We don’t want to fall foul of China – cower from the Economic Overlords our Corporate Farmers have enslaved us to

By
Martyn Bradbury
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28
846

This charming…

China’s loans pushing world’s poorest countries to brink of collapse

A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China.

An Associated Press analysis of a dozen countries most indebted to China — including Pakistan, Kenya, Zambia, Laos and Mongolia — found paying back that debt is consuming an ever-greater amount of the tax revenue needed to keep schools open, provide electricity and pay for food and fuel. And it’s draining foreign currency reserves these countries use to pay interest on those loans, leaving some with just months before that money is gone.

Behind the scenes is China’s reluctance to forgive the debt and its extreme secrecy about how much money it has loaned and on what terms, which has kept other major lenders from stepping in to help. On top of that is the recent discovery that borrowers have been required to put cash in hidden escrow accounts that push China to the front of the line of creditors to be paid.

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Countries in AP’s analysis had as much as 50% of their foreign loans from China and most were devoting more than a third of government revenue to paying off foreign debt. Two of them, Zambia and Sri Lanka, have already gone into default, unable to make even interest payments on loans financing the construction of ports, mines and power plants

…as Chippy scurries around the Pacific signing up military deals with America, it’s important to reflect on how our Corporate Farmers have enslaved us to our new Chinese Economic Overlords and what Fetal position we should take to cower in when our trade predictably becomes a weapon to garrote us with.

The sooner we start distancing ourselves economically from China and politically from America, the better for New Zealand.

 

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28 COMMENTS

  1. Foterra despite an army of marketing staff, are hopeless at finding new market s for there over priced product s. They are at the beg and call of China.

  2. “I’m getting just a bit sick of TDBs casual anti china stance..”
    Take it in small doses @ gargarin.
    I often wonder whether TDB is doing more harm than good to the “Left”, but it is a needed voice among the many. I also wonder about the company Bomber keeps and I think something Paul Buchanan posted in relation to a Bomber idol (the ‘aggregator’ ) rings true for me.
    Step back if it pisses you off and take a break. The Left needs TDBs and NoRightTurns or we’d be reliant only on the likes of The Standard.
    I used to be equally cynical about one of Bomber’s idols (Bryce), but I now find his media aggregation quite convenient. Here’s Pablo’s analysis (from Kiwipolitico:
    “I think the problem with Bryce is three-fold: 1) he holds to an old class line view of the Left (like I do) that sees that emphasis on identity politics detracts from the core (read: class) conflicts confronting working people in capitalist societies, and so is susceptible to the divide and conquer strategies of the Right when it comes to non-essential issues like trans rights (although it is existential for them and should be treated accordingly). My former colleague here at KP, Lew, is the most articulate defender of the identity shift in Left praxis that I know, but he has always recognised the core importance of the class line. The issue is that many “new” lefties are all about identity rather than the social division of labour in a capitalist society, so they do not like Bryce’s take on what the Left should prioritise; 2) for whatever reason, Bryce has turned and is siding with the likes of Sean Plunkett, Bomber, Trotter, Peter Williams, Damien Grant, Farrar and other stale white guys, some of whom appear to have major issues with women. I have time for Bomber but not the other guys and even then wonder why on earth he is thrashing “wokeness etc.” There is a belief in some feminist circles that most of these guys have been burnt by women at some point in their lives or have latent misogynist beliefs that can now be expressed out in the open. I do not know about that but there is another line that is political when it comes to why they seem to have turned Rightwards. The issue was well put by a (female) Twitter user who noted that the former Left guys appear to prefer neo-fascism to neoliberalism, perhaps because the State remains as the superordinate micromanager of the economy rather than a hollow shell beholden to and controlled by private interests. That perhaps is debatable but at least is about ideological predilections, not personal contradictions.”
    (And that ‘soft spot’ Paul Buchanan has for Bomber, I’d extend to Trotter as well.
    It’s going to take a while to repair the damage of nearly 4 decades of bullshit and various egos are battling it out,

    • What the fuck? Equality is here and these little cum reciprocals are still bitching about power dynamics?

      No workplace I ever been a part of has ever discriminated based on sex. Maybe in the recruiting phase but definitely not over pay.

      Y’know given the choice between a newly married 28 year old woman and a 35 year old man they’re going to go with the guys because the girls hitting the wall soon and she has to prioritise the family.

      These tendencies to protect the family unit is not fucken rightwing at all. It’s not misogyny either you fucks. People like Bomber, Bryce, even David Farrar what ever they don’t hate woman. We are trying to idolize woman.

      Jesus Christ it’s just like an online fembot crusader twisting biological reality into shame, insults, guilt and the need to be right.

      Woman have more rights than men. They can falsely accuse men of rape and get away with it. Now you beta cucks are in here saying Bomber was hurt. But as soon as we quip back with logical arguments the Twitter bicycles be like don’t listen to bomber because he’s rightwing.

      Like most guys would let it slide because faced with adversity people like Bomber don’t go to Twitter for comfort and human rights protection. We hit the gym, go to work. Keep it cool. Carry on. Not me I’ll give it you.

  4. Must be time for NZ’s biggest chair leader for the CCP to pop up in whatever media outlet is brave enough to host his shameless boot licking. Jong Wong Kee has to pay his dues for all those financial connections and real estate dealings over the years.

  5. “Farmers have enslaved us to our new Chinese Economic Overlords”

    But really, have 10,000 cow cockies enslaved us to yellow peril Chinamen? Or did the other 4,990,000 kiwis just not create enough alternative export industries!

    Or do our 5 star allies just not buy enough of our milk stuff?

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