Can you see the end result? They end up holding huge financial claims on the world.
Global monetary policy has become an instrument of bondage for the "lesser" nations.
These countries, for all their prowess, cannot ever "collect" on that debt because collecting on it means imports!
The issue goes to Sri Lanka not having that "miracle machine" i.e, the capability to produce the advanced goods.
The world needs mass debt relief now.
There is no durable economic recovery until this debt overhang issue is addressed.
It means that creditor nations and creditor classes have to accept haircuts.
their creditor nations want to buy), the hair cuts are merely a recognition of the loss that the creditor nations have already suffered.
Spiritual economics is about realising the futility of putting a large number of people into your debt. Neither the creditor not the debtor is at peace.
This realization must happen.