Fox News Digital: “The Clintons worked tirelessly to address the needs of the Haitian people in the aftermath of the devastating earthquake. Even as their detractors have distorted and obfuscated the facts, they have never shied away from doing all they could to lift people up. It’s easy to point fingers from afar for political gain, but it impedes progress, and that’s tragic.”
An expert on Haiti told The Associated Press that after President René Préval left office in 2011, he found subsequent Haitian leaders were at best easy on the gangs and at worst tied to them.
The gangs have gained influence throughout the previous decades, but their increasing influence and ties with the country’s political leadership allowed them to gain money through a mix of extortion, kidnappings, and drugs and weapons smuggling.
Brewer worries that even without the fear of diverting the funds, he does not have confidence that the new money will prove effective, citing the post-earthquake humanitarian aid and lack of long-lasting improvements.
Haitian Prime Minister Ariel Henry attends a public lecture at the United States International University in Nairobi, Kenya, on March 1, 2024. The prime minister traveled to Kenya to push for the U.N.-backed deployment of a police force to help fight gangs in Haiti. Henry, who is facing calls to resign or form a transitional council, remains unable to return home.(AP Photo/Andrew Kasuku/File)
In a 2016 review of some of the initiatives applied to Haiti following the natural disaster, ABC News found that a $400 million garment factory that promised to create plenty of jobs for the area had ultimately “underdelivered.”
“They’re building infrastructure with no coding,” he said. “They don’t have coding, so if they get hit with another earthquake, the same thing is going to happen.”
The country struggled to cope with a cholera outbreak that started after U.N. peacekeepers accidentally introduced the disease to the island. Around 10,000 people died as a result of the disease.
Part of the issue was that money given to Haiti had already been earmarked for a number of necessary services, such as paying the Red Cross for their on-the-ground assistance, as well as other rescue services.
Pedestrians walk past a soldier guarding the area of the international airport in Port-au-Prince, Haiti, on March 4, 2024.(AP Photo/Odelyn Joseph)
“The actual funds left on the ground, a lot of them got into the hands of the wrong people or the folks in power,” Brewer added, calling the recovery effort “the worst handling of a natural disaster in the history of the planet.”
“It’s been very disappointing to see the level of corruption, particularly around things that involve children and youth, and trying to get medical supplies in and out of the country … it has been very difficult,” he said.
Regarding the $333 million headed for Haiti in the coming months, the United States Agency for International Development (USAID) told Fox News Digital that “any interference in, or diversion of, humanitarian aid is unacceptable.”
“USAID takes its duty as a steward of U.S. taxpayer funding seriously and holds implementing partners to the highest standards to ensure that taxpayer funds are used wisely, effectively, and for their intended purposes,” a USAID spokesperson said. “We require our partners to have robust safeguards and risk-mitigation systems in place to ensure that principled humanitarian aid reaches those who need it most.”
The agency noted that it works with humanitarian partners with “extensive experience working in challenging environments” and who have “demonstrated their commitment to stay and deliver life-saving assistance with impartiality, neutrality and independence while ensuring the safety of their staff and facilities.”
The United Nations did not respond to a Fox News Digital request for comment by the time of publication.
The Associated Press and Fox News Digital’s Michael Lee and Bradford Betz contributed to this report.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
