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Newguest Posted 13 years ago
Vocabulary
Loan is against ...
Hi
The farmer thinks, “If I get that much yield, if I get that many returns, I will be able to pay back this loan, so
what’s the problem?” The loan is against an 8,000 percent increase in seed prices and the false promise of pest control.
This is a guaranteed debt trap.
What does it mean that the loan is against an 8000 percent increase in seed prices?
The farmer thinks, “If I get that much yield, if I get that many returns, I will be able to pay back this loan, so
what’s the problem?” The loan is against an 8,000 percent increase in seed prices and the false promise of pest control.
This is a guaranteed debt trap.
What does it mean that the loan is against an 8000 percent increase in seed prices?
Top answer
Newguest What does it mean that the loan is against an 8000 percent increase in seed prices? , 80 times the original price). From the text you quote it seems that the author believes it is very risky to take a loan under such conditions.
- Newguest What does it mean that the loan is against an 8000 percent increase in seed prices?
- , 80 times the original price).
- From the text you quote it seems that the author believes it is very risky to take a loan under such conditions.
- The likelihood that seed prices will increase so much is very low, and the farmer who borrows under those conditions will probably be ruined financially because he will not be able to pay back the loan.
- CJ
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1 Answers
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NewguestWhat does it mean that the loan is against an 8000 percent increase in seed prices?The loan can be paid back to the lender if seed prices increase 8000% (i.e., 80 times the original price).
From the text you quote it seems that the author believes it is very risky to take a loan under such conditions. The likelihood that seed prices will inc
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