The Americans are taking the lead to frighten the African countries and the rest of the world about debt trap for building infrastructures in their countries. To the Americans, poor countries that cannot afford to pay must remain poor and undeveloped, must not borrow money to develop their countries. Debt is bad.
Debt is good only for the Americans. The Americans have chalked up more than $35 trillion of debt and growing rapidly and this is good. All the Americans are in debt, with their credit cards, spending like no tomorrow. But Africans and people of the Global South must not spend like the Americans, must not incur debt, must not borrow to buy a house or a car. Such expenditure would end up in debt traps.
By the way, there is another type of debt trap that is good and the Americans and the West would not talk about it. African states are in debt to American and western banking institutions by as high as 80% of their total debt and have nothing to show for it. On the other hand, their Chinese debt amounts to only 10 to 12% of their total debt. And these are for infrastructure development, in highways, rails, ports, cities, schools, hospitals, bridges etc etc. They all all visible to the eyes and are long term assets to these countries.
And the interest rate of Chinese loans are the lowest with many interest free loans to needy countries. The interest rates charged by the American and western banking institutions are obsessively high, often twice the rate charged by China. Why are the Americans and the West silent about these horrible debt, not talking about them? These are the real debt traps that the African and Global South countries are saddled with for decades and unable to pay back, resulting in these countries forever remaining poor and undeveloped, remaining as shit hole countries.
The Americans and the West cannot hide the debt traps they created for the African and Global South countries. By not talking about them does not mean that no one knows. By attacking China as a diversion would not work. The truth is in Beijing, where practically every African leaders are there to negotiate for more trade and cheap loans from China. And China does not disappoint.
The African leaders are not stupid. They are seeing with their own eyes what had happened to their countries after centuries of plunder, pillage, exploitation, looting and neglect by the western colonial powers. They are taking the future of their countries into their own hands, to rebuild their countries to become modern and developed states, with cheap loans and technology from China. They are not going to be deceived by the West and controlled and robbed by the West anymore.
No more debt traps from the Americans and the West. Americans and Europeans, get out of Africa!
5 comments:
Africa should have learnt from the lessons centuries ago, when they were captured and whisked off to the sickest country on earth to be slaves. These sickos cannot be trusted.
Some stupid African leaders still cannot tell the difference between what the white men did to Africa and what the Chinese and Russians are doing for Africa. Some even condemned China and Russia like they were their ex colonial masters there to colonise and exploit Africa. They could not understand that without China and Russia helping, the West would be very happy to continue to exploit Africa and keep it forever as a shit hole.
Who is there to help Africa, if China and Russia do not help?
After the Opium Wars 1839-1842 and 1856-1860 China was reduced to a semi-colonial state of many Western countries notably England, France, Russia, United States and Japan. All these countries occupied encraves in Chinese ports, cities and towns under their total control with their own exclusive laws under their extra-territorial rights. In the aftermath of the First World War 1914-1918, Doctor Sun Yat Sen and his KMT government requested help for financial loan in the 1920s from the Western countries, Russia and Japan for China's national development. Dr. Sun Yat Sen's request for help was turned down by all of them claiming it was not to their interest to help China to develop and be united as they would all lose their extra-territorial rigjhts to exploit China. They would rather keep China poor and disunited. Besides financial exploitation, this caused China to lose Outer Mongolia and Tannu Tuva ( formerly part of Outer Mongolia ) to Russia due to Russia's vile deception and dirty scheming and plot against China. Similarly the African countries are now facing the same situation as China before. Western countries will never help all countries of the South in Africa and South America to develop and grow rich as if this happens they will not be able to exploit these countries for their own selfiish ends. Their policy and attitude is to keep these countries permanently poor to be subjected to their never ending exploitation of their economy and national resources. So Western loans with very high interests especially from US, World Bank and IMF is basically geared to keep Africa and South America countries permanently poor. Normally a greater part of their loan will be used up to pay the very high salaries of Western so-called expertise, building of expensive luxurious apartments to house them and buying of US overpriced technical equipments and machines. So usually in practise most of the loans money is sent back to US. What is left of the remainder of the loan is not even enough to pay for the interest of the loan. Every year the debt of a loan is added to the debt of the next year's loan. So it is a vicious cycle of Western loan that is geared to keep poor countries of Africa and South America permanently poor to the selfish benefits of the self-serving US and other Western countries and Japan.
Whereas very low interest loans from China in using it to build local infrastructures like roads and railways, ports, towns, cities, hospitals, schools, universities and sports stadiums will go a long way to develop all these countries of the South. China's tangible aid and loan is there for all to see.Very often China is generous and benevolent enough to write off the debt or reschedule the loan to serve the interest of these poor countries. Thus it is vicious for US and the West to charge high interest expensive loans with nothing tangible to show but just to keep the borrowing countries of the South, in Africa and Souh America permanently poor and subject to Western control. The West led by US is really vicious and deplorable.
Southernglory1
The fact of the matter is that there are still some Dictators in Africa consorting with the USA and the West to exploit their own country for their own benefit. These are not stupid African leaders as some may think. They are as smart as you can imagine, but corruption has turned them into traitors to their own country. All they care for is how to feather their own nests and how much the Whites are sharing with them in exploiting the resources of their country,
These traitors do not care what good Russia and China are doing in Africa. They have eyes too, but they rather turn a blind eye and continue enriching themselves than caring about what happens to their country. After all, they know they cannot rule forever and at some stage must give way. So, why not make hay while the sun shines.
And if some are saying that some African leaders are even condemning Russia and China, it goes without saying. China and Russia are spoiling their lucrative relationship with their colonial masters in a bilateral win-win situation. Why allow China and Russia to end all that?
There are many ways the West is using to evert control of the world apart from the US$ hegemony.
Setting debt traps is one, which the IMF and World Bank were created to undertake the task. Today, we can see many countries like Argentina, Bangladesh and Sri Lanka being ensnared into the debt traps set by the IMF and World Bank. Argentina is behaving like an obedient dog towards the USA, even professing to support the US$ hegemony by dollarizing its economy.
Keeping countries perennially poor is another way that the USA and the West exert control over poor countries. Without development and infrastructure, poor countries cannot never hope to progress and extricate themselves from poverty and needs help, which the West via the IMF or World Bank would never give them for development. Why let them progress and grow rich which will make them more difficult to control? When China came into the picture to offer help to those poor countries, it set off alarm bells in the West and the demonization of China setting debt traps became a mainstream mantra.
The fear is that what China did with itself, going from poverty stricken to become the second biggest economy, is going to be allowed to play out and transplanted into other countries, which will give communism a moral victory over democracy.
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