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How Predatory Loans Crushed Sri Lanka
- Sri Lanka's crisis began when international banks made huge loans to a strongman government that used funds for political support and fees.
- Banks pocket large upfront fees then sell debts to vulture firms that squeeze repayment, blocking imports and causing shortages.
Debt Reselling Turns Loans Into Economic Warfare
- Banks quickly recover large portions of loans via fees then sell the remaining debt to vulture capitalists who profit by forcing full repayment.
- Vulture buyers pay less than face value then pursue seizable assets and block imports, deepening shortages and social collapse.
Billionaires Get Away With Tiny Tax Rates
- U.S. billionaires pay very low effective tax rates because tax laws favor capital income and property in financial assets is untaxed.
- Example: Michael Bloomberg reportedly paid a 4.1% tax rate on huge income between 2013–2018 due to dividends and loopholes.