Member Since: June 22, 2013
Answers: 166
Last Update: November 6, 2015
Visitors: 8661
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Regarding recent posts, I was wondering how the world's leading industrialised nations can be described as "pilfering rich Africa"? The joint IMF-World Bank Heavily Indebted Poor Countries (HIPC) Initiative lists 36 countries as of April 2015 who they are indeed helping in every way feasible to ease their debt-burden. 30 of them are African. Possibly someone can enlighten my 'ignorance'? (link)
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How are they "helping" these nations ease their debt burden?
By issuing more debt.
"Oh, you owe us a billion in interest? So sad! Here's another billion to help you pay that interest, oh and by the way you'll be paying interest on that, too.
PS: we only accept US dollars"
How are these nations supposed to get US dollars? They can't print 'em the way Uncle Sam does. Only way is to sell their minerals and oil. So in *real* terms, they are giving up actual, concrete minerals and oil in exchange for nothing, for greenbacks that the US prints at will, for numbers on a ledger somewhere.
That's how the scam works.
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Rating: 3
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That's world trade, surely? The oil-rich middle-eastern states have done OK for themselves trading oil for 'worthless' US dollars (the de facto international currency surely, at least until China take-over!)
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