Ghana At The Threshold Of Default \ stacker news ~bitcoin

pull down to refresh

426 sats \ 10 comments \ @TomK 19 Feb 2023 bitcoin

The african country faces difficulties in refinancing its dollar denominated debt. It's a consequence of the harsh tightening cycle of the Fed that is trying to regain confidence in the USD after flooding the markets during the forced lockdowns.

Turmoil in Nigeria, Libyen and now Ghana - the Fiat Ponzi now shows its ugly face.

Source: https://www.bnnbloomberg.ca/ghana-on-cusp-of-default-as-grace-period-winds-down-1.1885463

view all related items

10 sats \ 1 reply \ @cointastical 19 Feb 2023

Africa’s second-biggest gold producer becomes only the fourth Sub-Saharan country to default on an international bond payment, after Zambia, Mozambique and Ivory Coast.

Imagine what fate lies for the countries without such valuable natural resources.

25 sats \ 0 replies \ @sudonaka 20 Feb 2023

therein lies the tragedy, the gold-producing nations are so economically enslaved that they do not even benefit from having the highest reserves of world's outgoing monetary standard.

2 sats \ 1 reply \ @leon_21 19 Feb 2023

other countries will follow soon

12 sats \ 0 replies \ @TomK OP 19 Feb 2023

Yes indeed. If we watch a Libanon, Nigeria or Lybia and the hyperinflating countries like Argentina or Turkey we should prepare ourselves and friends and family for a wild ride.

0 sats \ 1 reply \ @notgeld 20 Feb 2023

I won't be surprised if Ghana experimentation with CBDC was due to IMF loans conditions.

0 sats \ 0 replies \ @TomK OP 20 Feb 2023

That's their agenda. They not even hide it anymore

0 sats \ 0 replies \ @TheBTCManual 20 Feb 2023

You borrow from the world bank, you default you secure your debt against your natural resources that you now give away at a discount and not at market rates, its an African tale as old as time

0 sats \ 2 replies \ @Jonathan_Adly 19 Feb 2023

That’s the thesis behind why the Fed can’t continue to raise rates and have to live with a 4% CPI for the next few years.

Higher for longer, means lots of political upheavals and social instability that will eventually hit the US itself. Wall Street is right, rates won’t go more than another 0.5 and will come down before the year end.

10 sats \ 1 reply \ @TomK OP 19 Feb 2023

I think it already hit Main Street. But the Fed is fighting the WEF-commies and their money printer ECB. They also need to sterilize the backfloating dollars from the failing petrodollar system before they lead to hyperinflation. They go way higher than 6% imo. Let's see

0 sats \ 0 replies \ @sudonaka 20 Feb 2023

there is no way out for the dollar