Debt Peonage, Neo-colonial Style: The Video
The Renegade Economist website has a clever and instructive video animation on how banks, corporations and governments use debt to prey upon needy countries and stay on top. As “Billion Dollar Bill,” the superhero banker, candidly explains, “The cheapest, most lethal weapon in the world [is].....spreadsheets!”
The ingenious tool for consummating enclosures around the world is debt – loans made to impoverished countries with coveted natural resources that can be acquired via corrupt or gullible leaders. It works this way: Bankers and the U.S. Government persuade the countries to put the natural resources in hock in order to finance loans for infrastructure development (with lots skimmed off to the middlemen bankers and politicians, and kudos for "helping" poor countries "develop.").
The loans intensify pressures to monetize nature in order to come up with funds to pay the loans. Government aid programs then collude with multinational corporations to enclose shared forests, pastures, water and other resources used by commoners. Land values rise, along with rents, displacing poorer people from their apartments and homes, swelling the ranks of the homeless and "informal sector." As the Renegade Economist folks put it, "It is not conspiracy -- it's structural economic behavior locked into Western Foreign Policy and therefore the global economy. It's branded aid but really it's neo-colonialism."
- Read more about Debt Peonage, Neo-colonial Style: The Video
- Log in or register to post comments
Recent comments