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'But the banks are made of marble' -- how banks screw the world
Rainford, John http://www.greenleft.org.au/node/59414
Publisher: Green Left
Date Written: 04/07/2015
Year Published: 2015
Resource Type: Article
Across Africa, western Asia and Latin America in the 1980s, the growth of per capita GDP was brought to a halt. This was not a recession, it was a severe depression. And its cause was reckless lending by banks in the ’70s. A decade earlier, the euro currency had been invented. US dollars deposited in non-US banks and held there to avoid restrictions of US laws became negotiable financial instruments. These formed the basis for an unregulated market specialising in short-term loans.
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