The IMF debt trap and how to get out of it
Вставка
- Опубліковано 25 кві 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!
"The I.M.F is a financial instrument of the U.S. military."
- Prof. Michael Hudson
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 !
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?
Excellent explanation & solutions presented are also good. I hope your channel grows quickly and more people can learn this stuff.
Africa doesn’t need any of these banks! Create your own bank and finance it yourself you’ve got all the resources you need.
CORRUPTION is number 1 problem
Wow, it's impossible to press the like button.
Happening now in Kenya
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".
Maybe the East and South should consider new economic models that do not require western carbon copied economies and governance.
Results after borrowing from IMF = I M FUCKED.
✊👍
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.
AFRICA: You are not the first country to find yourselves in this bind. Ten years ago Jamaica was one of the three debt laden contries in the entire world. Today the island is now a low debt country and the financial times described the achievement as the closest you will see to an economic miracle. Why dont you just call them? They will tell you how to get out of it.
The author has done a lot of thinking. Good thinking too. But it seems he is also trapped in the usual blame game. It is time Africa leaves the habit of blaming others for its own problems. Those problems do not go away because others are not going to solve your problems. The condition of life on the planet earth is that every life unit has to struggle to make ends meet. In this everyone has a responsibility to provide for oneself. Then human and many other forms of life have learnt to cooperate and compete. We have to abide by that too. But first of all we have to work hard and creatively work to break the yoke of poverty ourselves. Yes we have to cooperate with the rest of the world. Yes we have to compete. Yes there are stronger and larger powers and economies with which we have to compete and cooperate. But still we have to rely on ourselves. Whth that type of mindset it is possible to tackle the issue of development. Take the example of those countries and regions and learn how they did it. Leave the blame game once and for all
humans are mostly people of religions with various gods. it dont matter what god as long as you have a god within any of the given religions. many are always trying to create new gods. thats just humans. and it all needs money. without money we have no living. we would only exist. wait for religions to settle out of court their varied differences and see monetary flows smooth once again.
Kenya's nightmare right now
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.
I suggest just tell the IMF "no" we aren't paying because the solution that IMF wanted failed thus not returning the funds.
You did not mention ,local CORRUPTION, why ???
Russia and China are showing the world a better way.
Why not have rooftop solar with huawei?
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.
Thanks to Modi, india is not in that anymore atleast politically. It’s still high in the bureaucracy and judiciary
They don't want to hear this, they want to hear how it's all someone else's fault!
Balance your budget, live within your means and you won't need the IMF
Exactly, no one needs the imf, they force themselves into countries with US military and coup d etats, you know that Rabbi
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?
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.
how to get out of it is not to get it in the first place
Our daddy pudding will save us. He gives money and weapons for free.
Put the blame on China as they always did. IMF, world bank and adb escape.
Brics currency stronger than US dollar!
USA is itself is badly in debt?
Only difference is , it holds the world reserve currency . as it prints paper currency to infinity , foreign nationals uses it to service their dollar denominated transactions . That is why usa wants to maintain its hegemony