Something we often forget is that all central and international banks are evil
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They were given generous reserves and told to have at it but 'more rational' heads prevailed (McCloy and Black). They sat on the WB&IMF making sure no one qualified for any loan, down-talking applicants to infinitesimal offers of the original loans. [...]
After which point the applicants, exasperated, would just walk away. In this way they secured the loan market for private creditors (VP of Chase -> Director of WB) in the post-WWII era. Per Jacobsson on the other hand is more mysterious to me though the thrust is similar [...]
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Both men, in simulating a kind of faux-gold-standard (as with Jacobsson and BIS) or orchestrating a withholding of credit, effected a kind of false limitation on development, an imposed scarcity, the result of which is [...]
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dependence on creditors, ever the bankers dream. Radical growth is to be tamped down and muted, its possibility impossibilized and forgotten, lest the blossoming country transcend the need for exogeneous credits altogether.
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