Comments by "Stephen Jenkins" (@stephenjenkins7971) on "Jake Tran"
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@daviddanielng Roads to where? Airports for whom? Bridges connecting what? Have you ever once wondered whether these new infrastructure projects actually HELPED the people? To put this into perspective, Africa in general didn't have increased growth after Chinese loans started. The period from 2000 to now, there wasn't any significant changes, at least nothing that points to China's loans.
Indeed, Chinese build infrastructure, but the West generally doesn't do this because you'd need to either bring your own people and companies to build it (what China does) which does NOTHING for the local economy. It destroys the purpose of investment; that the local economy, people, and governments get experience doing things themselves so as to build MORE LATER. Its supposed to be a feedback loop, and instead someone else is doing FOR YOU to such an extent that the money literally is given back to the loaner's economy while the loaned country STILL OWES THE LOANER. This is literally how European colonizers manages to take swaths of Africa by taking advantage of the corrupt African leaders prior to the Scramble.
"West created corruption in African policies" That's the most absurd logic I have ever heard. It's pathetic, actually.
China loans vary wildly. Highest I've heard it go is as high as 17% interest. Lowest I've heard is 2.7%. IMF sometimes doesn't charge interest rates or keeps it low at 1.5%. The point being that institutions MEANT to be used in emergencies are not comparable to debt from a government entity in China. General private debt tends to be between 2-5%, and this private debt is dominated by the West; but its also not promising literal construction and infrastructure work, nor are they backed by the government power of another country. Worse yet, there have been more than a few times that infrastructure projects led to collateral in those same projects, such as the lease of the Sri Lankan port for 99 years. Or is that "no strings attached"?
Hey man, when a deal sounds too good to be true, 100% it is too good to be true.
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@daviddanielng People like you act like listening to the propaganda of someone else equates to "not listening to the MSM!" or some crap. In reality; taking anything at face value is a fool's errand, but have some common sense here. I never once claimed that Chinese debts caused the Sri Lankan crisis, nor have I implied that Chinese debts caused any other crisis.
I only have said that Chinese debt policies are VERY immoral, and people like you act like I've insulted your mom and get all defensive. If you're THAT defensive, then take your own advice and stop listening to the propaganda that promotes that viewpoint fi you can't stand having it questioned.
Heck, you're the one that said that the West is "selfish", which implies that the Chinese are not; so I have literally only responded to YOUR logic.
All I see is a vague hope born out of some weird ass envy. Why do you need to build something better than the Europeans? Build something to improve your country, not to show off; and its this mentality that makes China's loans so predatory; its like giving loans to people who easily buy into pyramid schemes; at a certain point it looks less like trying to improve your lot in life and more like trying to get back that the haters. And this mentality, more than anything else, is why Africa stagnates in many areas.
For the record, I ain't even White. I'm Afro Hispanic, and I find your comments more depressing than anything else.
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