China plays by its own rules while going global -- AP

[Kolesar]

This article mentions third world countries all over the world. I copied excerpts about South America.

China is providing an option to the neoliberal, Chicago-school, IMF model that is used to control countries through their public debt. Certainly, China wants to develop their oil drilling and transportation industry as described in the article. We will see who gets control over the petroleum in Latin American countries. It is no longer assured that America's commercial empire will succeed. There is also rare earth minerals to be exploited in Bolivia. Leadership in that country has resisted another "extract and leave" exploitation of their country.

"The Chinese play by other rules," said Kevin Gallagher, a Boston University international relations professor who has studied Chinese lending to Latin America. "We'll give you financing with no conditions, and we'll finance things the International Monetary Fund won't fund, things others won't fund anymore, like big infrastructure projects. It allows countries to shop around, which has good and bad sides."

Venezuelan leader Hugo Chavez talked up his independence last year while highlighting another $4 billion in Chinese loans, part of a wave of money that has translated into new railways, utilities and other projects.

"In a few days, they're going to deposit 4 billion little dollars more from Beijing," Chavez told reporters, holding up four fingers for emphasis.

"Fortunately, we don't depend on the dreadful bank. What's that one called that you mentioned? The World Bank. Poor are those countries that depend on the World Bank, the International Monetary Fund."

Venezuela's Oil and Mining Minister Rafael Ramirez says China has loaned his country $36 billion since 2008, and others put the figure even higher. The Spanish-language version of a report co-authored by Gallagher, "The New Banks in Town: Chinese Finance in Latin America," estimates it at $46.5 billion.
...
China has emerged in recent years as the largest provider of development loans not only to Venezuela but also to Ecuador and Argentina, according to the Gallagher report. All three are junk bond countries, ratings agencies say. In contrast, the World Bank and Inter-American Development Bank remain larger lenders in Brazil and Mexico, both countries with higher bond ratings.

http://bigstory.ap.org/article/china-plays-its-own-rules-while-going-global-0

[msongs]

1. the Mob operates the same way, as do US corporations. nt