Why did Africa or the poor countries in Africa start borrowing money? Why not issue their own money?
Why did Africa or the poor countries in Africa start borrowing money? Why not issue their own money? This is a common question asked by people who don’t understand the legacy of colonization and how it relates to modern economics.
The poor countries in Africa started borrowing money because they were forced to do so by the First World countries using their World Bank system. You see, when the World Bank begins to help countries they begin to dictate the economy of a country, in most cases making over 200% interest on their funds.
Poor Countries cannot spoil their economies by printing more money because it will affect the world economic system. Their currency is tied to and graded according to their Debt.
Help from the World Bank not only comes in the form of money, it also comes with intellectual assistance. In other words, The World Bank tells countries how to spend the money in order to insure that they will get their money back. That means that they send in “so called” experts to guide and control the economies of poor countries.
Those foreign experts get paid from the loan and once the experts get control of your economy they also bring in foreign companies for infrastructure and other projects. So in essence, all the money from the Aid Loan goes right back out of the country. The World Bank only uses companies from contributing countries making Aid a business more than anything else.
