America and Africa | Michael Hudson's Opinion on National Debt https://www.youtube.com/watch?v=UT4wcvXAo7g why national debt is having such a severe impact on African nations while America remains a world power despite her own debts.
Youtube transcribe: what makes african and third world debt different from the american debt?
number one america is never going to pay its debts. its debts are in its own currency we can simply print it
the african debt is not in its currency the african debt is in u.s dollars africa has to earn the u.s dollars and the only way it can earn the us dollars and not be assassinated for growing its own food and becoming independent and
doing something that the united states does not like
The principle underlying the foundation of the world bank and the IBRD research is that no country should grow its own food. africa
and the third world should only grow export crops to export in order to have an oversupply of cocoa and other tropical raw materials to keep
down the price. they must buy their grain from the united states or europe so that if they do something that we don't like we can do what america tried to do to china in the 60s. We can sanction them we can say we're going to starve you we're going to not export any grain to you foreign debt in dollars means that they have to somehow sell something that the united states wants not what they want.
i think the the most evil organizations in the world today are the the world bank and the international monetary fund and my book
super imperialism that i wrote in 1972 is all about that . the largest purchasers of the book uh were the defense department and the CIA. ciathe organization i worked for was given a seventy five thousand eighty five thousand dollar defense department contract for me to come to
explain to them how american imperialism worked
i had written the book thinking that socialists and third world countries would do something about it and indeed
...
there's also something we're suffering from in africa the devaluation of currency as another way of the evaluation of the currency
currency as a way of keeping us dependent continuously. when a country devalues a currency what are they devaluing.
there's a world price for grain a world price for aluminum a world price for raw materials. the only thing that they can really devalue is the price of their labor. So when africa or latin america or greece is told to devalue the currency what that means is pay labor less. you have to squeeze out more to pay the top of the economic pyramid . to suck it all up out to the top ten percent or one percent or zero point one percent .
So devaluation is basically an anti-labor uh policy to prevent a domestic market and prosperity from developing . That is why the
china and russia are saying we don't want to be part of the dollar area. We want our own currency that we will only borrow in our own debt.