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2min chapter
How the IMF and World Bank Repress the Poor with Alex Gladstein (WiM263)
The "What is Money?" Show
What Is the Global Cantaloupe Effect?
The World Bank and IMF are making money off the global cantaloupe effect. They can borrow cheaply dollars from private banks in the US at 5%. And then they would loan it out to poor countries at 8%. So this is kind of how these institutions were operating. It's important to note that these are not no strings attached gifts. These are loans where the borrower is going to have to pay back more."
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