The US-dominated IMF has said a “wave of debt crises” may be coming in the Global South, warning “the worst is yet to come,” as the depreciation of most currencies against the dollar and rising interest rates make it hard for countries to service their dollar-denominated debt.
Political economist Radhika Desai discusses the imperialist nature of the international financial system, and parallels to the “Third World debt crisis” of the 1980s.
Follow Prof. Desai on Twitter at https://twitter.com/raddesai
Read her article on inflation: https://multipolarista.com/2022/11/07…
Geopolitical Economy Research Group: https://geopoliticaleconomy.org
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