COLOMBO | 26 May 2024 (IDN) — Calls for divestment from BlackRock and other International Sovereign Bonds (ISB), have echoed across Columbia, Yale and many non-Ivy League universities in the United States recently. BlackRock is heavily invested in weapons companies fueling a genocidal war in Palestine. However, the International Monetary Fund’s (IMF), debt restructuring operations in the Global South appear designed to ensure BlackRock’s enhanced profitability.
BlackRock, the world’s biggest investment fund manager and Sri Lanka’s largest private creditor, has over $10 trillion in investments around the world. An estimated 55 countries are in ISB Eurobond debt traps, in or near Default at this time.
From Argentina to Zambia, Global South countries have been subject to IMF ‘debt sustainability treatment’ after their currencies depreciated against the “exorbitantly privileged US dollar’ instantly impoverishing citizens. This, despite US government debt being $34 trillion and counting, with questions raised about America’s debt sustainability also given the Rise of the BRICS and ongoing de-dollarization in what has been termed ‘the Asian 21st Century. Estimates are that one billion is added every100 days to the US government debt. READ MORE...
