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21 sats \ 0 replies \ @nullama 30 Jan 2023 \ on: IMF visit in focus after El Salvador bond payment bitcoin
The IMF can print out infinite money out of thin air...
For example:
August 2, 2021: IMF Governors Approve a Historic US$650 Billion SDR Allocation of Special Drawing Rights
Of course they don't want countries to use Bitcoin as they cannot print it:
26 January 2022: IMF urges El Salvador to remove Bitcoin as legal tender
After printing money, the IMF distributes the new money proportionally to the countries with the largest amount of investment in it. The US gets 17.43% of the entire thing, whereas El Salvador gets 0.06%.
Then, countries that cannot afford to pay their quotas need to get a loan from the IMF and they have to pay interest on, here's the list of countries.
I don't know how they can simply loan money that they just created out of thin air, and then charge interest for it.