Fed rate hikes, high inflation could bankrupt third world countries: U.S. economist

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Fed rate hikes, high inflation could bankrupt third world countries: U.S. economist

STORY: Fed rate hikes, high inflation could bankrupt third world countries: U.S. economist DATELINE: May 6, 2022 LENGTH: 00:02:32 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. SOUNDBITE 1 (English): MICHAEL HUDSON, Professor of economics at the University of Missouri-Kansas City 2. various of New York STORYLINE: A renowned U.S. economist and author says the ongoing monetary tightening by the U.S. Federal Reserve, as well as increasing oil and food prices, could plunge third world countries into bankruptcy and push them to sell public assets to American investors. SOUNDBITE 1(English) MICHAEL HUDSON, Professor of economics at the University of Missouri-Kansas City: "Suppose you're an African or Latin American country, your balance of payments is going to run into deficit for higher oil prices, higher food prices, and much higher prices on your foreign debt. And now, the International Monetary Fund is going to say, well, we will lend you money, but if we lend you money, you'll have to sell off to

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