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Alex Gladstein: "Debt Colonialism, The Petrodollar, and Bitcoin"

The Great Simplification with Nate Hagens

CHAPTER

The Paris Club and the Third World Debt Crisis

World Bank loans are very long, 10, 20, 30 years. They often get readjusted through the Paris Club. The IMF loans were supposed to be short term and they were meant to be fixed. What happened is our Western banks got so over leveraged on debt to these nations that if those countries collapsed, we'd have a 1930s financial crisis. That's why there's been an exponential rise in global South debt since the early 70s.

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