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160 sats \ 10 replies \ @0xbitcoiner 9h \ parent \ on: IWF bought El Salvador into submission: Bitcoin's no legal tender anymore. bitcoin

In this specific case, I don't blame the IMF, it's El Salvador who needs the money. If I need a loan, I always have the option of refusing the terms, I can't blame the lender, right?

54 sats \ 9 replies \ @Fabs OP 9h

"You need a new kidney or you're going to die within two weeks, the cost of this surgery is $30.000; Do you want to pay in installments with a %15 p.a yield?"

You don't always have much of a "choice", do you?

0 sats \ 1 reply \ @SpaceHodler 8h

So now that things haven't gone our way and we need the blessings of fiat (effectively a bailout), we suddenly have to defend fiat, possibly Keynes, and throw praxeology out the window?

0 sats \ 0 replies \ @Fabs OP 6h

Huh?

0 sats \ 6 replies \ @0xbitcoiner 9h

It's not quite the same situation. Who fucked up to need a loan? I never thought that one day I would 'defend' the IMF! I think my point is clear. We're all saints and devils in certain situations!

13 sats \ 2 replies \ @ek 8h

Who fucked up to need a loan?

Alex Gladstein wrote a book about that:

The IMF and World Bank were created to help countries survive financial crises and to help them develop into prosperous economic actors. But their 75-year track record shows that their loans and structural adjustment policies have plunged poor countries into impossibly large debt traps and forced the Third World to focus on producing goods for consumption in the West, instead of growing consumption and industry at home. The Bank and the Fund’s “development and assistance” has been anything but. The reality is a history of neocolonial exploitation with shocking results.

57 sats \ 0 replies \ @Fabs OP 8h

Exactly this. They're binding poor countries to the $ ad aeternum.

0 sats \ 0 replies \ @0xbitcoiner 8h

I understand that and the IMF and others are also devils causing perverse situations. I'll just say this one more time, who asked for and accepted the terms of the loans?

21 sats \ 0 replies \ @SpaceHodler 8h

I hear you.

Loans are a feature of fiat. If you embrace the Bitcoin way, don't scream when the fiat overlords don't want to lend you money, so that you can perform a speculative attack on the very fiat system you want to benefit from.

0 sats \ 1 reply \ @Fabs OP 9h

I smell heresy!!

0 sats \ 0 replies \ @0xbitcoiner 8h

I remember a few years ago when Portugal needed a loan from the troika, I think it was €72B, everyone blamed the troika for the cuts the government was forced to make in order to get the loan. Not me, I blamed the government, which was one of the main culprits in putting us in this situation.