No Minister

China is asshole

with 5 comments

Let’s hope that the end product of the 3 Waters plan, some four huge SOE water authorities across New Zealand, don’t borrow any money from China…

Uganda loses its only international airport to China for failing to repay loan.

Uganda has lost its only international airport, the Entebbe International Airport, to China for failing to repay a loan, African media reported.

The government has failed to reverse a loan agreement with China which had repayment conditions for attaching its only airport.

In 2015, China’s Export-Import (EXIM) Bank lent Uganda $207 million at two per cent upon disbursement. The loan, meant for the expansion of Entebbe airport, came with a maturity period of 20 years including a seven-year grace period, News X reported.

China has pulled this stunt many times now in Africa and in the Pacific. Loan a nation money to build or upgrade some piece of infrastructure, then foreclose on the loan to get ownership of the asset.

They’re not making themselves popular with this approach but obviously don’t care, since feelz are less important than ownership.

Always remember:

Written by Tom Hunter

December 1, 2021 at 2:13 pm

5 Responses

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  1. Would have thought some new government would just expropriate it?

    John JohnO

    December 1, 2021 at 4:44 pm

  2. Raid on Entebbe – Part 2.

    Overtaxed Worker

    December 1, 2021 at 4:47 pm

  3. You don’t think the USA doesn’t do things like this?

    My goodness you are naïve Tom Hunter

    Andrei

    December 1, 2021 at 5:21 pm

    • Oh! So I’m the one who is naive eh?

      The first real economic hit man was back in the early 1950s, Kermit Roosevelt Jr., the grandson of Teddy, who overthrew the government of Iran,

      Heh. I’ve been meaning to write a series of posts on Great Lefty Myths, of which that one would be a prime candidate. The idea that Kermit was a blowhard apparently isn’t part of the meme, nor that the Imams of the time were fully onboard getting rid of Mossadegh (not part of current Iranian school-taught history natch), nor that Mossadegh himself used exactly the same anti-democratic tactics against his enemies, etc, etc, etc.

      I read the book years ago and it’s a damned good read, but let’s just say that it’s OTT and more than a little dated in view of the US giving up things like the Panama Canal and not ending up controlling the oil in Iraq. Open bidding? What farcical empire lets that happen.

      Certainly not China.

      Tom Hunter

      December 1, 2021 at 5:41 pm

  4. There’s always the Icelandic option. Debt jubilees beyond 7 years were law. Just bring the old Jewish law back, Deuteronomy 15

    https://en.m.wikipedia.org/wiki/2008–2011_Icelandic_financial_crisis

    Or, something along the lines of the Battle of the Bulge defenders to their enemies threats:
    “To the German Commander:
    N U T S !
    The American Commander”

    pb

    December 2, 2021 at 11:50 am


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