US President Joe Biden’s announcement at the 2022 G7 meeting that developing countries will be given $ 600 billion should warn the entire West.
What is driving this massive wealth transfer from developed to developing countries?
The reason was the US State Department, and Biden was able to convince German G7 leaders that western democracy needed to be in line with Beijing’s bribes in developing countries.
The State Department claims that China’s Belt and Road Initiative (BRI) has successfully hired “Third World” leaders in the mature Beijing-Moscow block, and therefore the West has a partnership with BRI, in this case. It was essential to create. Global Infrastructure and Investment (PGII).
As such, the G7 has effectively announced a new kind of “Cold War” to win the underdeveloped world between Beijing and Washington, DC.
As BRI expands China’s influence and control over the growing regions of Africa, Asia, Latin America and the Pacific, the State Department has decided to return to the so-called “development aid” business. Support for Third World leaders.
In previous Cold War iterations, competition between the United States and the Soviet Union saw the construction of a substantial foreign aid industry. And it then pushed huge amounts into developing countries. .. But importantly, it didn’t generate much “development”.
It doesn’t seem to be “help or charity”
Biden argued that this new G7 development industry was not “aid or charity.” Perhaps he felt compelled to say this because the old foreign aid industry lost credibility simply because it became a “good faith” but hopelessly ineffective system of charity.
It created addiction and poor governance, enriching both corrupt Third World leaders and Western bankers who were willing to accept the unethical deposits of these leaders.
The old Cold War foreign aid industry was a shameful system that spent a fortune on Western taxpayers to help the ineffective and corrupt African-Asian elite.
It’s hard to imagine a more stupid foreign policy.
The billions of dollars distributed by the West and the Soviet Union were paid solely for the survival of the bad government. The fact that all this money could neither buy a solid “allied country” nor bring about a profitable Third World “development” was scandalous. Now using PGII, the G7 wants to rebuild this aid industry and recreate the second round of scandalous bribery.
Also, as the dust settled with the G7 announcement, the excitement in the capitals of developing countries increased, and third-world elites realized that good old-fashioned money was about to be poured into the vault.
Can the West surpass Beijing?
For developing countries, who have shown that they can’t be together for a long time, it’s time for the party again, as it’s now possible to play Beijing and the G7 to see which of the BRIs and PGIIs will offer the greatest bribes.
It’s worth noting that Biden’s plans for the G7 appear to have re-badged some of the “buildback better” programs blocked by the Republicans.
Importantly, the planning vision built into PGII encodes all the usual left-wing rhetoric on climate change, Green New Deal spending, gender politics, and women’s equality. Another way to look at it is that Western taxpayers are now paying for the development of left-wing projects across developing countries.
In the United States, this is equivalent to a $ 200 billion donation of taxpayer money. The remaining $ 600 billion will come from other G7 members by leveraging private sector investments in areas such as digital communications and the mining of precious Earth.
In contrast, given that Beijing does not have to worry about taxpayer rebellion when investing money in developing countries, the West makes China realistic in bribe competition to beat Third World leaders. The issue is whether it can be surpassed.
Participating in bribery contests in an authoritarian system that is not accountable to voters and taxpayers certainly seems silly. A realistic opportunity to compete in this area would require democratic governments to start printing cash in bulk, resulting in further inflation.
Taxpayers need to monitor the flow of money
The PGII projects previously announced by the G7 focus on climate change, clean energy infrastructure (including solar and battery projects), low emission transport, clean energy supply chains, gender equity, women’s employment and childcare, and health. It is worth noting that is placed. In addition to infrastructure, and global digital communications infrastructure, China will build submarine cables that cannot be hacked.
Western taxpayers need to pay close attention to these PGII plans to ensure that voters can live up to their expectations of how their dollars are being spent.
This time, we can only expect taxpayers to pay more attention to the failure of foreign aid and third world development programs than last time, and to avoid massive corruption, waste and inadequate governance on distant lands.
The views expressed in this article are those of the author and do not necessarily reflect the views of The Epoch Times.