I'm pretty positive the members of the IMF wouldn't take kindly to that, the Bolivian leadership most likely calculated that it's not a fight worth taking.
How is this legal, though? So any fascist right wing administration can do a drive by borrow of a 500 Billion dollar loan from the IMF and just shackle the country to the US government forever?
Currently listening to Debt: The First 5,000 years. In it the author mentions that most of the huge loans that break the backs of poor countries economies were taken out by right wing dictators. Who probably just pocket the cash in a Swiss bank account.
It's profoundly fucked up, but that's how they want it.
one of Chomsky's better takes is that virtually every debt held by countries like Bolivia (owed to the IMF) should be nullified under our own doctrine of odious debt, which states that debt is illegitimate if it's incurred via threat of violence or under extreme duress
seems like a totally cool and good thing to have on the books until you realize we only invented it to get out of paying Cuban debt to Spain when we "liberated" Cuba lmao, apparently the rest of the world is shit outta luck!
They did, the imf thought "hell yeah, perfect opportunity for the neocolonialist debt interest mechanism to exact submission from another poor country" and maybe a little "thanks for the alley-oop, CIA"
cant they just declare it was a terrorist coup and not a legitimate transaction. lenders should really think before giving money for terrorists
I'm pretty positive the members of the IMF wouldn't take kindly to that, the Bolivian leadership most likely calculated that it's not a fight worth taking.
How is this legal, though? So any fascist right wing administration can do a drive by borrow of a 500 Billion dollar loan from the IMF and just shackle the country to the US government forever?
Yes. That is the IMF's raison d'être.
Currently listening to Debt: The First 5,000 years. In it the author mentions that most of the huge loans that break the backs of poor countries economies were taken out by right wing dictators. Who probably just pocket the cash in a Swiss bank account.
It's profoundly fucked up, but that's how they want it.
one of Chomsky's better takes is that virtually every debt held by countries like Bolivia (owed to the IMF) should be nullified under our own doctrine of odious debt, which states that debt is illegitimate if it's incurred via threat of violence or under extreme duress
seems like a totally cool and good thing to have on the books until you realize we only invented it to get out of paying Cuban debt to Spain when we "liberated" Cuba lmao, apparently the rest of the world is shit outta luck!
They did, the imf thought "hell yeah, perfect opportunity for the neocolonialist debt interest mechanism to exact submission from another poor country" and maybe a little "thanks for the alley-oop, CIA"