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Furthermore, most developing countries are not in need of overseas exchange. “Third and fourth world” international locations management three quarters of the global pool of international change reserves. The “poor” (the South) now lend to the wealthy (the North) and are in the enviable position of internet collectors. The West drains the bulk of the financial savings of the South and East, largely so as to finance the insatiable consumption of its denizens and to prop up quite a lot of indigenous asset bubbles.
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