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Debt bondage is much cleaner.

Yeah. The PRC has this process down. None of the long term side effects of colonialism, but the benefits of immediate access to resources.

That's historically been phase I.

Phase II is when debt-burdened countries stop paying their debts, and the creditor sends in their military.

Phase III is when other countries support the debtor, for a variety of reasons, and start a proxy war.