155. IMF & World Bank Misery Industry with Alex Gladstein
The Bitcoin Standard Podcast
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Bankruptcy Is a Normal Part of Capitalism
In a normal capitalist system, that problem is to a very large extent self-correcting. But now you're borrowing from Citibank in the Federal Reserve and these foreign governments and they have money printers. And so when you fail at paying them back because you're a deadbeat, a third world leader and you're not going to pay them back, you are kept replaced with another carbon copy. It's not profitable if you get wiped out and you can't pay them back and they grow bankrupt. The moral hazard here is really significant because the IMF and World Bank are actually doing some insurance for Western companies. Maybe in a normal world we would be more prudent about what they were doing
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