The 'debt traps' used by the USA and the West via the
IMF and World Bank had marginalized Argentina and to a lesser extent
Indonesia among others, like Pakistan and Bangladesh. This predicament
is not lost on the rest of the world.
AIIB was set up to provide
an alternative for Asian countries to finance their infrastructure
development, hence the name 'Asia Infrastructure Investment Bank'. This
puts it in direct competition with the IMF and World Bank.
There
have been claims by certain countries that the IMF prohibit its loans
to be used for infrastructure development. I do not know if this is
true. The IMF and World Bank just wants to extend loans to poor
countries to induce a 'debt trap' that these countries find it hard to
get out of. Forced devaluation of the victim country's currency was the
modus operandi of the West to control the ever-unpayable debts.
That
the West still had a strong hold on countries in Africa, Latin America
and Middle East is not divorced from the fact that most of these poor
countries have taken loans from the IMF or World Bank and have to follow
the stringent conditions dictated by the West via the IMF and World
Bank.
In that context, the BRI also extended loans to poor
countries to build infrastructures for progress and uplift their living
conditions, which is in competition with and contrary to what the IMF
loans are generally for, which is buying weapons to fight wars created
by the USA. That is why the BRI is being demonized by the USA and the
West as 'debt traps' for poor countries. Fancy that!
Anonymous
China's loans are all for development and lifting people out of poverty. China has lifted more than 800 million of its citizens out of poverty, despite all the calamities like earthquakes, sabotage using sanctions, and annual flood visitation causing destruction of properties and agricultural land and loss of livelihood for some.
ReplyDeleteChina is now doing poverty eradication on a global scale, most notably in Africa. And the Africans know that and are thankful for that. Chinese loans are not for USA supported Dictators to buy weapons to fight wars against each other, instigated by the Anglo-Saxon Whites. The West used the 'divide and rule' tactic to keep Africans fighting each other and thus remain poor and easily controlled. What China is doing is counter to their interest and the Whites are not giving up the fight, claiming that China is setting 'debt traps' for African nations. Did the Africans really buy into that? Of course not!
Wonder what happened to Biden's grand plans to drive Africa towards a digital economy showpiece, with a miserly US$350 million offer for setting up telecommunication networks, trotted out to 50 African Leaders that were coerced into attending his blotched summit in Washington some time ago. How is US$350 million, or about US$7 million for each African country going to achieve that? By the way, it was supposed to be US$350 billion that he promised initially, not millions, but reduced to just 0.1% of that eventually, with almost a totally bald haircut deep into the scalp. How ridiculous is that in the eyes of the Africans. US$7 million is not even enough to pay for workers to dig holes for installing the relay stations. But as always, the USA thinks the world will just forget about its atrocious promises that it often failed to keep. Those allies that have been promised USA's 'iron clad support' or 'the last man standing support' better wake up, especially the Taiwanese.
That also keeps me wondering about the progress of the India/Middle East/Europe
Corridor grand plan, hatched by Biden a year ago. It was to rival the BRI, nothing as grand as merely building castles in the air. With the war in the Middle East, the Houthis operating in the region and the Israel/Hamas conflict not ending any time soon, I think that project can go the way of the dinosaurs. Biden will not be around to see it, even to witness its implementation. India had just been taken for a ride and enjoying a wild goose chase. Oh, there was even talk by Biden of building a railroad across the Indian Ocean to link up with Japan and India. Talk about stupidity having no cure!
Talking and chanting slogans is easy. Plucking grand plans out of thin air, without thinking and studying the problems involved is not going to work. It is not as simple as turning on the printing press 24 house a day printing toilet papers.
Sinkies land loans at 150% on their GDP wheras UAssA only 125% for their pockets and wars.
ReplyDeleteSo who is more in debts?
Sinkeland loans are for building infrastructures like the MRT and etc and thus needed 6 to 10 Millions to utilise them to have a profit.
That's Why the must die die have BTOs for the 10 M at few hundred thousand per unit and also must have the numbers to squeeze you idiots as sardines to repay their 150% loans m
So die die must sign at least another 10 CECAs.
So Sinkies brace yourselves to be more populated than HK and India and China on your little Red Dot.
Cheers
https://youtu.be/dDjk2IrGcIU?si=6DVyDR9QzVWMD1mk
ReplyDeleteSingapore Massive Debts
Borrowed $1b from the people. Built homes and sell back to the people at say $4b and make $3b. So easy to make money.
ReplyDeletePrefab piece by piece same monotony design at Matland RM.3.50 to 1.
ReplyDeleteThen 2 roomed still with that stupid"Hong Kong Low" aka Airraid shelter wasted space at 46sqm at S$160 over K.
Still can said lost how many millions, oops billions.
Conned small children ah?
Somemore have to wait 4 to 5 years and Chinkees Sinkies aiyo no priority.
Some can apply today and lucky as minority can get tomorrow.
Wah so good ah.
Some more resale still complain cannot sell open market and made more profits ah?
Wants profits you want? Don't lose tau cheow liao.
Why does it take the IMF so long to slam the USA about its spending spree? I think it is too late to stop the cancer. With US$95 billions to be given to Ukraine, Israel and Taiwan, the spending is getting even more ridiculous instead of under control.
ReplyDeleteIs it because the USA is now openly in deep, deep trouble with its economy, that the IMF is now raising its voice in order take credit for its belated warning to the USA? Inflation is creeping up and banks are tottering. Republic First Bancorp just gone bust and many others are in equally dire straits.
The IMF probably just emerged from under a rock to show its awareness, and trying to tell the world that it now sees the problem. What an amazing discovery! Isn't it a little late, as most people already saw the writing on the wall long before it did.
Everything was just recently reported to be so rosy in the USA with job creation hitting the roof, resulting in a tight labour market for companies. The Fed was earlier reported to be ready to cut rates in the first quarter of 2024, then pushed back to June or July, now postponed to September I believe. All those loose talk of cutting rates back and forth are realistically a tactic to keep the economy on ICU, in order to give Biden a better chance in November. A collapse economy will kill Biden's chances, which is already rather slim.
Ukraine and the EU are nervous about a Trump victory and their lifeline is at stake. So does Israel. China has lately been accused by some USA quarters of interfering in the November election and the narratives are surfacing. China is basically not interested in whoever wins in November, knowing that both Presidential candidates are anti-China to the core. Therefore, why should China interfere in the coming November election? It does not make sense.