Soaring inflation and devalued currencies have created a catastrophic debt crisis for much of the world, including in countries like Lebanon, Iraq, Egypt, Sri Lanka and Pakistan. Malaysian economist Jomo Kwame Sundaram says the instability is largely driven by interest rate hikes by the U.S. Federal Reserve, which have the effect of increasing borrowing costs for poorer countries and devaluing their currencies compared to the U.S. dollar. The intensifying U.S. economic war on China is also hurting many countries of the Global South that are linked to Chinese industry, he says.
Watch this interview at Democracy Now!
Part 1: https://www.democracynow.org/2023/2/16/global_south_debt_crisis Part 2: https://www.democracynow.org/2023/2/16/economist_jomo_kwame_sundaram_on_world Rising U.S. Interest Rates Push Countries in Global South Toward Economic Collapse https://youtu.be/EwpSX33y5Hc