"Development" Between 1970 and 2007, the external debt of the developing countries was multiplied by twenty-nine. During this time, they repaid the equivalent of ninety-four times the amount owed in 1970. Between 1985 and 2007, developing countries sent to their creditors the equivalent of 7.5 Marshall Plans*...with the local capitalist elite taking their commission on the way. It is a well-oiled mechanism, with part of the money coming back to the South in the form of new loans to ensure that the transfers continue. Thanks to the debt, the wealth of the citizens of the South is being transferred under our very eyes to the elite of the North, with the complicity of the elite of the South. * Marshall Plan cost around $100 billion in 2010 value. Toussaint and Millet, Debt, the IMF, and the World Bank, 2010