Articles by Mira Tekelova, Positive Money
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A Debt Based Monetary System, Export Warfare & Third World Debt
Mira Tekelova, Positive Money – TRANSCEND Media Service,
23 Jan 2012
Now, it is abundantly clear from this that the IMF and the World Bank are not just lending money; they are involved in creating it. Although Special Drawing Rights, SDRs, are described as amounts ‘credited’ to a nation, no money or credit of any kind is put into nations accounts. SDRs are actually a credit facility, just like a bank overdraft – if they are borrowed, they must be repaid. The IMF and the World Bank are all in a system of sustaining the unsustainable. Until we recognise that a debt based system will not work and cannot work the Third world poverty will worsen.
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