Run on the Bank

[Max Sawicky]

PB:
"The motivation for rejecting hard-currency loans for "development" was the
ANC left's fear of the rising cost of repayment on foreign debt, once the
currency declines, and the use of hard currency not to pay for a basic
education project but instead to a) repay illegitimate apartheid debt, b)
import luxury goods for the rich, and c) replace local workers with
inappropriate job-killing technology from abroad. In sum, why take a US
dollar loan for building and staffing a small rural school with virtually no
foreign input costs? . . . "

Patrick,
Please expand on this, if you have time.
Are you saying WB/IMF aid is funding jive
social infrastructure programs w/no payoff
hence weakening the country's foreign
exchange position?

max