Michael Hudson explains why US debt works differently from African debt. The US prints dollars to pay its debts, but African countries borrow in dollars and must export goods to earn them, giving the US leverage through sanctions and trade control.
I have a question. What's the difference between the US Debt and the debt that African nations own? Because the US Debt doesn't keep the US from being one of the leading powers of the world. But then African nations can't make it because of that debt that is strangling them.
Should I talk? Okay. The first question is a very important question. What makes African and Third World debt different from the American debt? Number one, America is never going to pay its debts. It doesn't have to. Its debts are in its own currency. We can simply print it. The African debt is not in its currency. The African debt is in US dollars. Africa has to earn the US Dollars. And the only way it can earn the US Dollars is not to be assassinated for growing its own food and becoming independent and doing something that the United States does not like. The principle underlying the foundation of the World bank, the International bank for IBRD Research, the World bank is that no country should grow its own food. Africa and the Third World should only grow export crops to export in order to have an oversupply of cocoa and other tropical raw materials. To keep down the price, they must buy their grain from the United States or Europe so that if they do something that, that we don't like, we can do what America tried to do to China in the 60s. We can sanction them. We can say we're going to starve you. We're going to not export any grain to you. So owing their foreign debt in dollars means that they have to somehow sell something that the United States wants, not what they want. I think the most EAS evil organizations in the world today are the World bank and the International Monetary Fund and my book Superimperialism.
If these are God's chosen people then God chose them to test the rest of us.
