In a conversation at The People’s Forum NYC, the renowned economist Michael Hudson explains what distinguishes the growing debt of the United States from the debts of poorer countries.

”This is a very important issue. What sets Africa’s and the third world’s debts apart from the USA’s? Firstly, the USA will never pay off its debt. It doesn’t need to because it has its debt in its own currency. It can simply print money. Africa does not have its debt in its own currency. Their debt is in U.S. dollars. Africa needs to earn U.S. dollars. The World Bank’s basic principle is that no country should grow its own food. Africa and the third world should only grow export crops. To have an abundance and keep prices down, they have to buy their grain from the USA or Europe. So, if they do something we don’t like, we can do what the USA did to China in the 1960s. We can sanction and threaten to starve them. So, having their debt in dollars means they have to sell something that the USA wants, not what they want. In my opinion, the World Bank and the International Monetary Fund are the world’s most evil organizations.”

This is how Western ”imperialism” works, according to Hudson.

”You make them own the debt in your currency, not their own. You control their central bank and make them dependent on you. Then you have a stranglehold on them.”

According to Michael Hudson, countries are also afraid to go against Western imperialism and write off their debts because the CIA threatens to kill them.

Economics Professor: ”The World Bank and IMF are the most evil organizations in the world”


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