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[–] 8 points 4 months ago (1 child)

This phenomena ruined so many African nations. A dictator comes in, defleeces the economy and disappears. Leaving the country open to leveraged loans, and world banks.

That is a very different phenomenon. Those countries owed money in a foreign currency, namely US dollars. The US also owes in US dollars, but that is its own domestic currency, which it can print at will.

The US has no need to take on these USD loans, because it is the issuer of that very currency.

So why is the US borrowing its own currency? To give the wealthy a safe place to park their capital with interest. Why would the US do that? Because the wealthy want it to do that, and they run the state.

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