Who’s to Blame?

In his controversial book Confessions of an Economic Hit Man, American author John Perkins described how he was employed by a U.S. company to talk world leaders into accepting substantial infrastructure loans. If a hit man is completely successful, he said, “the loans are so large that the debtor is forced to default on its payments after a few years.”

This anecdote reveals just the tip of the iceberg when it comes to the excessive debts inflicted globally by the U.S. and some other Western countries, as well as their financial institutions. Despite this history, Western politicians and media say it’s China that is engaging in “debt-trap diplomacy” with other developing