April 24, 2005

Up to their eyes in it

Between 1503 and 1660, 185 thousand kilos of gold and 16 million kilos of silver were shipped from Latin America to Europe. Were the indigenous people of Latin America to charge compound interest on this 'loan', levied at a modest rate of 10 percent, Europe would owe a stack of gold and silver which would exceed the weight of the planet. Yet curiously, many of the 'first-world' nations speak of 'third world debts' as if they didn't owe a single penny.

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- 2 comments by 1 or more people Not publicly viewable

  1. Peter J Thomas

    I wonder if you have read Andre Gunter Frank – specific to Latin America.

    24 Apr 2005, 19:37

  2. No I haven't, why?

    24 Apr 2005, 20:33

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