Guest Post: Four Signs Of Asia’s Rise Over The West | ZeroHedge: "3) According to a new study from the Inter-American Dialogue, China is now dominating emerging market development finance, especially in Latin America.
In the past, countries like Brazil, Ecuador, and Venezuela went to the World Bank and IMF when they needed money. But now these vestigial organizations of the old western hierarchy are becoming a sideshow to Chinese financial muscle.
The study shows that, since 2005, Chinese banks have loaned more money and made more loan commitments to Latin America than the World Bank and International Development Bank combined… and they’re doing it at higher interest rates.
Why? Because developing nations have figured out that when you take the World Bank’s money, you have to put up with them telling you how to run your government. Chinese bank loans don’t come with political strings attached.
It’s extraordinary that this is happening in the US’s backyard."
RTWT.
Posts
