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Let's hope so. The "World governance system" he's talking about is the US-led institutional international financial system, majorly the World Bank and IMF. Tho

Let's hope so. The "World governance system" he's talking about is the US-led institutional international financial system, majorly the World Bank and IMF. Those are organized as neocolonial extraction institutions: they bring global south countries into the position of needing debt, then keep them in perpetual debt that cannot and will not be forgiven, as it is the wrench with which the extraction functions. As conditions to receive it, that "order" forces austerity and "structural adjustments" that serve to prevent any own industrial development and thereby the chance to gain value-added wealth. The debt also forces the countries to devalue their currencies, which in turn makes the raw materials in these countries cheaper, which have international, world market prices paid in a US dollar that conversely strengthens against these currencies. That drives the need for more IMF debt, worsening the cycle. There is a reason the global south is looking to China to escape this pit. forces the denomination of debt in dollars that

_ink_ 3y ago
> they bring global south countries into the position of needing debt, then keep them in perpetual debt that cannot and will not be forgiven, as it is the wrench with which the extraction functions. So essentially what China is doing in Africa currently.
- trasz3 3y ago
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- trasz4 3y ago
  >bring countries into the position of needing debt >forces austerity >prevent any own industrial development So essentially the exact opposite of what China is doing in Africa currently.
- bigger_inside 3y ago
  that's the Western media framing of it. Not what global south countries are saying. China forgave loads of African debt. The West never does that, as it needs that debt in its neocolonial model. https://allafrica.com/stories/202208240056.html https://allafrica.com/stories/202208240056.html
matheusmoreira 3y ago
> "structural adjustments" that serve to prevent any own industrial development and thereby the chance to gain value-added wealth Concrete example of this interference: the US blocked Brazil's attempts to cooperate with other nations (Ukraine, no less) in a bid to develop its own aerospace industry and rocket technology. Apparently having missiles is an FVEY privilege. https://wikileaks.org/plusd/cables/09STATE3691_a.html https://wikileaks.org/plusd/cables/09STATE3691_a.html

_ink_ 3y ago

> they bring global south countries into the position of needing debt, then keep them in perpetual debt that cannot and will not be forgiven, as it is the wrench with which the extraction functions. So essentially what China is doing in Africa currently.

trasz3 3y ago
[dead]
trasz4 3y ago
>bring countries into the position of needing debt >forces austerity >prevent any own industrial development So essentially the exact opposite of what China is doing in Africa currently.
bigger_inside 3y ago
that's the Western media framing of it. Not what global south countries are saying. China forgave loads of African debt. The West never does that, as it needs that debt in its neocolonial model. https://allafrica.com/stories/202208240056.html https://allafrica.com/stories/202208240056.html

matheusmoreira 3y ago

> "structural adjustments" that serve to prevent any own industrial development and thereby the chance to gain value-added wealth Concrete example of this interference: the US blocked Brazil's attempts to cooperate with other nations (Ukraine, no less) in a bid to develop its own aerospace industry and rocket technology. Apparently having missiles is an FVEY privilege. https://wikileaks.org/plusd/cables/09STATE3691_a.html https://wikileaks.org/plusd/cables/09STATE3691_a.html