War by Other Means: War and Debt

War by Other Means
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October 3, 2022
The bank is the best place to go if you need money quickly. People typically borrow money from the bank at a low-interest rate for a set period of time; the longer the period, the greater the interest rate. However, it is a general rule that debts should be paid off as soon as possible to prevent the hefty interest that might accumulate over time. The same borrowing of money is occurring on a vast scale (AlterGlobalization, n.d.). In this case, a country such as the Philippines, which now has 12.3 trillion pesos of debt to foreign countries, debt of the Philippines is too large for its economy to handle, leaving most of its citizens still trapped in unlivable conditions.
Debt is considered a power worldwide since the country with the most money or riches in the game is at the top, which is why the Philippines is a third-world country due to the nation's outstanding debt (Ghosh, 2020). Foreign countries primarily benefit from the Philippine economy because the majority of its budget goes toward debt repayment. For example, in a local state of borrowing money, if a person borrows money from a bank, that person will pay interest on the amount borrowed. If the person cannot finish his debt in a reasonable amount of time, he will become poorer and poorer, while the bank will become more affluent and more prosperous.
Debt is the critical power or leverage they have over a country since it allows them to generate a passive income from the interest a country has, which they can then use to lend money to other countries and collect interest from them (OECD.Org, 2022). Some countries have much debt, but because of their large economy and international leverage, they can still go...