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Dear AfDB: The Future Is Not Collateral
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Dear AfDB: The Future Is Not Collateral
Photo by Blogging Guide on UnsplashSouth Africa is preparing to accept a $475 million loan from the African Development Bank (AfDB); officials tell citizens that new rail links and stronger power grids will follow. The promise sounds bright. Many see cranes, concrete, and new jobs. Bond contracts, interest schedules, and maturity tables stay in the background. Murray Rothbard warned that public debt hides cost behind paperwork. Every borrowed do…
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