3 ms·

The terrible situation in Kenya (and all other poor countries) is created by the predatory loans provided by IMF (and the countries that copy those types of loa

The terrible situation in Kenya (and all other poor countries) is created by the predatory loans provided by IMF (and the countries that copy those types of loans). It's unproductive to talk about the hundreds of billions of dollars of slavery work that companies do until we have an answer for the trillions of dollars of toxic debt created by these huge organizations.

factsarelolz 4y ago
> (and the countries that copy those types of loans). What are the other countries? I know China is doling out these loans apart of their belt road initiative but I'm not up to speed on other countries hamstringing countries with unneeded infrastructure and billions in loans.
- xiphias2 4y ago
  China is of course the best in copying the west, but I don't know much details. Alex Gladstein is writing a new book about this huge problem, as the latest good books about it he found were in the 70s.
finikytou 4y ago
like IMF hindered korea?
boeingUH60 4y ago
No, the terrible situation is created by gross corruption, mismanagement, and unbelievable incompetence in those countries. I live in a similar country (Nigeria)…We Africans are the source of our own problems because we choose not to utilize our resources well and plunder the few we extract, not some boogeyman IMF that also gave loans to some countries that are prosperous today.
- xiphias2 4y ago
  The usual setup is that an extremely corrupt goverment leader takes out a loan that gives enough money for him to be reelected and put a bit away for himself. In return he increases income taxes, devalues the money and sets up the country for exporting luxury goods that are needed for 1st world countries (but local people would have no chance of buying) why destroying their own agriculture, so that they have to import inferior mass manufactured products from rich countries. On the long term the countries have to give back 10-20 times the original loan that is gone in a few years. Does any of this sound familiar to you?
  - krmboya 4y ago
    It's a cycle. Corrupt leaders run things to the ground while enriching themselves, necessitating external loans to be used to 'rescue' the situation. Guess who's in charge of administering the loans, the same corrupt leaders.

factsarelolz 4y ago

> (and the countries that copy those types of loans). What are the other countries? I know China is doling out these loans apart of their belt road initiative but I'm not up to speed on other countries hamstringing countries with unneeded infrastructure and billions in loans.

xiphias2 4y ago
China is of course the best in copying the west, but I don't know much details. Alex Gladstein is writing a new book about this huge problem, as the latest good books about it he found were in the 70s.

finikytou 4y ago

like IMF hindered korea?

boeingUH60 4y ago

No, the terrible situation is created by gross corruption, mismanagement, and unbelievable incompetence in those countries. I live in a similar country (Nigeria)…We Africans are the source of our own problems because we choose not to utilize our resources well and plunder the few we extract, not some boogeyman IMF that also gave loans to some countries that are prosperous today.

xiphias2 4y ago
The usual setup is that an extremely corrupt goverment leader takes out a loan that gives enough money for him to be reelected and put a bit away for himself. In return he increases income taxes, devalues the money and sets up the country for exporting luxury goods that are needed for 1st world countries (but local people would have no chance of buying) why destroying their own agriculture, so that they have to import inferior mass manufactured products from rich countries. On the long term the countries have to give back 10-20 times the original loan that is gone in a few years. Does any of this sound familiar to you?
- krmboya 4y ago
  It's a cycle. Corrupt leaders run things to the ground while enriching themselves, necessitating external loans to be used to 'rescue' the situation. Guess who's in charge of administering the loans, the same corrupt leaders.