The IMF debt trap and how to get out of it
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- čas přidán 25. 04. 2023
- Political Economist Grieve Chelwa explains the reasons why countries of the Global South are forced to go time and again to the International Monetary Fund for aid. He talks about how the IMF is essentially a tool of US imperialism and how its policies are designed to keep countries in debt. He also talks about the changing nature of debt and the role of private players such as BlackRock. Grieve Chelwa also explains some of the ways countries in Asia and Africa can get out of this situation, and the kind of international frameworks and policies that will have to be constructed.
Grieve Chelwa is the Director of Research at the Institute on Race, Power and Political Economy of the The New School, a member of the Collective on African Political Economy, and one of the authors of the dossier, Life or Debt: The Stranglehold of Neocolonialism and Africa’s Search for Alternatives, published by Tricontinental: Institute for Social Research.
End the IMF!
Excellent discussion! The U.S. sanctioning countries during the global pandemic says all you need to know about the U.S.! BRICS+ has great potential to lift countries out of debt and poverty.
Encourage thrift and small savings sabdnd better natural resources Utilisation.
Neither do we want it solve our problems but bank upon IMF?
Do we ever come to the conclusion is approaching IMF is the problem? Vicious cycles sustain to notbperish?
Great discussion by Political Economist Grieve Chelwa. However, I disagree with the swapping of African raw materials for infrastructure construction because it will still generate little revenue. Before the swap, African countries should first increase the value of their raw materials such as crops and minerals by processing these raw materials domestically as this wil create two fundamental gains: first it will increase value that will generate more revenue; second it will create jobs which will inturn increase personal income, generate income tax revenue, and reduce poverty.
Not a fair exchange !
"The I.M.F is a financial instrument of the U.S. military."
- Prof. Michael Hudson
Excellent explanation & solutions presented are also good. I hope your channel grows quickly and more people can learn this stuff.
Wow, it's impossible to press the like button.
CORRUPTION is number 1 problem
Corruption is the big elephant in the room. Africa, India and South America in particulate, have extremely corrupt governments. And secondly, these countries need to stop misallocating budgets on non-essential items, that do not contribute to economic growth. Economic growth is the single most important puzzle to developing Africa, South America and India.
And all these traps could be fought against, in the case of Africa, when we unite.
Therefore, our Problems lies with the negligence activities of our Puppet Leaders.
Who are the decision makers when it comes to IMF loans and Black Rock loans? is it possible to shop around for financing with better terms or is it basically like a thief in the night with impunity? It just happens and no way to stop it like an act of god or something?
Christine Lagarde types! Lackeys of the system. Google her name and quote "use me as you will".
✊👍
Results after borrowing from IMF = I M FUCKED.
You did not mention ,local CORRUPTION, why ???
Grand Total of WB lending 2022 under David Malpass: $8bn! All countries, Globally! LOL. However, WB off the books, $23Bn to Ukraine! Plus IMF $115Bn to Ukraine. Plus US $120Bn to Ukraine. Get the picture?
Eritrea is doing just fine without ANY IMF or World Bank debt. If they can do it, why can't others? Zambia has more resources, arable land and people than Eritrea. Why not learn from them?
Iran , North Korea , Venezuela.....Cuba
@@UnitedAfrica-uw9ct Well you know Africans, if I had referred to the other ones people would say they are not African and are therefore not comparable. It's not a matter of being "African" it's about the "national resolve" to move the needle in a direction that improves the lives of the masses.
However, thank you for providing those examples.
@@oceejekwam6829 I understand the problem with African Leaders is that they think they can have an easy route to development and prosperity , well there's none , For Example can you explain to me why these African countries have failed to form their own Investment Bank in which members of the African Union will be the shareholders and they can use this Bank for drawing development funds at a small interest rate.
@@UnitedAfrica-uw9ct Er, we don't think that way. We would rather embezzle the profits from commodities when the prices are favourable rather than utilise it wisely and prudently.
I only know of the Alliance of Sahelian States who have had the good sense to announce it.
African leaders are relying on "guilt tripping" the West into creating Dubai for them. They should have learned by now this notion isn't going to work.
DumbMobcracy likes IMF because of the good idea because DumbMobcarcy is full of idialogist. Idialogist do not care the result of good idea turn out to be disaster.
Russia and China are showing the world a better way.
Why not have rooftop solar with huawei?
USA is itself is badly in debt?