Hello bitcoiners.
I was reading the following article about how the IMF and World Bank drain resources from third world countries: https://bitcoinmagazine.com/culture/imf-world-bank-repress-poor-countries }
I don't know if someone already talked about the article. However, I will share my opinion:
I'm from Colombia, one of the countries that IMF and World Bank have been lending money over the last years. Personally, I have seen how our previous presidents (since 20-30 years ago) have done literally EVERYTHING that IMF and World Bank have demand. The results? People find themselves poorer each year, less capable of produce food for their community and struggling to get new jobs; each year Colombia's goverment is more indebted and it will take years to pay the loans!
My country has the luck (or maybe misfortune) of having 2nd biggest biodiversity of the world, after Brazil. That means my country has gold, coal, petroleum, diamonds, water resources, different climates, food, etc. Over the last 3 decades, goverments have decided to promote industrial sectors (such as coal mining, petroleum production) over agricultural production. There are some communities in where the big mining companies have stealed their land. All that, because of the mandates of IMF and World Bank, despite the fact they feel proud to state they help to reduce poverty.
According to the article, the demands include:
- Currency devaluation
- Abolition or reduction of foreign exchange and import controls
- Shrinking of domestic bank credit
- Higher interest rates
- Increased taxes
- An end to consumer subsidies on food and energy
- Wage ceilings
- Restrictions on government spending, especially in healthcare and education
- Favorable legal conditions and incentives for multinational corporations
- Selling off state enterprises and claims on natural resources at fire sale prices
Most of the previous policies have been implemented in Colombia over the last years.
While I was reading the article, everything I have seen happening in my country started to makes sense. We always tend to think "our leaders are such idiots" but in fact, all they have done is to follow IMF and World Bank policies! big IUGH
It is very disgusting how these unelected technocrats have the power to control small and poor countries, even almost full continents! Their goal is to maintain us poor and make the wealthy countries, wealthier!
This system definitely need to change!
What do you guys think?
Let me know in comments!