261. John Perkins: The Economic Hitman

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Feb 18, 2025

John Perkins, author of the bestseller "Confessions of an Economic Hitman," sheds light on the manipulative strategies that trap developing countries in debt. He critiques GDP's misleading portrayal of economic progress, revealing its impact on the average citizen. The discussion contrasts China's collaborative economic strategies with the U.S.'s military approach to global influence. Perkins also explores Bitcoin's potential as a solution for debt-ridden nations, advocating for a rethinking of international financial practices.

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ANECDOTE

The Economic Hitman's Role

John Perkins' official title was chief economist, but his actions led to the term "economic hitman."
His role involved convincing resource-rich countries to take on large loans for infrastructure projects, benefiting US corporations and a few wealthy families.

INSIGHT

Misleading Metrics

GDP and GDP per capita are misleading metrics that don't reflect the prosperity of the average person.
These metrics mainly show how wealthy people and big corporations are doing, while poorer individuals may suffer.

INSIGHT

The Debt Trap

"Social net benefit" calculations allow manipulation of project feasibility studies, promoting debt.
The World Bank and IMF rarely advise against borrowing, perpetuating a debt trap.

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