Expansionism by predatory loans.
by tonytran2015 (Melbourne, Australia).
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(Blog No. 143).
#expansionism, #predatory loan, #infra-structure, #small nation, #China, #loan leases, #Sri Lanka port,
Expansionism by predatory loans.
People in Western countries have seen with their own eyes the method of forcing sale of valuables of borrowers by predatory pay day lenders, short terms money lenders or underworld lenders. Basically the borrowers needing the money must use their valuables (watches, rings, antique items) as security to obtain short term loans from pay day lenders or money lenders or underworld lenders. The interest rate from these lenders are outrageously high (10% a week, or even 10% a day) such that the loan grows exponentially to the point that the borrowers cannot repay and have to lose their valuables.
This practice has now spread to inter-national dealings between nations. Some Western governments such as Australia has attempted to banish this practice inside their own nations between their citizens but there is no obvious way to banish the practice when it is done between governments on international level as a form of expansionism.
1. Predatory loans to countries having corrupt governments.
The lending nations lend money to the borrowing nations which are run by their own corrupt governments. When the borrower nations cannot repay, they have to cede their lands and seas to the lender nations.
The media as well as both the Australian Australia Foreign Minister Julie Bishop and the US secretary of States have revealed this practice at government levels [1-10].
It is terrible in that the borrowing nations borrow the money to build their infrastructure but most of the money are stolen by their corrupt officials through “kick backs” while only infra-structures of white elephant type are built. Finally the borrowing nations cannot repay the interests and has to cede their lands, seas to the lender nations.
2. Countries involved.
There are many borrower countries, most of them have opaque governments:
Sri Lanka has handed its port to China [11-12].
Vanuatu, Papua New Guinea [13-14].
The list goes on with small nations in China’s OBOR plan [15-16].
3. Conclusions:
People in the whole World should demand that:
a. The UN should require its members to have transparency in inter-national lending and development plans.
b. Auditing (by non-interested parties to those loans) is required on each loan for it to be legitimate as auditing is the only obvious way to help small countries from being devoured by shark lending practice.
c. Inter-government debts should NOT be recognized when it has no transparency and no independent auditing. Otherwise the debt burden will be placed on the people of small nations who had received little benefits from the loans.
References:
[1]. https://www.theatlantic.com/international/archive/2017/10/china-investments/543321/
[5]. https://www.express.co.uk/finance/city/895670/china-developing-countries-loans-Sri-Lanka-Djibouti
[7]. http://www.abc.net.au/news/2018-01-11/beijing-complains-about-attack-on-pacific-aid-programs/9319594
[11]. https://www.nytimes.com/2017/12/12/world/asia/sri-lanka-china-port.html
[12]. https://www.ft.com/content/e150ef0c-de37-11e7-a8a4-0a1e63a52f9c
[13]. https://www.qt.com.au/news/how-china-is-exerting-its-power-in-vanuatu/3384953/
Added after 2018 June 27:
[17]. https://thedefenstar.com/2018/06/27/how-china-got-sri-lanka-to-cough-up-hambantota-port/
[18]. https://www.nytimes.com/2016/03/21/world/australia/china-darwin-port-landbridge.html
[19]. https://thedefenstar.com/2018/07/31/pakistan-cant-use-imf-money-to-repay-chinese-debt-us/
[20]. https://straightlinelogic.com/2018/09/01/doug-casey-on-chinas-exploitation-of-africa/
VANUATU
[23]. https://asiancorrespondent.com/2018/04/what-is-china-doing-in-vanuatu/
PAKISTAN AND FEW MORE
[25]. https://astutenews.com/2018/07/08/pakistans-financial-crisis-puts-chinas-belt-and-road-on-the-spot/
SRI LANKA
ZAMBIA
ECUADOR
[28d]. https://news.mongabay.com/2018/12/devastating-laos-dam-collapse-leads-to-deforestation-of-protected-forests/
MORE COUNTRIES with opaque deals, reports of large-scale corruption and mismanagement, doubts about project feasibility
[29]. https://foreignpolicy.com/2018/09/13/corruption-is-wasting-chinese-money-in-africa/
[31]. https://thisisafrica.me/africans-deserve-to-know-china-loans/
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