Life or Debt? How the IMF Keeps Africa Down
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- čas přidán 7. 05. 2023
- Instead of helping promote development, the International Monetary Fund (IMF) traps countries in cycles of debt and instability. Grieve Chelwa, Director of Research, Institute on Race, Power & Political Economy at The New School, explains how countries of the Global South are forced to go to the IMF for aid over and over again.
#BreakThroughNews
"Most countries are rich - only the people are poor. . . These countries are not underdeveloped, they are overexploited."
- Michael Parenti
Sankara's policies of refusing IMF interference was for the sole purpose of maintaining the revolution. They knew if they accepted colonial or imperial funding they were compromised.
I've kind of been saying this exact same thing for years.
Its only now that people are starting to wise up to it. IMF, is the main culprit as to why so many countries are in debt, I mean look what the IMF did to Greece 🇬🇷.
IMF and World Bank are both responsible for the vast majority of the debt traps in Africa, Asia, South America, and other continents. Both of them are controlled and run by the USA and the US uses both of them as debt traps to keep other countries in endless debts so that they would always be under the US’s control and their natural resources would always be free for the US to take! Just look at how the US government helps private lending companies (Such as payday lenders) to keep its own citizens in endless debt traps (Simply because the politicians are bought out by these private lenders). If the US government helps private lending companies to keep its own citizens in endless debt traps just imagine what the US government would do to the citizens of other countries when it comes to setting debt traps for them! Hey, the US didn’t become the richest, most powerful country in the world by being nice and fair, right?
@@grandwonder5858 Fair point my friend. Pretty much agree with everything you said. 👍🙏
Absolutely! Even now when you mention these things and the geopolitical tools that stop development people look at you like a conspiracy theorist.
The IMF saved the Greek economy.
@@versey2 And US brought "democracy", "human rights" and "peace" to countries they invaded, bomb and caused economy, social and cultural genocide with mass refugees.
Its funny how poorer people are the ones burdened with higher rates of interest on loans
Not true if poor has good credit
😂 You need to put jingoistic title like, "Colonial IMF traps poor African countries with debt bomb!" But then that would be the truth for last 200 yrs.
When Africans going to start its own financial system? African leaders are hurting African 🇯🇲
This is a great idea - better than becoming the slave of the next outside currency, like BRIC or China.
Austerity is also in Europe
Especially in Greece Italy Spain and the UK
Privatization is the economic Crusade
Ukraine is a prime example so was the reasons of the Yugoslavia Wars
Eastern Europe has be depopulated
Austerity is the consequence of economic mismanagement.
....I'm from America, our gov. doesn't spend money on the poor.....infact that is what humanity is dealing with class stratification. Money itself is debt....period. It literally is enslavement, as the loans can never be paid back. further more Ireland never gets brought up with slavery, and all of Africa compared to just Ireland makes quite the case of how everyone was and is enslaved. We need the Zeitgeist Movement.
Bingu Wa Mutharika spoke about the West 13 years ago and African leaders should have paid heed .The West said he must not give his farmers subsidies but they are giving theirs.
Yes this is what is stated in the video; double standards. The West knows how real economy works but chooses to turn a blind eye to the rural areas and even their own farmers.
Small farmers who want to go traditional to save nature get no loans and no realistic prices for their products but big polluting agribusiness can continue.
Big Finance is the enemy of real sustainable growth.
Great discussion 👍
Raising domestic capital and pay investors as pay as you go returns. For example have a strong contract that guarantees returns. Build road and toll it
The IMF International monetary fund gives loans to third world countries and issues conditions like devaluation of currency, increase of taxes, lowering wages, and other general re-structuring of the economy. This is what Nigeria went through in 1986(I was 19 then) called the SFEM with IMF. This SFEM in Nigeria devalued the currency overnight from $1 to 3 Naira to $1 to 50 Naira in one week and we thought it was bad then but now it is $1 to 780 Naira.
Relationship with Amurica will bring a country a military base
لكي تشاهد هذا الفيديو المرفق وهم يتحدثون عن كيف ان الدول الافريقية قد وقعت في فخ الديون عن طريق صندوق النقد الدولي من حيث استلام قرض وبعد فترة يطالبون بقرض اخر وبعد فترة ثالثة يطالبون بقرض ثالث.
وهكذا تدور الرحى ولا يبدو ان هناك مخرج من فخ الديون وتضيع موارد الدولة او موارد الدول الافريقية في سداد فوائد الديون واصل الدين.
من دون بارقه امل في اخر النفق او ضوء في اخر النفق يقول ان هذه الدول الافريقية يمكن ان تخرج من هذا الفخ الجهنمي.
Who wants to take a haircut? 😅
The stick market has been booming lately, but without a mud and buckets market to bolster it it will be hard for the economy to branch out and build lasting wealth, or even those nice mud huts the country is so famous for.
Africa is such a big country they would probably do better to consolidate their debt into one easy monthly payment.
Smart idea. And then favour the internal African market by taxing imports/ruling %homeproduced.
@@loutsont2985Yes, tariffs protecting the stick and mud markets could be a useful tool.
0:09 *$#@*how biggest scam❤😂😊
Imf = adb = g7westUS hegemony...😢😮😢
🙏
All praise to Almighty God; the lack of a true sense of unity among the African people is fundamentally key to propelling this magnificent continent forward we must have unity. All praise to Almighty God amen.
"And Jesus said: do not scorn the splinter in the other's eye when you do not see the beam in yours." How united is the rest of the world?
Cut all ties!
✍✍🌹🌹
Debt trap Policy😮
If the president of the world bank is picked by usa presidential winner and the managing director by europe, doesn't that mean there are huge conflict of interests towards those two institutions acting independently without external political influences whether negative or positive? So many issues to untangle, not even sure where to begin, 😅. I definitely think the world needs to stop relying on the us dollar as the global world currency.
And beware of alternatives.
@@loutsont2985 Would you care to elaborate on that?
The Chinese will ensure they st 0:43 stay down until the Debt Diplomacy by China has taken affect.😂
‘Africa shackled by debt’ you say.
Let’s imagine the continent of Africa as a company. Where do we see debts?
In the balance sheet in forms of liabilities.
What do liabilities means in that balance sheet?
The assets. This is why the accounting formula goes Assets=Liabilities+Equity
Now to what extent debts shackle Africa when in the same Africa they say there is no basic infrastructures, basic this and that?
Maybe the problem isn’t debt per se, the allocation, the use made of debts.
Since centuries we have hearing about how huge is Africa’s debt. If these debts which are sources of financing were used to prepared the future in investing, Africa wouldn’t be the poorest of the poorest despite debts and natural resources.
So you're telling me that when you borrow money, you have to pay it back? What a horrible neo-colonial injustice!
Yes. They have to borrow in dollars and pay back in dollars. Their national Currency is then linked to the dollars. Oftentimes the currency is devalued against the dollar; it's a no-win for the borrower. Not to mention the conditions that come with borrowing.
@@edgarvonboltzmann7465 This is because their national currency is worthless when untethered from the dollar because the politicians in charge would probably print as much money as they wanted if it wasn't.
@@edgarvonboltzmann7465I now see why they took out gadaffi, one africa currency should be africas goal
😂
lies lies lies
China is doing the same things, they lend so much money the country can't pay and take a part or whole of infrastructure for the debt - they like ports very much!
nope; that is a myth, the PRC typically forgives half of the debt for any developing nation
Nice to meet you.
@@loutsont2985 You too! I came across a cool book
czcams.com/video/pt8pCB4LZqg/video.htmlsi=pmHRrqFSDCcQHX3_
Nope
The speaker doesn’t seem to know what he is talking about. The IMF lended money to pay for construction projects throughout Africa. Most of these projects were never built, then the leader who either stole the money or took office after the loans were taken out, took out additional loan to cover missing money. Please people research all the project that were never completed.
They are exploiting us
True, lots of loans were pocketed. But the IMF didn't care: the debt was created. If they had cared, they would have made sure that the money reached the contractors/workers.
Yeah, what are people expecting to happen when already corrupt governments receive these loans? They are likely to mismanage those loans.
IMF GIVE MONEY TO THEIR GOONS TO CONTINUE THEIR CORRUPTION
We Should Stop Saying "The West". We Should Say "The Europeans" Instead: White Folks!
What of the Americans?
😮
No solo jewels✡️🕎
Racist.
Bolsonaro nearly wiped out indigenous tribes of the Amazon, Russia steals the mineral riches of Afrika, China swindles Africa out of its farmland, Arab states let warlords steal influence territory in Africa etc. Not: white folks, but: wealthy folks.
Imagine borrowing money from someone at zero interest when are you struggling. You dont do anything productive with the money. You dont pay it bank. Then you get mad at the person who loaned you money and say they are exploiting and controlling you. Africa needs to grow tf up. 😂🤡
Listen don't comment want you don't understand it's debt given with some conditions that will ultimately weaken you
Can't speak on other countries in Africa but for sierra Leon we were required to lower our value for our minerals which had a knock on effect even if we are rich with minerals. Not sure how things would have played out if we didn't ask for those loans but saying places didn't do anything with that money is probably misleading since sierra Leon isn't the only place to have an issue like this in Africa
African leaders, too, have to please their people, just like in the west. Look how western leaders are on the leash of the big corporations/banks.
dont do squat and blame the IMF 😂
Your comment is embarrassingly ignorant. "Confessions of an Economic Hitman" Is a book written by a former IMF loan officer who details how the US government killed any leader who would not take the loans. They couped African leaders like Kwame Nkrumah, Thomas Sankara, Patrice Lumumba the latter two who they actually killed because they wouldn't take the loans. Any country that has leaders who tries to use their resources to help their own people THEY kill, installing a puppet that allows the West to STEAL resources. Thuggish, Thieving COLONIZER PIRATES😮
Ya its easy to blame the IMF. When you have leaders that just steal the money.
@@lightningRatPack
Or mismanage the economy to ruin having to run to the IMF to stave off unrest and collapse.
Beggers can't be choosers. Don't go to the IMF instead of complaining about it.
What are you saying?
@@ndwandwewasendwedwe7964 I am saying dump the West and get help from the East. Unless you want to remain in this situation and limit yourself to complaining about it.
@@wnklee6878 👍🏿👍🏿👍🏿
Countries have decades of debt to pay back to the west. Why should China or any other country lend to a highly indebted country, because they are ultimately paying Western creditors. This is one of China's main complaints, that Western and IMF debt is highest priority over all other debts in terms of repayment. It is not as simple as you claim, sorry
@@wnklee6878 and just say stuff the outrageous debt to IMF etc? Or do you borrow from 'the east' to pay them out then move your business 'east'? Food 4 thort. Seriously.
What is he talking about, it's about putting your foot down and saying our banks taxes will be deposited every morning and evening, fell to deposited, no working till taxes are paid. And fines until the taxes are paid. That's a start, always have your taxes going to your bank. And they must pay up front in morning before starting work and in the evenings fell to do this is a fine, two fines contract is Broken. That's taken control of your resources. Every truck loaded has a price, and a tax, and the money 💵 goes into your bank. Not there's, that's taken control of your resources. PEACE ✌
False
China called them out.
China is the new loanshark.
@@loutsont2985not at all
@@Friendlyneighborhoodgarbagebin
Sri Lanka disagrees.