1 In the Babylon system: The continuity of Slavery, Winant, (1986) articulates that the global crisis of debt espionage is one form of modern racial slavery. This happens in the sense of domination or exploitation, imposed unfreedom, towards people of a particular race, especially those from the southern part of the world (282). Although the governments in such countries may be happy to receive loans, and credits from the West, in most cases, it is the citizens of such countries who have to struggle in paying for the loans. Foreign loans are intended to better the lives of individuals in the specific countries. However, much of the aid or loans end up in the hands of some elite officials in the country. This means that citizens are deprived of such intended benefit. Additionally, a large amount of this money is again transferred to foreign bank accounts and investments. While the foreign loans end up becoming private assets, the debts accrued from such loans remain public, and the African citizens are held accountable to repay these debts through their governments (p284).