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War, Debt, and Colonial Power
Tim Di Muzio
and
Richard H. Robbins

financial press lionized him. But if things were returning to “normal” in the United States, the Volcker Shocks had served to inflate the debt of virtually every developing country—countries that often had to take new loans just to service mounting interest payments (George 1988; Hall 1988: 12). Usury used to be applied at the level of the individual, but it was now being applied at the level of entire populations as a permanent technology of imperial power. From the perspective of capital as power, interest is a weapon of redistribution, pure and simple, and the “debt

in Debt as Power