Many developing nations are effectively 'disintermediated' — they lack the financial intermediaries (safe savings accounts, payment transfers, credit, insurance) that rich countries take for granted, so people must transact in cash and rely on local moneylenders charging 200% interest.
factualpending
Speaker
Michael MungerEvidence Quote
“these developing nations are completely disintermediated... they have to pay in cash and the credit services are very attenuated there may be Johnny down by the the light post in the center of town but he all he employs is a bunch of thugs and charges 200 percent Interest per year”
Created: 6/17/2026, 10:29:24 AM
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