Hedge fund manager Kyle Bass supports a U.S. lawmaker’s effort to disqualify China for World Bank loans.
Besides the reasons cited by Mr. Bass in his interview with CNBC, China uses World Bank loans to fund its ambition for global hegemony.
First of all, the communist China’s economy is a global Ponzi scheme relying heavily on Western investment as deciphered by the legendary Roger Robinson in this video:
Secondly, the Belt and Road Initiative (BRI) is a global development strategy adopted by the Chinese government for global hegemony. It involves infrastructure development and investments in 152 countries and international organizations in Asia, Europe, Africa, the Middle East, and the Americas touching over 60% of the world’s population.
In reality, the Chinese Communist Party is taking over strategic ports and choke points for its global military and economic expansions through corruption and loan traps.
Comparing with Western investment with strict ethical standards, Chinese loans with far fewer conditions is a big hit with the less democratic countries in the region. Huge kickbacks under the table are undoubtibly major incentives for the corrupted leaders in some countries.
China is trying to establish a string of naval bases in the Indian Ocean
For example, Sri Lanka got a 1.5 billion dollars loan from China for a new deep-water port. When Sri Lanka couldn’t pay back the loan, they gave China control of the port as part of a 99-year lease.
China also controls the strategic port in Pakistan with a 40-year lease, and it opened an actual Chinese naval base in Djibouti.
Belt and Road initiative is a modern-day colonization
Besides loan traps, many countries did not see jobs or prosperity as promised. Infrastructure projects were completed by Chinese workers from China instead of hiring local labors. Natural resources were depleted. For example, people from the African nation of Mauritania call it “Chinese invasion”. Corruption is leaving the country strip-mined of natural resources while becoming a potential Chinese military base. Overfishing by the Chinese in that country destroyed the once abundant fisheries leaving the local fishing industry in financial distress.
In conclusion, the West should stop funding the Chinese communist’s dangerous endeavors that are not intended for world prosperity but its dominance in the World.