The Myth of the Chinese Debt Trap in Africa
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- čas přidán 16. 03. 2022
- Over the past two decades, China has built large infrastructure projects in almost every country in Africa, making Western powers uncomfortable amid wider concerns about Beijing’s investments across the continent. However, a deeper look shows that accusations of so-called debt trap diplomacy turn out to be unfounded.
#Africa #China #BloombergQuicktake
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"Whenever China visits your country, a new hospital is built. Whenever a western country visits Africa, you get a lecture." - Kenyan diplomat.
Ccc
Sounds like Kenyans should listen to the lectures, and build their own.
@@mcloathin2273 they dont lecture about infrastructure, they ALWAYS lecture about lgbtq.
@@sarah.sonninem Tell them "I have no time for any of your lectures. I have a hospital to build."
@@mcloathin2273 here comes the lectures again ....
The west: "It's 100% a debt trap, we've done it thousands of times"
Yea but if u study how the CHinese do it they are far worse super high interest rates and confidential agreements.
@@JD-im4wu except in Chinese case it is not truth colonial mind set are unique to Western countries that aim to mystify and legitimize their history of colonial rule based on their earlier industrialization (or get their own house in order first than the other countries)
China are the CORE part of the ANTI - COLONIAL FORCE the west scared of (sort like the Gladiator versus the King)
@@JD-im4wu and offer little in return the west at least gave education
I don't think this is even remotely similar, especially in 2000s
@@mickkrever4084 Explain Tibet, the belt and road, and the conflicts on the India Border. China is FAAAR from Anti-Colonial.
What is a "debt trap?" In the 1980s, Nigeria in Africa borrowed interest at 31% from the International Monetary Fund, while the West took minerals from Nigeria without leaving any infrastructure behind. However, they gradually controlled Nigeria's entire mineral resources and still owed debts that the International Monetary Fund could not repay.
Well 楚逸揚 (Chu Yiyang), a debt trap is when the CCP offers money to Sri Lanka to build a deep water port they don't need, requires Sri Lanka to use CCP construction companies who do the work incorrectly, tampers with Sri Lanka's ability to repay the "loan" by using economic supremacy in the region to redirect shipping around the deep water support Sri Lanka already has, defaults the loan to claim the incorrectly built facility for 99 years, proceeds to finish the facility, starts using the facility for their own gain, and does all of this by entering into a shady agreement which would persist from the head of government who was removed for related corruption through to their family member who became the head of state a few years later, and become subject to corruption charges as well because of it.
...so basically it's offering money under false pretenses to exploit the position of another nation in order to undermine their sovereignty.
Well 楚逸揚 (Chu Yiyang), a debt trap is when the "insert government" offers money to "insert country" to build a "insert a infrastructure project" they don't need, requires "insert said country" to use "insert said government" construction companies who do the work incorrectly, tampers with "insert said government" ability to repay the "loan" by using economic supremacy in the region to redirect shipping around the deep water support "insert said government" already has, defaults the loan to claim the incorrectly built facility for 99 years, proceeds to finish the facility, starts using the facility for their own gain, and does all of this by entering into a shady agreement which would persist from the head of government who was removed for related corruption through to their family member who became the head of state a few years later, and become subject to corruption charges as well because of it.
...so basically it's offering money under false pretenses to exploit the position of another nation in order to undermine their sovereignty.
@@stephenkolostyak4087Do you even read bro? This video is about Africa. Last time I checked Sri Lanka was not in Africa.
@@stephenkolostyak4087 This lie you're spouting is several years old and was debunked by Sri Lankan civilians and authorities alike lol. Chinese banks have restructured and shown willingness to continue helping the Sri Lankans despite the latter's irresponsible spending in the past decade. Mr.CIA you should give up on your narratives and look for a real job.
It's exactly because the west were doing it themselves that they say what they say now
So everyone complained it was too risky to invest in Africa but when someone finally invests Africa they call it debt trap? Africa needed the infrastructure to modernize, it's a deal made willingly. Don't criticize if you're not going to help.
exactly!
you are right 100%
They are afraid of Africa having an outside option as a bargaining chip against the Western monopoly of capital. Western companies, like BP and Anglo-American, still extract resources in Africa and trade them on London/NY/Chicago exchanges. However, they have faced limited competition in the past and so they have an upper hand to force Africans to do terrible deals. The injection of Chinese capital disturbs their monopoly power.
It’s cause most ppl haven’t studied finance. First thing u learn is return is tied to risk
It's the corruption that makes it risky, hence why Western aid packages limit themselves to those who promise and show improvements to the underlying governance. China isn't as picky, and their loans feed into the corruption while the people get a flaky build and practically no knowledge shared on how to maintain and expand it themselves due to the related exclusionary service contracts with Chinese companies.
I am serbian . I have lived in african countries as a child because my father works in embassy. One thing I can tell you before chinese investments no one cared about africa they just looted resources the western countries especially France looted much from north and west Africa.a Things like gold,diamond and other natural resources like lithium with help of corrupted african political. As I remember living in africa there were no malls,big shopping complexes,proper infrastructure and connectivity like trains,bus in cities but slowly after chinese investments Things changed fastly internet was introduced in large scale by chinese companies which helped other locals also get internet,malls were built ,brands came in africa many trains and ports projects were introduced all across africa and many more industrial and commercial services increased. I Have learned about chinese debt trap policy but it is far better than western countries one sided trades which always destroyed and looted africa.
Thanks for the information. BTW west have always been looters,destroyers and bunch of hypocrites. I am talking about elites not regular citizen
Err, always? Sources?
Prior to the arrival of many Chinese contracting the 2000s, there were malls in Kenya and quite reasonable infrastructure. JKI Airport was a marvel for many years and super modern. More importantly, there were AFRICAN contractors.
Moving backwards by supporting Chinese contractors and the Chinese economy was not well considered. The multiplier effects of economic activity have been lost.
The West looted (really all just look out for their own interests) - they did - now apparently it’s China’s turn since Africa is still asleep not not looking out for its own interests.
@@stevensmith2078 we not talking about token projects, infrastructure development on large scale connecting the Afri an continent is what we need
@@kervinaham7375 Continental scale projects are needed and should be completed by Africans. If you refer to another point, please elaborate.
Europeans can't believe that China would deal honestly with Africa. The concept is unimaginable to Europe.
😂
Haha because they don't deal honestly with anyone😂
>>Europeans can't believe that China would deal honestly with Africa.
@JackSmith-mk1ru
Let's see in 100 years if you speak mandarin or get sent in a Uyghur concentration camp.
Meanwhile Chinese people have been trading with Africans for longer than Europeans have
“We don’t do charity, we do business” and that’s that Africa wants 👏
But China makes extremely hard terms and conditions is why it's called debt trap
China happy ，Africa happy，US unhappy
China came to Africa to discuss investment, the United States came to Africa to discuss China
America came to Africa to tell Africa stop doing business with China or else.
@@michaelsousa9008 nah, it's just a major trading partner, the USA and European countries are angry that they are no longer the predominant force on the continent
lets not sugarcoat a communist country lol.
Lol Chinese bot
100%
As African, the changes we have in the last years of China collaboration in term of developement have never been seen with centuries of ties with the West
Not true. Djibouti, Laos, and Zambia have debts to China which is the equivalent of at least 20% GDP.. and Uganda is on the verge of losing it’s only airport due to its loan defaults. Much of the debt owed to China is attributable to large infrastructure projects such as roads, railways, and ports. Also the mining and energy industry, under China’s current president’s belt and road initiatives..
@@keith1689 what have America done for those countries you mentioned.
@@keith1689 Did China put troops in the airports you mentioned?
Unfortunately the chinese are very devious & believe this won't end well for Africa :( I've worked in china & have learnt that they have NO morals when it comes to business !!!!!
Yea, well - have fun with the Chinese. If you thought Europeans were bad, well, you'll get to know in due time.
One important information Bloomberg purposely left out is the majority of Africa's external debts are sovereign USD bonds that mostly bought by London and NY based asset managers and hedge funds. The default of these USD bonds have thrown dozens of countries into chaos and shut out from international financing for years. While China never called any nation's default and always just extending the maturity of debts to kick the can down the road
That's exactly how the predator feeds on it's prey . China is just luring them into a deb trap and after that they'll take there land as usual and build military bases.
U just can't do wrong because someone else did that too.
@banana flesh dumb take.
@@Alexa-hh8so indeed.
I think you watched the wrong video
@banana flesh facts are bitter
Another important observation is China doesn’t just invest in mega projects, it’s private citizens are willing to move to Africa and open businesses themselves, ranging from small restaurants, to manufacturing of all kinds of products. This hires Africans from all stratum of society. Western investments only benefit the large US corporations.
CCP money pays CCP businesses to build in these nations just like everywhere else.
CCP businesses are staffed by CCP people.
CCP people won't be happy unless they have CCP infrastucture.
So CCP businesses have to be there to support CCP people.
...and if they are hiring Africans that's a surprise because CCP people hate Africans, this is a known fact.
A lot of those private citizens ended up in Africa because they were sent there to work. Then they stayed over and started a business.
@@imacarguy4065 I seriously doubt most any CCP worker would go to Africa, perform a contract, conclude the contract, and then quit their job to open a random business.
@@stephenkolostyak4087 Buddy, I'm from Trinidad, a Caribbean country which has brought over Chinese laborers for construction. That's exactly what many did. It was a huge situation last I recall.
@@imacarguy4065 that's fascinating then as it's tantamount to rebellion!
Most home owners in United States are in debt trap by this definition.
True indeed. Double standards by the Westerners.
you hold a small piece of plastic card called the credit card, you are in debt trap, of course the media will not mention it.
Everyone who can borrow is in debt trap, haha.
Yes with out a question also include student loan
@@vishnuviswanathan5308 So true lol
The fact that Chinese investment managed to finally force the West to actually really invest in Africa as countries of sovereign dignity, rather than see them only as beggars for ‘aid’, is in itself, alone, a significant benefit to Africa and other developing regions. After all, had China not done it, who knows how many more decades and centuries it would take.
You forgot the looting and destruction of Africa by the West.
China still sees Africans as less than, so what is your point?
@@joshsmithson7060 The West us as lesser, so what is your point?
@@joshsmithson7060
No .
That's what u did to Africa and that's u urself think of Africa .
And China invests all over the world .
Westerners r afraid of ....oooh now it will be difficult to steal freely......
that's the only problem!!!
There is a contract so ..any African countrie should do that in a smart manner , if not it's on them ....still better than to be stolen from, .........what's going on in ur head ......
Point is ......human beings r funny creatures ......
@@joshsmithson7060 Re-read what I said, and then you'll get my point. Try to use your mind this time around.
I live in Morocco, north of Africa, the Chinese companies are well known here with their high level of quality projects with advantageous prices. Unlike their European counterpart. And for the US companies they're close to non-existing other than their military bases. So that label of debt trap was originally created by the west because they were losing the African market to China.
how beautiful it is how blind you are
I have friends in Kenya, Ethiopia & Senegal. Chinese investment there has bought tangible results that many of them never saw in all the years they've been living there. Roads are expanding, trains are becoming more accessible, and jobs are opening up in port industry & infrastructure. The Europeans were doing this for decades without tangible results. How exactly did the Chinese manage to bring huge changes in just the last 10 years? (Rhetorical question, we all know this "debt trap" is little more then propaganda)
well said!!!!!!
Like Zimbabwe? 60% population in extreme poverty, 0 water station, electricity and infrastructure are only developed for resources exploitation and transportation...
@@languedepute3564 they only can help u build the infrastructure and schools for education, your leaders are the only one who can help with poverty issue....
@@languedepute3564 resource extraction and transportation is one major part of the economy. Mining and petrochemicals depend on that model.
I’m more worried that there’s “no plan” like how China overbuilt infrastructure on mainland.
But maybe it’ll be ok. The Chinese can afford a hit or two right now even with all the current issues they are facing.
A bank lend you money to buy a house, if you can't pay, the bank take it away.... "it's a debt trap" says no one ever in US, especially during 2008.
You could even argue that college loans are debt traps. Young teens with no financial knowledge are manipulated to take on huge loans with high interests, and then forced to pay the loans with no way out.
@@dualidea yes totally
You aren't the smartest person are you? How does china reposess a million tons of concrete and dredging in an african port city.
You must show your income and how you intend to repay the loan at a bank. You must ensure the bank that the loan will only be used to buy a house in the meanwhile. Offering money without a guarantee of payback is frowned upon in Chinese debt trap diplomacy, as is offering money without a guarantee of using the funds for what the contract was about.
@@davidanalyst671 easy, keep loaning until they basicly own everything. doesnt even need high rates.
as a kid i couldnt understand why we (the west) keep sending medical aid and food to africa instead of building infrastructure and education. i didnt know about geopolitics and endless corporate greed back then. slowly even i understood that it wasnt about really helping the people there....
You have said it all.
What i know for sure, is that the west gives little in light and takes alot in darkness, and Africa is feedup.
It is the same situation with PRC. It is for their own gain, not humanitarian caring. Also, consider the help that the West gave in aid and infrastructure building in 1950-1960s . What did the Africans do to maintain this and perpetuate it. Their leaders looted wealth and left the country and endess coups and civil wars.
Sending resue teams in earthquakes hit regions like Haiti 13 years ago cost little money but the propagada and soft power boost is enormous
@@nmew6926 I ono bbbbob obonooboboboobobobobobyyu
A Western corporate media describing China posivitely. What the heck happened?
"berg"
The World Bank may have shareholders, but its head is chosen by the US, and not the shareholders. The 'World Bank' is essentially owned, and controlled by the USA; the 'shareholders' are just a deceptive facade.
World Bank USA. IMF Europe. That's how the white people split up who gets to control what.
The US & EU have a very short memory of the kind of debt diplomacy they practiced in Africa through the IMF & World Bank & the conditions they forced onto countries.
How does it feel to be a traitor
@@Student0Toucher You're mexican, you're the traitor, and youll die for it
@@Student0Toucher you calling people out while none in your camp can dispute the points let me know which side to take.
@@operator9858 L
@@Student0Toucher China GDP is predicted to overtake US in 2028 and X2 US in coming decades. US trying everything possible to stop it. But it's IMPOSSIBLE! China will be NO.1, it's inevitable. Everyone knows it, US just got to accept they are NO.2.
It's funny how China building infrastructure in Africa seems threatening to an average European/American guy in CZcams comments section.
The infrastructure in Africa isn’t what seems threatening, it’s China’s involvement. It’s the old Cold War mentality, people in the US used to act the same way towards Soviet investments in Africa and people in the Soviet Union acted the same way towards US investments in Asia.
I'm a guy watching YT, but I'm concerned, not just that Chinese interests will commandeer properties in other countries if loans aren't paid, ...but more importantly, how Chinese are renown for not caring enough about environmental destruction which accompanies most of those projects.
@@brahmburgers Do you tackle US/ Europeans about this same issue?? The west is extremely wasteful and have little regards for people outside of their corporate bubble. Some could argue that the environment issues stemmed from the wests greed and lack of humanity. Please sort out the mess in your own home before complaining about others.
@@brahmburgers did you tell Trump to go back to Climate Change Aggreement?
In the end it's going to be the evil westerners to foot the bill because I don't see Africans migrating into China to fill in those vacant flats as well as those factory jobs the lay flat generation refuses to take.
Wasn't expecting this from Bloomberg! Great to see some impartial reporting.
I'm really hearing this in a Bloomberg documentary?
The first time in a while that I've seen proper analysis from a Western media outlet instead of the reflexive condemnation and attacks. Well done
Bloomberg still lied about Huawei's “spy chip” though. Even after all their named sources denied it.
Beg to ask, what are they up to.
Spectacular really
They just did this because cutting China out of the world economy is bad for Western businesses. The objective behind this narrative is about money in the end which is not bad frankly.
@@VashtheStampede007 TRUE
Even if it were true, many countries would take a debt trap deal over IMF loan conditions
ask the people of Greeze and Korea whether they enjoyed the IMF aid 😂
@@timothy1949 indeed
"Slavery, Colonialism & Colonization" are all evil things done and benefited by evildoers.
The West is a major participant and benefactor of centuries-long global, Slavery, Colonialism, Colonization worldwide, from North/South America to Australia/New Zealand to Siberia/Far-East, to this day.
Speaking of Colonialism, all Colonizers did in their Colonies worldwide was build infrastructure, such as roads and ports so that they could ship abundant natural mineral resources, raw materials back to Europe to make fine goods, since there hardly has any mineral resources in Europe. That is what Colonialism is all about; "Pillage and Plunder".
For instance, it is agreed upon the fact that Africa in general has progressed a lot more in the past 20-30 years than 200 years of Western Colonialism there.
In post Colonial era, China and others have to pay the fair market price for raw materials they buy. 🤔
Let's see i can either deal with Chinese, who may protect their investments in projects if payment isn't made. Or take on an IMF loan, where I must recreate my economy to IMF conditions or risk unilateral intervention by IMF backers. Which sounds worse to you? Lol
@@timothy1949 If you have one or two ports to lease for 99 years, then may be the chinese. ;)
I’m Nigerian but I live in Canada with my mom, brother, and father. We went back last summer to visit my grandmother and other relatives, when driving we saw a huge billboard with Chinese on it. In my grandmother’s bathroom, a lot of products from china(the toilets, cleaning supplies). Idk I’m just a kid on the internet please don’t attack me on this.
There are plenty of Chinese products in developing countries - Why? Cos they are massively less expensive than western products? who can afford the latter except the well to do? Why would you pay at least twice more for a western product?
@@siew3970 oohh I see! Thank you for telling me :)
Debt-trap diplomacy? That sounds like what America does to countries like Argentina...
From the beginning the term 'Debt Trap' is already looking down on African Countries. It's basically saying they're ignorant of the clauses in the contract, they don't know how to read, don't care of the risks they taking or the people in charge are corrupted.
Nobody is doubting their intelligence, but sometimes certain circumstances force them to enter this contract which they know is not beneficial to them. Sri Lanka is a perfect example.
@@harshitkumarhere Sri Lanka's debt is only 11% owed to China, following with 10% from Japan. So you're implying Japan is as much responsible for their crisis? Obviously not. It's not the lenders fault for corruption and mismanagement of funds.
Great example is them diving into Organic farming, who would have expected lower yields without fertilizer. Hence they have a food crisis too.
Their own mismanagement is the culprit, shifting blame is running away from the truth.
@@harshitkumarhere If you want to know more, youtube the video. SHORT: Debt Trap Diplomacy - Who Really Owns Sri Lanka's Debt?
Obviously that does not take away from the fact that Sri Lanka is largely at fault for their own misery. What I was referring to was that in times of need, China did not agree to restructuring their loan or even the possibility, outrightly rejecting it.
@@harshitkumarhere With or without China, Sri Lanka would've defaulted on its debt regardless.
I see nothing wrong with modernizing Africa.
Come to Africa you'll see why it's a problem with China being here
@@zwet4269 why?
They got infrastructure which is a start.
@@zwet4269 Build your own stuff then.
@@JewTube001 I agree, I want Africa to build its own stuff and not rely on loans
As a Chinese who literally witnessed how China built High speed railway from scratch to a huge network within China itself, from years non-profitable till dramatically booming the economy (logistics, e-commerce, travel, business, etc.
‘If you wanna grow (be rich), build road first’ This is a classic Chinese quote. And it’s proved how China turn itself into the 2nd largest economy and leading in many advanced tech.
Except China's economy became what it is because of foreign businesses bringing in money, everything else is incidental.
@@stephenkolostyak4087 Excuse me, when did they invent a lossless Money to stuff converter?
What about the dozens on train accidents over the past 10 years?
@@crystalmethany6286 What about 3000 anual derailments in the freedomland?
@@crystalmethany6286First, check the number of derailments in the United States in a year.
Thank you, Bloomberg, for lending a narrative away from the trope perpetuated in the Western media. If there is a chance to amplify democracy, we must have balanced news and an accurate and comprehensive picture that shows both sides regardless of what side we are on in the geopolitical contest! Kudos!
What happened to srilanka 😂
I love the guy's last comment about blue and red. It's the same as Deng Xiaoping's "it doesn't matter if a cat is black or white as long as it chases mice"
If only that was the cats end goal though
WOW VERY DANGEROUS I WILL NEVER GO TO AFRICA 😠😠 THIS WHY IM SO LUCKY LIVE IN INDIA 🤗🇮🇳 THE CLEANEST COUNTRY IN THE WORLD , WE GIVE RESPECT TO ALL WOMEN THEY CAN WALK SAFELY ALONE AT NIGHT AND WE HAVE TOILET EVERYWHERE 🇮🇳🤗🚽, I KNOW MANY POOR PEOPLE JEALOUS WITH SUPER RICH INDIA 🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗
INDIA SUPER CLEAN 🇮🇳 🤣🤣
@@indiasuperclean6969 Bread👍
Hyper-based Deng ;)
I agree with this view. For decades, the IMF keep giving Nigerian kleptomania politicians money for infrastructural development. These set of politicians keep enriching themselves and group of cronies.
The Chinese however would build the infrastructure themselves. At least, we can see some infrastructure now.
Is it useful, used and usable infrastructure?
@@tomlxyz lol u do understand the term infrastructure actually means infrastructure rite?
@@ferose2 if the Chinese is coming to take over the train rail in Nigeria, they are welcome to do that. The fact remain that Nigerian can see a working railway system.
The IMF have been intentionally sponsoring luxurious lifestyle for Nigerian politicians since 1960, yet you expect me to distrust the Chinese. It doesn't work that way
Why not vote for less corrupt politicians then? You’re arguing that the IMF is bad because it gives money to *elected* officials in Nigeria.
@@ericanthony2852 Of course, the IMF also faked the elections in those countries to keep those politicians in power.
$10B may not seem much but in Zambia that's literally 50% of the nations GDP.
Never trust former colonizers and imperialists.
China builds more roads in Africa in the past 20 years than the western colonial powers did in 400 years.
Put that into perspective.
Does not matter what you think. US propaganda machinery has infiltrated all mainstream MSMs and right now they are on an overdrive projecting fear of "chinese debt trap" all over the world.
Irony is, it is of course thanks in no small part to western instituitions like IMF, World Bank, WEF that have ensured that poor nations remained poor by design, through US sponsored global corruption of any govts that do no align to US "rules based order".
Worst case, US, UK, EU, NATO will simply do a regime change, like they did a couple weeks ago in Pakistan.
US even ordered Singapore, a neutral state since its beginning, to apply sanctions on Russia, and of course the president of Singapore being a weakling that he is, succumbed to the pressure.
The west have essentially declared wars on China and Russia and thus all their foreign policies are offensive, there will be NO diplomacy.
roads weren’t really needed for most of that time because cars weren’t invented and after they were, Africans couldn’t afford them.
Europe only held Africa for 70 years
@@thomasdoran8604 Lol... Study history.
@@JonKino828 I mean he has a point, in terms of areas of Africa that were directly controlled by Europe it really started with the 'scramble' in the 1880s. Prior to that it was primarily parts of the coast that the Europeans controlled along with more extensive colonies in Algeria and South Africa.
If you have studied the history of China's rapid development. you will find that infrastructure is an important force in supporting economic development.
ccp has barely any history, most of it are lies to hide the real history. the remaining Chinese culture lives mixed in Taiwan.
Communist China would have never developed if they hadn't contradict their ideals and open capatalist trade with the west, which in turn pushed China's growth.
don't believe me? look at the schools. pure indoctrination and brainwash. even the shaolin is fake martial arts. all image and lies.
in the end China backstab the west for reaching out.
if the west had the same mindset as Xi, China would have been invaded already long ago.
@AccessGranted1337 The two sides are driving each other, with infrastructure supporting economic development, while economic development advances infrastructure.
@AccessGranted1337 China infrastructure network help rural revitalization. Without that they not gonna have this fast output from poverty alleviation project.
It's not just China....
WOW VERY DANGEROUS I WILL NEVER GO TO AFRICA 😠😠 THIS WHY IM SO LUCKY LIVE IN INDIA 🤗🇮🇳 THE CLEANEST COUNTRY IN THE WORLD , WE GIVE RESPECT TO ALL WOMEN THEY CAN WALK SAFELY ALONE AT NIGHT AND WE HAVE TOILET EVERYWHERE 🇮🇳🤗🚽, I KNOW MANY POOR PEOPLE JEALOUS WITH SUPER RICH INDIA 🤗🇮🇳🤗🇮🇳🤗🇮🇳🤗
Aid does not develop countries.
Wish you had more likes, Juan, you're absolutely correct.
It's amazing people call this a debt trap when poor countries have been drained of their resources and wealth for the last 200 years by imperial countries.
How come 15% debt that built literally 1/2 (some report set the number to be 2/3) or more new roads, bridges, railways, schools, dams, hospitals are called debt trap. While the other 85% built nothing in past 100 years is NOT?
Actually if you take debt to build basic infrastructure like what you mentioned then it's ok. But some countries like Greek or Lebanon they took debt for luxurious life style and most of it goes to the pockets of the high officials and ministers then it's a debt trap.
@@DDKKAY no thats called corruption, debt trap doesnt have to be corruption.
@@DDKKAY Interestingly, they took debt from the west. Not from China. Before Greek financial crisis, China rarely lend anything to Greek.
Because the 85% have control over global media and they do propaganda too, now you know.
So the first roads, ports, railways and airports in Africa were built by the Chinese starting around 2000?
Tell me another.
This is the first time I saw a western media report that is fair and balanced, not a "Let's hate China more" kind of biased reporting. It honestly feels weird.
ROFL you do realize Bloomberg is on the Chinese payroll, right?
@@EmpiricalPragmatist Got a source for that?
@@EmpiricalPragmatist bloomberg is censored in china
They still mentioned the shadier deals China has cut tho
Is this your response to everything that contradicts your world view?
Funny that the United States is talking about debt🤣🤣🤣
US is jealous of China's diplomacy 😂
I grew up in 90s, And my country was so poor under Western Aid. Since China came in, things have changed a lot. In 10 years the skyline had changed and a middle class has sprung. People are climbing out of poverty, and my generation is wealthier than my parents. China has been a blessing to Africa. The west is scared, because a stronger Africa will mean they'll lose the last colonial grasp over the continent. It's economy.
Then why African migration to Europe is at an all time high?
@@socialcredit9480 It will be even higher without developmental aid from China.
@@socialcredit9480 Europe is richer and people can make more money than in Africa but it is not the reason to deny the development of Africa. Chinese are getting richer than before but many still want to immigrate to developed countries. Same logic but Chinese are not so desperate to immigrate to developed countries and many overseas Chinese return to live and work in China.
@@socialcredit9480 Strawman fallacy at its best
@@socialcredit9480 because africa has a high birth rate.
China goes to Africa to give a helping hand
Belgium goes to Africa to take a hand
😢🥺
Racist chinese are bearting up africans. Chinese are very racist . Look at the videos on youtube
take a hand AWAY
Spot on
Absolutely CORRECT and true. Read how King Leopold murdered 25 million in Congo.
Love leopold the sec
Seems like china has heavy development in Bloomberg
Cope harder
comment of jealous colonialist westerners who do nothing but sit on backside, exploit and complain
Well....this didnt age well
How so?
@@jade7631 he's probably a Democrat with a very closed worldview and hates China with each breath for no reason
Ask anyone in the lower socioeconomic demographics of the west, specially in the US, what “Debt Trap” is, and they will tell you it is in the form of student loans, auto loans, credit cards, medical bills, you name it. It’s a stretch to judge China and africa relationships when we have debt trap has been widely known in Europe and North America for decades - well before China becoming a big economic power.
The same people who make that argument also say that denying those loans is discriminatory. Which is it? Should the loans be given out, even if there are doubts that the borrower can pay them back, or should they be told no?
@@wsol80 Exhibit A: The 2008 financial crisis/mortgage crisis was on itself a big “debt trap” and was solved through quantitative easing and “too big to fail” policies. We just give the issues fancy names when the crisis happens to us. But when it happens to Africa, it’s a debt trap. It’s all semantics.
@@findingmo7049 The loans you mention help individuals to get ahead and require individual responsibility. Chinese lend to countries with questionable gov't and leaders for sometimes questionable projects with usually little benefit to the average person.
Can't afford the debt? Don't borrow.
@@findingmo7049 And those banks should have been made to fail to teach both lenders and borrowers a lesson. Even racists like me can see that.
Debt traps are mortgages, student loans, credit card...
You said it buddy.
how credit card tho? u r basically using the bank's money which u need to pay back along with the interest.
@@madhavjayam2452 interest rate is freaking high af. U got to pay every single month properly if u miss a month ur interested is high af
Chinese propaganda
The SGR is fabulously successful. Losses are only $23.22m a year. That's $0.42 per Kenyan per year. Tickets cost $6.85 for a 480km (300 mile) ride that takes 6 hours. Kids pay 1/2. 90% of the revenues are from cargo trains.
When IMF lend a country money, it not only tell the borrowing country how to spend the loan, IMF also demand changes to the country's welfare system. The borrower must privatized some of the companies chosen by the IMF. As for the head of IMF it has to be only an European. The head of World Bank must be an American.
But the current IMF head is Indian American
Still thinks and act for american interests..
@@pulkitgupta2434 You mean Indian American is not American but Indian? Do you identify a person not from his nationality but from his race or ethnicity? If so, there will be millions of Americans not "American" according to your definition.
@@pulkitgupta2434 By the same train of thought, Elon Musk is South-African. If so, then he should be accepting south-africans as employees at SpaceX
@@pulkitgupta2434 still American.. if danesh desouza is any indication
When you are poor, you go no where. Someone comes to you and lend you money and train you give you skill. But, you need to pay interest. Some because successful. And, some failed. The winner said, "Thank you for your help". The loser said, "It is a scam".
That is true. I think African nations needs to be appreciative of China. This is like getting loan for your business, house or car.
@@chrisp7110 if its business then no one needs to "appreciate" anyone. Both sides win... No?
@@mondlit yes you’re right but the least they can do is to stop taking the western debt trap narrative seriously because it could be damaging to China and BRI partners
This is just like in investment banking. People give their money to an investor they make loads of money but as soon as something goes wrong they feel scammed or cheated.
@@rz5550 only someone with a hero mentality would think like that... China is swooping in to safe Africa, let them all bend a knee
And US is not willing to help africa
Europe and the US always laughing at africa and latin america
China: let’s invest in Africa
US: let’s keep Africa poor and messy
Few words but a hundred thousand words. Tru man.
Invest in africa = hiring a majority Chinese work force.
@@miguellopez3392 better than what the US and the west in general does in Africa
Also China: you africans we already knew your problems because recently we were in the same situation too, and we never want any human being to experience that. You can see the truth guys china are building roads, bridges, rails and infrastructures while the evil west are building army bases stealing our resources under the guise of aid
They both want Africa poor and messy - because Africa is a continent-spanning gold mine. If Africa was remotely united they would control so many resources it would utterly annihilate the current power balance.
IMF WB loans got extra conditions on how their government works. China is simply pure business and money.
Extra conditions..... "Freedom"and Dollartatorship.
Like colonialism back in the day.
I mean, look at Sri Lanka and Pakistan lol.
It's not just the West that will add extra conditions, but more importantly, Western loans are not cheap~
@@jon-unicorn-doxxer hmm that's true too, is it a lose-lose?
I really hope for Africa & the world that those aren't debt traps, as China has a history in doing those - just read about Hambantota Port in Sri Lanka, among many other examples...
Only the future will tell.
Europe cannot match the Chinese prices, expertise and speed of their projects.. Look at how quickly China built the Ethiopian and Kenyan railway lines..
At 2.35% interest rate, I want this debt trap.
Haha true
Of course infrastructure is nice, if it's at all useful. Let's say at 0.01% interest, China lends you $1B to build a railway in the middle of Sahara, going from nowhere to nowhere. You can only outsource to other Chinese companies because your country doesn't have the expertise, and there won't be technology transfer either. Chinese companies will operate it after completion. Will you take that loan? Will you (your country) ever be able to pay it back? _This_ is the Chinese debt trap. If you can't pay back their investment in time, they will take something of value from you. That's how Sri Lanka lost her second largest port Hambantota for 99 years.
@@deep.space.12 Deep in America, is it better where there is no political will, nor finance to improve the infrastructure for Americans going from somewhere to somewhere ? Sri Lanka had the money allocated to pay for the sea port, but the corrupt politicians took the money. Dig deeper in facts, not in space.
@@theone8189 You know Biden has a $1T infrastructure bill right?
@@deep.space.12 The last I heard on Bloomberg Radio it did not pass. Blocked by Republicans. That is why I wrote,''no political will'' as a nation for America.
The USA national debt is nearly 30 trillion but they are worried about African debt 🤣
The USA can handle debt better much better then africa
Yeah the US has their priorities all upside down.
Ukraine is a top example...
US net worth is 5 times of that
Youll cry if you know what Chinas is, Ill give you a clue its much higher....and dont adjust down to the $ the reason it is so low valued in exchange is because of all the issues it has stabilizing its currency in the first place.
@@thedarkknight1865 no, us GDP is round 25-28 trillion
Bloomberg trying to keep its Chinese overlords happy lol
You mad bro?
@@dangerzone9747 No reason for him to be mad. He simply pointed out a fact. Are you triggered about his fact?
@@myspewedcomment156 Bloomberg is an American company. Why would they need to keep the Chinese happy? You said they stated a fact - do you have proof? Please cite sources and back up your statement.
@@dangerzone9747 "why would they need to keep the Chinese happy?" ___berg.
@@dangerzone9747 However if i did have to cite an actual source for it, mr dangerzone said in this very comment section to the comment "I didn't know Bloomberg was a mouthpiece of the CCP." that, and i quote, "Truth hurts. Stay mad." Odd that someone this convicted of Bloomberg's sino influences would be demanding sources for the inverse.
How about this: Sri Lanka borrowed heavily from China to build the port and other infrastructure including an airport and a city being built on reclaimed land. The projects have failed to earn enough revenue to pay for the loans, and in 2017, Sri Lanka leased the seaport in Hambantota to China for 99 years.
how much is the debt and how much is the lease
did China command Sri Lanka a reform of govement because of this? it's purely financially. and a lease comes with rental income, isn't it?
It's easy to blame China or painted them as the bad guys, while forgetting the history of abandonment and manufactured tribe wars done by Western nations, reads: United States of America and Europe.
Great video!
'Those who cannot remember the past are condemned to repeat it.' Africa was ruthlessly exploited in the past. Remember this and expect it to be repeated by China.
If CHINA want something else from that Countries, just simply Tasks. From civilization to future, in History WHY' don't conquer the whole world, Instead building the great wall of china defense from other's.
@@philipsmith1990 China doesn't think like warmongering westerners.
@@grixjay8620 Easy to say. Can you justify it? Have you noticed what is happening around Taiwan?
@@philipsmith1990 It is in China's best interest to reunify with it's "renegade" state. Unlike the US who fabricates it's war justifications just like what happened in Iraq, Libya and Syria. Speaking of the US, it's an empire, 800 military base installations around the world, constantly goes to war, destroys third world countries, committed the most war crimes at the 21st century ( during the vietnam war, 2,000,000 civilians on both sides died because of the conflict, also a million iraqis died due to the iraqi war, the list also goes on with Afghanistan, Syria, Yemen, and Libya) interferes on other nation's politics, assassinates political leaders, arms terrorist groups and organizations also created proxies to wage war against middle eastern nations and keeps raising tensions between the countries, runs the largest propaganda machines and dominates the international narrative, the world's biggest arms manufacturer and exporter, also ranks the world's number one highest military Budget spending to feed it's enormous military industrial complex, and also always provokes countries to war. What do you want me to call that?
There are risks in EVERY INVESTMENT. By developing infrastructure early, the land is cheaper, labour is cheaper and the growth potential is greater. As a country develops, and wealthier, every patch of land becomes more expensive and the costs increase exponentially.
Even the Chinese rail minister said they won't be able to repeat their high speed rail project today due to current land acquisition prices. These projects will be considered cheap in 30 years time. China has shown us it is possible, just don't get involved in a war with your neighbour!
That's nice, but what about the dollars in and dollars applied and dollars evaporating into offshore banks.
Infrastructure is for industrialization and in dustrialization o0nly benefits the benefactor while the population remains enslaved to the 'fast n cheap' side of the equation.
It isn't faster easier or cheaper if you have to change it, repair it or if it diverts resources from more profitable ventures. This is the norm for speculation: cheaper- yes, less profitable also yes. Build it and the market will come usually fails and underperforms when it doesn't. China knows this better than anyone which is the cause for suspicion. The volatile nature of speculation is due to the lack of data. Everything increases in price as it's value becomes more obvious but it's value also increases as the data increases efficiency productivity and awareness.
Land in Africa is not cheap. It is a poor continent with ridiculously overpriced land.
Are you kidding me? This is like giving 1 million dollars loan to someone who barely make 1000$ a year.
China will take African land and resource when African countries won't be able to pay.
In 30 years, there won't be Chinese built infrastructure in Africa. Corruption and bad imported labour (cha bu duo mentality) will take swift care of that.
was the person responaible for the sound mixing of this video deaf in the higher frequencies?
"Debt Trap" is better than "Death Trap"
08:28 (Around this time stamp) Mahindra Rajpaksha Port is in Sri Lanka not in africa.
Wall street based medias frequently misrepresents in their reports..
@@wecare838 yes china number 1 the west is lying
what?
It´s an often used sample where the chinese debts trap is obviously. They don´t say it´s in Africa.
China has given loans to Sri Lanka
Debt trap? Sounds like American universities to me
And American healthcare system. 🤣🤣
Right 😈👍😈👍
Student loans, American Healthcare System, and the mid 2000s NINJA home loans are the real debt traps.
Correctamundo 🎯
Those railroad and roads built during colonialism were meant to transport pilfered minerals and nothing for the host country.
How refreshing to see a different analysis in Western media. Not the usual anti-China propaganda. Thank you!
Not the usual anti-China propaganda
Tankie spotted. I was looking for one of you. The premise of the video is dumb. Just because a trap hasn’t been sprung yet doesn’t their isn’t one laid out.
@@philipellis9527 Sure
Sure. Nope. The IMF and World Bank never put developing countries into debts.
@@pt20829 Lol. Who said IMF and World Bank didnt set traps?
Love when someone catches the CCP with their hands in the cookie jar... CCP defenders always have to give a comparative history lesson to justify being evil...
The biggest debt trap is your mortgage, but most people who want a home would still go for it.
At least China didn't bring guns like the West did, they came with money.
very interesting video from an organization that was doing economical forums in China.
The IMF also impose privatization of nationalized resources, which is a resource meant for government spending, for things such as infrastructure and education. Even if it were not nationalized, the resources produce often a large part of the national income. Privatization means that foreign investors will buy everything up and that the resources will flow out of the country. This will keep a country in an endless cycle of debt.
Prof. Michael Hudson was asked to do a report on what the surplus value of Latin-American countries were. He told that this surplus value was an indication of how much interest the banks can charge for their loans. So not only are their resources flowing out of the country, they have no chance of ever paying back their debt due to inhumane interest rates. This will turn any country into an interest farm of the banks.
But that is the function of the IMF and the World Bank, to keep the 'third world' so indebted to the West that it must sell of resources and infrastructure keeping them permanently poor.
@@L98fiero You mean the cobalt mining in the Congo that China is exploiting by debt trapping them.
@@L98fiero When you take into account that China would finance projects that even the "evil" IMF and World Bank have refused. Who's doing the debt trapping?
Specifically, privatizing your country's industry to OTHER country's corporations- if it was your own companies, at least the money would stay within your borders.
@@kagakai7729 Not really, any entity large enough to take over a public utility is large enough to move the capital anywhere in the world, the Panama Papers proved that, it's best to keep the public utilities public.
I loved how the video isn't just blabbering on about one specific agenda. It acknowledges and explores the complex and nuanced issues.
O tai?
Sri lanka
Ha ha ha
It took me by surprise too since I saw this was by Bloomberg. But this was surprisingly well made and it didn't feel like it was pushing an agenda.
@@ChandranPrema123 Sri Lanka what? why don't you take a look at the % of the Chinese loan on Srinlanka's total Foreign debt! must be wion viewer lol
@@LaowaiDaveJCP Sri Lanka had to give up their port to the Chinese for the next 100 years do you even know what debt trap his it’s exactly what they did there I actually can’t believe you gullible people believe this
The argument being made is that China is not purposefully creating a debt trap, but the intent behind the deals is not that important and they cannot know what the Chinese government plans long term. The reality is that these high rate commercial loans are not being given by other entities BECAUSE the data show these countries are not in a fiscal position to pay back loans of that size at that rate. So whether it is purposeful or not, China is enabling a debt problem, and we will see the implications of this in the future.
The US is also in the debt trap!
I love how the countries that created the strategy of debt trap are accusing china of using it..
This media was the first one help creating & spreading the myth to make China look bad. Now the same media is bursting their own myth to clear that bad name & give China a justice. LOL
I am from the West, I must say China has done a lot for Africa and besides I like the Chinese philosophy, war is bad for business. The Chinese are building roads, schools, hospitals, railroads and many more in Africa. I think the West should work together with China to make Africa better.
That will never happen. Western society was built on war and invasion. The opposite of Asian philosophies. Also, Africa doesn't trust the West anymore.
We should aid Africa or South/Central America but do so independently from China. Never trust big authoritarian regimes. You never know when their next king / party leader is going to have a change of heart. And no one will be there to stop them.
Mean while the U.S bombs the middle east and africa, Vietnam, U.S.A U.N rapes african woman in the name of peace keeping.
The West does not want to see a better Africa. It's bad for western business
@@MusehanaH You seem to think there is just one school of thought in western business. This is an entirely false assumption.
Case in point: a lot of African nations produce goods at a very low capacity. While increased global consumption anywhere theoretically drives up the total cost of living everywhere, this is based on the flawed idea that we can not reduce the total global population ( aka he global demand ) via, say, a universal two child policy & also by massively increasing the output of the developing world. And that’s just _one_ way of looking at Africa from a western perspective.
Also; seemingly little known fact: a lot of people in the west don’t benefit from international western investments.
Of course, if we keep competing for recourses instead of cooperating, it’s not going to work out. And it’s not going to be easy:
However: China has the same longterm issue as Europe (according to your own argument).
Because if they make Africa their own China, guess what?
It’s gonna drive up the global competition too.
Who is doing the debt trapping in Africa however is the IMF and World Bank.
After centuries of the west presence in Africa, what was the result..... Poverty continues!
Debt trap argument is an incredibly hypocritical rhetoric from the west. Consider how many reformist governments in Africa were toppped in Africa by mysterious circumstances in past 60 years, consider how some oil deals can leave the host country as low as 5% of the profit. Suddenly they had a conscience and start caring for Africas interest? Gimme a break.
True, African countries are given only 5% profit of their resources by the west and that 5% end up in the pockets of corrupt politicians. Atleast China is buiding infrastructure that benefits the masses in Africa.
The west is erratic and changes dramatically over generations. Instead of seeing it as “the west,” see it as the “Jimmy carter presidency” or the “Reagan” or “Nixon” or “Bush presidencies. We are not homogenous.
Brother don’t worry, this is the denial stage of Defeat. The west is collapsing, and once they lose the African market entirely, Is over, Western Europe and the USA will Rotten.
well the reason why the west keeps on repeating the rhetoric is because they know their dominance is already waning and allies and other countries that used to be taken advantage of are waking up and shifting away from them.
0:35 that was EXACTLY what IMF/WB did to everyone.
Greece for example is the OLDEST DEBT TRAP starting in the early 1800s when Western Europe financed the Greek Revolt against the Ottomans. Once independent, Western Europe came back asking for repayment at huge interests and installed their very own kins as Greek Royals. Talk about fighting for independence, but now a vassal whom they have to pay for nothing.... Debt was fully paid after almost 200 years.
you are a m*ron the US has one of the largest national debts in the world and is still independent and the dominant super power at least for now
@@rowinrowinson8455 lol is that why gas prices went up over 25% in a week or so when russian oil was no longer allowed to be bought? what about if opec decided to jack up prices for only the US (hypothetically), what would happen to the military, who now has a substantial increase in basic fuel costs?
I think it would be funny if China's government point this out, then making headlines like "Western debt trap."
Then tell me what did the IMF do to all the countries in the world?
Such a refreshing counterpoint. Thank you for the value.
The railway the west colony power building in Africa didn’t benefit the population the building railway for the own benefit to transport the country resources
@New Moon Take a look at those projects first, ask the locals if it has benefited them, instead of speaking without actually knowing
Exactly ,the Brits did the same and even now they say how they transformed India
@@siddharthmalhotra3699 well. Not 100% true. The cities the Europeans planned in India are much better then the ones planned afterwards
@@socialcredit9480 talking about railways sir not the cities and the most planned city of India is Chandigarh made after the colonial period even tho it's architect was from Europe but still many Indians were involved in it too the thing you said is ture for Mumbai I'll say that for sure the Mumbai which is made by Indians and the part of Mumbai which is made by brits is wayy different and Brits one is better'
@@socialcredit9480 the cities in which the bourgeois Europeans lived in?
From my view Africans are smart enough to decide whether to take loans from China , there's open discussion before they sign the papers. Business is business, China provides a alternative to African countries rather than a must-buy option, you have to pay back if you take loans according to the signed terms right? Not to mention most of the loans comes with low interest rate compared to Western banks
But apparently Africans are not smart enough to build basic infrastructure themselves?
@@stevensmith2078 you think all Africans are asking China to build their infrastructure? My country in Africa has its own poeple building the infrastructure
@@naamloos5535 I do not. My comment is in response to many of the comments that provide two choices, China or the West, as if Africans should not be building their own infrastructure rather than outsourcing it.
@@stevensmith2078 tell me you don't understand business without telling me
Politicians in Africa are very corrupt
17:33 that is the attitude that stops one from improving...
Oh course it is Bloomberg posting this. Got to still sell those Bloodmberg Terminals to the CCP, am I right?
With the narrative of the west, we have often mistaken that lots of African countries are falling the into 'Debt Trap', while the number clearly doesn't indicate so, but the real insane news about this video is that by using 4 -15% of the national debt, one country could build railroad and airport, where have other percentages of the money been loaned to them been?
What @huang said coupled with lack of transparency makes this sound an awe full lot like a trap. But it’s not clear to me what China gains with a default.
More importantly, those debts aren't from China. So where does those loan come from? If they are internal, govt. borrowing money from the people, then it's their internal affair. If those are from IMF, then we've to question, what does that much debt money is doing? It's not developing any infrastructure we know.
whats even more appalling is why arent people in africa asking themselves this very same question and then doing something about it?
@@obiwankenobi661 none of the 1.2 billion Africans? you sure about that champ?
@@kojomawuli5901 not enough.
Basically, the West or even Japan could not compete with China as far as infrastructure constructions are concerned. The Western media will harp on how China is losing money on her HRS based on private corporation's expectation on ROI. But the Chinese looks at their interests from a national point of view. It was the WB that compared the efficiency of a national transport in term of its spending as a percentage of its GDP. China reportedly spent 29.5% of her GDP in early 90s on transport; today that percentage is 14.2% [2021]. If you base it on her current GDP, it means a saving of some US$2.6 Trillion! It seems many critics simply refuse to accept this! Last Year, China saw 9 billion passengers on her HRS, even saving 1 hour of the travel time means saving 9 billion man-hours! Can you put a value to that?
You have done a lot of research, greetings! I know there are two sides to every coin, but it is not objective to talk about one sides a time. Hopefully more people will have the ability of critical thinking.
Why are you assuming gender pronouns for a country? That is the mark of a sexist and a bigot according to a Pan-African council. I realize it may have been acceptable in the past, but so was the n-word once a long time ago!
@@anfernyjackson9013 But the word does no harm, it is a personification of the land that breads its people. Therefore adding the element of motherhood does make sense and cause no offense. If you are triggered, you are welcome to use he as the representation of Fatherland that protects its people.
Well, the US did spend 2 trillion on Afghanistan, killing people. Can't exactly say they haven't done anything.
Its strange because that would be fine if the world and economics were as simple as you had made it, but they arent, so its not.
The Yuan is the most printed money in history. The greatest single component of Chinas GDP comes from property and construction, building ghosts towns no one lives in on leased out land of 75 year terms, the Exchange for RMB is under 2% and is done in Hong Kong so its exchanging with itself, that is the point of Hong kong its a laundry mat. The corruption is so bad in China under the CCP, that Tofu dreg Construction is rife, where the moral profits made by a company are given as corruption money and so companies try to claw back any money in the construction process. This can be sandy concrete rubber rebar etc etc. China has tens of thousands of Dams, most built in the 50s that are failing, so much so if it rains hard and the dams get high, the flood gates are opened so they dont break, often causing severe flooding and death in the surrounding areas. The 1 child policy, has put a strain on the population as a whole both in its military and social ability to marry couples and have children to fill this scoially engineered void that is likely to lead to an even distribution across all ages rather than a healthy pyramid. I could go on but the value of people using a train system but then go back to investments in property they lease and fall down and whose children have difficulty marrying is a far more realistic and relevant feature of chinese economy.
I didn't know Bloomberg was a mouthpiece of the CCP.
Truth hurts. Stay mad
The problem with borrowing for infrastructure is not borrowing but who is building (contracted to build) the infrastructure. Are the local's gaining expertise to develop and maintain similar projects or is it built with imported talent who will go back once the project is complete.
Borrowing money to generate jobs locally vs jobs for lending country is the question.
He was right China outsmarted the West. (4:00)The West didn't want Africa to developed kept giving aid instead of creating partnerships.
Actually, the West doing this with South America.
Correctamundo 💯
China plans ahead for the next 100 years, even at high costs for their own citizens, because what can the people do, vote for another party ?
Western politicians can't afford to make high price, long term investment that might upset the voters, because they risk losing elections.
This is why democracy and freedom are doomed to fail, and why dictatorial regimes are on the rise.
Edit: I'm from Romania, the Communist regime has helped many African countries during the '60s-'80s, the Communist and African dictators loved each other.
The West took the dictators down and ruined many African countries, because forced democracy doesn't work. there were too many times that democratically elected African leaders turned into corrupt dictators.
The west wants to create dependency on their aid, this is why China scares the west, you've never seen the west be as united as they are now against China and Russia
As always
@@haruyanto8085 The West didn't want to create dependency on their aid, that's an oversimplification.
The West wanted to help African countries become democracies ,but that's impossible.
Wait, the US being interested in Aid and Charity in Africa is horse manure. US Corporations, mainly resources trading, Oil, gold, diamonds, rare earths, Lithium, Fish, and exotic fruit, timber and minerals, clear mega billions from that continent, the aid is paid by taxpayers and donors, but it's a drop in the ocean.
Aid and charity are usually tax avoidance and economic dumping practices. Driving down prices and shutting down local capacity.
@@altGoolam Or the companies making medicinies, vaccines - all related to Aid n charity.
Fyi US have biggest trade deficit and debt in World, it loses more money to world..
Infrastructure support is great, but we should do more of what we can do ourselves without depending on it!
It is a debt trap.
Someone told me that it's the best time to buy because there will be a huge pump
The cost of living is making people go into different businesses anyways, but my problem is that the rate at which money gets finished on little purchases is so surprising
I saw all this coming I had to switch to Crypto trading and I'm really enjoying the fact I made the right choice because of my weekly earnings
How do you do it sir?
Because I've tried severally but seems not working
It's very possible because I make $8300 with my little $1300 weekly