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But people on Lemmy told me Belt and Road wasn't an imperial debt trap!
That's the chinese business model. Not that the west can't do the same.
The west literally does the same but on a personal scale to its own people.
Its expensive to be poor.
By design.
The west does this to Africa too, China is merely playing catchup to this awful scheme.
The credit system basically IS the Social Credit System
I don't think many countries besides the US have a credit system, at least not nearly the same.
In the Netherlands for example, there is a credit system, but the only thing that's tracked there is if you pay on time, and all someone can request from this registration is if you're in good standing or not. This also pretty much only applies to loans and mortgages and stuff, credit cards also aren't really a big thing here.
The US credit system is designed to favor the well-off and entrench poverty in everyone else.
The World Bank would like a word:
| Rank | Creditor | % of External Debt |
|---|---|---|
| 1 | World Bank (IDA) | 46.8% |
| 2 | Other Multilateral Creditors (incl. BOAD, IsDB, IFAD) | 16.4% |
| 3 | Bilateral Creditors (incl. France, China, India) | 11.4% |
| 4 | IMF | 9.6% |
| 5 | African Development Bank (AfDB) | 8.9% |
| 6 | Commercial Creditors (incl. Deutsche Bank) | 3.4% |
Sources:
| Rank | Creditor | % of External Debt |
|---|---|---|
| 1 | World Bank (IDA) | 55.0% |
| 2 | ADB/AfDB/IADB | 15.2% |
| 3 | IMF | 11.2% |
| 4 | Other Multilateral Creditors (incl. EIB, Arab Bank for Economic Development) | 7.4% |
| 5 | Bilateral Creditors (incl. Saudi Arabia, China, Kuwait) | 6.4% |
| 6 | Commercial Creditors (incl. African Export-Import Bank) | 4.8% |
Sources:
| Rank | Creditor | % of External Debt |
|---|---|---|
| 1 | World Bank (IDA) | 38.0% |
| 2 | African Development Fund (AfDF) | 14.5% |
| 3 | IMF | 10.7% |
| 4 | China | 9.0% |
| 5 | Abu Dhabi Development Fund | 5.2% |
| 6 | Other Multilateral Creditors | 4.6% |
| 7 | West African Development Bank (BOAD) | 4.6% |
| 8 | Islamic Development Bank (IsDB) | 4.0% |
| 9 | France (AFD) | 3.3% |
| 10 | India | 1.9% |
| 11 | Kuwait Fund | 1.1% |
| 12 | Korea | 1.0% |
Sources:
| Rank | Creditor | % of External Debt |
|---|---|---|
| 1 | Asian Development Bank (China's a smaller 6.4% shareholder, Western countries hold about 50%) | 50.0% |
| 2 | World Bank (WB) | 30.0% |
| 3 | Saudi Fund for Development | 7.0% |
| 4 | Kuwait Fund for Arab Economic Development | 2.0% |
| 5 | Other Multilateral Creditors (incl. IMF, IsDB) | 9.0% |
| 6 | Other Bilateral Creditors | 2.0% |
Sources:
Corrupt crony capitalism by design.
Nations and people enslaved by debt.
Warmongering loan sharks gonna warmonger loan shark.