Life or Debt? How the IMF Keeps Africa Down

Instead of helping promote development, the International Monetary Fund (IMF) traps countries in cycles of debt and instability. Grieve Chelwa, Director of Research, Institute on Race, Power & Political Economy at The New School, explains how countries of the Global South are forced to go to the IMF for aid over and over again.
#BreakThroughNews

Пікірлер: 128

  • @Asrahn
    @Asrahn Жыл бұрын

    "Most countries are rich - only the people are poor. . . These countries are not underdeveloped, they are overexploited." - Michael Parenti

  • @CommieApe
    @CommieApe Жыл бұрын

    Sankara's policies of refusing IMF interference was for the sole purpose of maintaining the revolution. They knew if they accepted colonial or imperial funding they were compromised.

  • @zhongguojiayou2675
    @zhongguojiayou2675 Жыл бұрын

    I've kind of been saying this exact same thing for years. Its only now that people are starting to wise up to it. IMF, is the main culprit as to why so many countries are in debt, I mean look what the IMF did to Greece 🇬🇷.

  • @grandwonder5858

    @grandwonder5858

    Жыл бұрын

    IMF and World Bank are both responsible for the vast majority of the debt traps in Africa, Asia, South America, and other continents. Both of them are controlled and run by the USA and the US uses both of them as debt traps to keep other countries in endless debts so that they would always be under the US’s control and their natural resources would always be free for the US to take! Just look at how the US government helps private lending companies (Such as payday lenders) to keep its own citizens in endless debt traps (Simply because the politicians are bought out by these private lenders). If the US government helps private lending companies to keep its own citizens in endless debt traps just imagine what the US government would do to the citizens of other countries when it comes to setting debt traps for them! Hey, the US didn’t become the richest, most powerful country in the world by being nice and fair, right?

  • @zhongguojiayou2675

    @zhongguojiayou2675

    Жыл бұрын

    @@grandwonder5858 Fair point my friend. Pretty much agree with everything you said. 👍🙏

  • @ceceliaharmon9665

    @ceceliaharmon9665

    Жыл бұрын

    Absolutely! Even now when you mention these things and the geopolitical tools that stop development people look at you like a conspiracy theorist.

  • @versey2

    @versey2

    Жыл бұрын

    The IMF saved the Greek economy.

  • @zelenskythegaynazi8680

    @zelenskythegaynazi8680

    Жыл бұрын

    ​@@versey2 And US brought "democracy", "human rights" and "peace" to countries they invaded, bomb and caused economy, social and cultural genocide with mass refugees.

  • @farahmo4519
    @farahmo451910 ай бұрын

    Its funny how poorer people are the ones burdened with higher rates of interest on loans

  • @cesarluevano3692

    @cesarluevano3692

    7 ай бұрын

    Not true if poor has good credit

  • @jamesmurphy9426
    @jamesmurphy9426 Жыл бұрын

    Austerity is also in Europe Especially in Greece Italy Spain and the UK Privatization is the economic Crusade Ukraine is a prime example so was the reasons of the Yugoslavia Wars Eastern Europe has be depopulated

  • @shauncameron8390

    @shauncameron8390

    28 күн бұрын

    Austerity is the consequence of economic mismanagement.

  • @anthonykerr2806
    @anthonykerr2806 Жыл бұрын

    ....I'm from America, our gov. doesn't spend money on the poor.....infact that is what humanity is dealing with class stratification. Money itself is debt....period. It literally is enslavement, as the loans can never be paid back. further more Ireland never gets brought up with slavery, and all of Africa compared to just Ireland makes quite the case of how everyone was and is enslaved. We need the Zeitgeist Movement.

  • @kbmblizz1940
    @kbmblizz1940 Жыл бұрын

    😂 You need to put jingoistic title like, "Colonial IMF traps poor African countries with debt bomb!" But then that would be the truth for last 200 yrs.

  • @forktongue9065
    @forktongue9065 Жыл бұрын

    Bingu Wa Mutharika spoke about the West 13 years ago and African leaders should have paid heed .The West said he must not give his farmers subsidies but they are giving theirs.

  • @loutsont2985

    @loutsont2985

    3 ай бұрын

    Yes this is what is stated in the video; double standards. The West knows how real economy works but chooses to turn a blind eye to the rural areas and even their own farmers. Small farmers who want to go traditional to save nature get no loans and no realistic prices for their products but big polluting agribusiness can continue. Big Finance is the enemy of real sustainable growth.

  • @jazariareid7250
    @jazariareid72506 ай бұрын

    When Africans going to start its own financial system? African leaders are hurting African 🇯🇲

  • @loutsont2985

    @loutsont2985

    3 ай бұрын

    This is a great idea - better than becoming the slave of the next outside currency, like BRIC or China.

  • @kiaora7214
    @kiaora72147 ай бұрын

    Great discussion 👍

  • @JandRMediaLimited
    @JandRMediaLimited5 ай бұрын

    Raising domestic capital and pay investors as pay as you go returns. For example have a strong contract that guarantees returns. Build road and toll it

  • @heralds5662
    @heralds5662 Жыл бұрын

    Relationship with Amurica will bring a country a military base

  • @vangroover1903
    @vangroover19035 ай бұрын

    The stick market has been booming lately, but without a mud and buckets market to bolster it it will be hard for the economy to branch out and build lasting wealth, or even those nice mud huts the country is so famous for. Africa is such a big country they would probably do better to consolidate their debt into one easy monthly payment.

  • @loutsont2985

    @loutsont2985

    3 ай бұрын

    Smart idea. And then favour the internal African market by taxing imports/ruling %homeproduced.

  • @vangroover1903

    @vangroover1903

    3 ай бұрын

    @@loutsont2985Yes, tariffs protecting the stick and mud markets could be a useful tool.

  • @terrystraker2459
    @terrystraker2459 Жыл бұрын

    All praise to Almighty God; the lack of a true sense of unity among the African people is fundamentally key to propelling this magnificent continent forward we must have unity. All praise to Almighty God amen.

  • @loutsont2985

    @loutsont2985

    3 ай бұрын

    "And Jesus said: do not scorn the splinter in the other's eye when you do not see the beam in yours." How united is the rest of the world?

  • @clementgavi7290
    @clementgavi7290Ай бұрын

    ‘Africa shackled by debt’ you say. Let’s imagine the continent of Africa as a company. Where do we see debts? In the balance sheet in forms of liabilities. What do liabilities means in that balance sheet? The assets. This is why the accounting formula goes Assets=Liabilities+Equity Now to what extent debts shackle Africa when in the same Africa they say there is no basic infrastructures, basic this and that? Maybe the problem isn’t debt per se, the allocation, the use made of debts. Since centuries we have hearing about how huge is Africa’s debt. If these debts which are sources of financing were used to prepared the future in investing, Africa wouldn’t be the poorest of the poorest despite debts and natural resources.

  • @yahaidotdev
    @yahaidotdev3 ай бұрын

    Who wants to take a haircut? 😅

  • @george_anak_lihi
    @george_anak_lihi8 ай бұрын

    0:09 *$#@*how biggest scam❤😂😊

  • @jerronng6036
    @jerronng6036 Жыл бұрын

    Imf = adb = g7westUS hegemony...😢😮😢

  • @ShaneNull
    @ShaneNull2 күн бұрын

    Cut all ties!

  • @indonesiamenggugat8795
    @indonesiamenggugat8795 Жыл бұрын

    ✍✍🌹🌹

  • @Chandankumar-qw6hb
    @Chandankumar-qw6hb6 ай бұрын

    Debt trap Policy😮

  • @AbuMiqdamAlAfriki
    @AbuMiqdamAlAfriki3 ай бұрын

    If the president of the world bank is picked by usa presidential winner and the managing director by europe, doesn't that mean there are huge conflict of interests towards those two institutions acting independently without external political influences whether negative or positive? So many issues to untangle, not even sure where to begin, 😅. I definitely think the world needs to stop relying on the us dollar as the global world currency.

  • @loutsont2985

    @loutsont2985

    3 ай бұрын

    And beware of alternatives.

  • @AbuMiqdamAlAfriki

    @AbuMiqdamAlAfriki

    3 ай бұрын

    @@loutsont2985 Would you care to elaborate on that?

  • @sebastiancioek5970
    @sebastiancioek59708 ай бұрын

    China is doing the same things, they lend so much money the country can't pay and take a part or whole of infrastructure for the debt - they like ports very much!

  • @haveaseatplease

    @haveaseatplease

    7 ай бұрын

    nope; that is a myth, the PRC typically forgives half of the debt for any developing nation

  • @loutsont2985

    @loutsont2985

    3 ай бұрын

    Nice to meet you.

  • @sebastiancioek5970

    @sebastiancioek5970

    3 ай бұрын

    @@loutsont2985 You too! I came across a cool book kzread.info/dash/bejne/oqhs0qV7ZK_Aoco.htmlsi=pmHRrqFSDCcQHX3_

  • @Desperate-Drive3423
    @Desperate-Drive34237 ай бұрын

    lies lies lies

  • @ruvanefriebus-cv6td
    @ruvanefriebus-cv6td7 ай бұрын

    😂

  • @marcellusnichols7384
    @marcellusnichols73844 ай бұрын

    The speaker doesn’t seem to know what he is talking about. The IMF lended money to pay for construction projects throughout Africa. Most of these projects were never built, then the leader who either stole the money or took office after the loans were taken out, took out additional loan to cover missing money. Please people research all the project that were never completed.

  • @mStargazin

    @mStargazin

    4 ай бұрын

    They are exploiting us

  • @loutsont2985

    @loutsont2985

    3 ай бұрын

    True, lots of loans were pocketed. But the IMF didn't care: the debt was created. If they had cared, they would have made sure that the money reached the contractors/workers.

  • @CrowdPleeza

    @CrowdPleeza

    3 ай бұрын

    Yeah, what are people expecting to happen when already corrupt governments receive these loans? They are likely to mismanage those loans.

  • @kevinwells6115
    @kevinwells6115 Жыл бұрын

    We Should Stop Saying "The West". We Should Say "The Europeans" Instead: White Folks!

  • @farahmo4519

    @farahmo4519

    10 ай бұрын

    What of the Americans?

  • @elemel7524

    @elemel7524

    8 ай бұрын

    😮

  • @elemel7524

    @elemel7524

    8 ай бұрын

    No solo jewels✡️🕎

  • @xa-12musk8

    @xa-12musk8

    7 ай бұрын

    Racist.

  • @loutsont2985

    @loutsont2985

    3 ай бұрын

    Bolsonaro nearly wiped out indigenous tribes of the Amazon, Russia steals the mineral riches of Afrika, China swindles Africa out of its farmland, Arab states let warlords steal influence territory in Africa etc. Not: white folks, but: wealthy folks.

  • @stussymishka
    @stussymishka5 ай бұрын

    Imagine borrowing money from someone at zero interest when are you struggling. You dont do anything productive with the money. You dont pay it bank. Then you get mad at the person who loaned you money and say they are exploiting and controlling you. Africa needs to grow tf up. 😂🤡

  • @shonawine90

    @shonawine90

    4 ай бұрын

    Listen don't comment want you don't understand it's debt given with some conditions that will ultimately weaken you

  • @niceboy5559

    @niceboy5559

    4 ай бұрын

    Can't speak on other countries in Africa but for sierra Leon we were required to lower our value for our minerals which had a knock on effect even if we are rich with minerals. Not sure how things would have played out if we didn't ask for those loans but saying places didn't do anything with that money is probably misleading since sierra Leon isn't the only place to have an issue like this in Africa

  • @loutsont2985

    @loutsont2985

    3 ай бұрын

    African leaders, too, have to please their people, just like in the west. Look how western leaders are on the leash of the big corporations/banks.

  • @yasho.
    @yasho. Жыл бұрын

    dont do squat and blame the IMF 😂

  • @lf1496

    @lf1496

    Жыл бұрын

    Your comment is embarrassingly ignorant. "Confessions of an Economic Hitman" Is a book written by a former IMF loan officer who details how the US government killed any leader who would not take the loans. They couped African leaders like Kwame Nkrumah, Thomas Sankara, Patrice Lumumba the latter two who they actually killed because they wouldn't take the loans. Any country that has leaders who tries to use their resources to help their own people THEY kill, installing a puppet that allows the West to STEAL resources. Thuggish, Thieving COLONIZER PIRATES😮

  • @lightningRatPack

    @lightningRatPack

    8 ай бұрын

    Ya its easy to blame the IMF. When you have leaders that just steal the money.

  • @shauncameron8390

    @shauncameron8390

    28 күн бұрын

    @@lightningRatPack Or mismanage the economy to ruin having to run to the IMF to stave off unrest and collapse.

  • @wnklee6878
    @wnklee6878 Жыл бұрын

    Beggers can't be choosers. Don't go to the IMF instead of complaining about it.

  • @ndwandwewasendwedwe7964

    @ndwandwewasendwedwe7964

    Жыл бұрын

    What are you saying?

  • @wnklee6878

    @wnklee6878

    Жыл бұрын

    @@ndwandwewasendwedwe7964 I am saying dump the West and get help from the East. Unless you want to remain in this situation and limit yourself to complaining about it.

  • @ndwandwewasendwedwe7964

    @ndwandwewasendwedwe7964

    Жыл бұрын

    @@wnklee6878 👍🏿👍🏿👍🏿

  • @AnonUser2023

    @AnonUser2023

    Жыл бұрын

    Countries have decades of debt to pay back to the west. Why should China or any other country lend to a highly indebted country, because they are ultimately paying Western creditors. This is one of China's main complaints, that Western and IMF debt is highest priority over all other debts in terms of repayment. It is not as simple as you claim, sorry

  • @jillfryer6699

    @jillfryer6699

    Жыл бұрын

    @@wnklee6878 and just say stuff the outrageous debt to IMF etc? Or do you borrow from 'the east' to pay them out then move your business 'east'? Food 4 thort. Seriously.

  • @glennscurry539
    @glennscurry539 Жыл бұрын

    What is he talking about, it's about putting your foot down and saying our banks taxes will be deposited every morning and evening, fell to deposited, no working till taxes are paid. And fines until the taxes are paid. That's a start, always have your taxes going to your bank. And they must pay up front in morning before starting work and in the evenings fell to do this is a fine, two fines contract is Broken. That's taken control of your resources. Every truck loaded has a price, and a tax, and the money 💵 goes into your bank. Not there's, that's taken control of your resources. PEACE ✌

  • @Rockstarmade224

    @Rockstarmade224

    Жыл бұрын

    False

  • @sayvorie
    @sayvorie3 ай бұрын

    China called them out.

  • @loutsont2985

    @loutsont2985

    3 ай бұрын

    China is the new loanshark.

  • @Friendlyneighborhoodgarbagebin

    @Friendlyneighborhoodgarbagebin

    3 ай бұрын

    @@loutsont2985not at all

  • @shauncameron8390

    @shauncameron8390

    28 күн бұрын

    @@Friendlyneighborhoodgarbagebin Sri Lanka disagrees.