"So we make this big loan, most of it comes back to the United States, the country is left with the debt plus lots of interest, and they basically become our servants, our slaves. It's an empire. There's no two ways about it. It's a huge empire. It's been extremely successful"
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A loan, in Perkins's telling, is less a lifeline than a leash: money pushed out with one hand and pulled back with the other, leaving the borrower chained to the repayment schedule. The line works because it flips the moral script of development finance. What’s usually sold as “aid” or “investment” becomes a closed circuit that routes capital, contracts, and influence right back to the lender. The borrower gets infrastructure and headlines; the lender gets leverage.
Perkins’s provocation is the escalation from “debt” to “servants, slaves.” It’s intentionally inflammatory, and that’s the point. He’s arguing coercion doesn’t need troops when it has amortization tables. The subtext is that modern domination can be bureaucratic, deniable, and technically legal. No viceroy, no flag-raising ceremony; just terms, conditions, and refinancing. By calling it an “empire,” he drags a contemporary, often euphemized system into an older vocabulary of conquest, forcing the listener to confront continuity rather than novelty.
Context matters: Perkins is known for popularizing the “economic hit man” narrative, a critique of U.S.-aligned institutions, contractors, and geopolitics that use large-scale lending to shape policy choices in the Global South. Whether one accepts every detail of his account, the rhetorical move lands because it names the quiet power at the center of debt diplomacy: dependence. “Extremely successful” is the cold punchline. It reads like admiration and indictment at once, suggesting the machine’s efficiency is precisely what makes it morally suspect.
Perkins’s provocation is the escalation from “debt” to “servants, slaves.” It’s intentionally inflammatory, and that’s the point. He’s arguing coercion doesn’t need troops when it has amortization tables. The subtext is that modern domination can be bureaucratic, deniable, and technically legal. No viceroy, no flag-raising ceremony; just terms, conditions, and refinancing. By calling it an “empire,” he drags a contemporary, often euphemized system into an older vocabulary of conquest, forcing the listener to confront continuity rather than novelty.
Context matters: Perkins is known for popularizing the “economic hit man” narrative, a critique of U.S.-aligned institutions, contractors, and geopolitics that use large-scale lending to shape policy choices in the Global South. Whether one accepts every detail of his account, the rhetorical move lands because it names the quiet power at the center of debt diplomacy: dependence. “Extremely successful” is the cold punchline. It reads like admiration and indictment at once, suggesting the machine’s efficiency is precisely what makes it morally suspect.
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| Topic | Freedom |
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