Sanctum Zone

Switch to desktop Register Login

Welcome, Guest
Username: Password: Remember me
  • Page:
  • 1

TOPIC: World Bank, IMF & Export Credit Agency Debt Scams

World Bank, IMF & Export Credit Agency Debt Scams 03 Jul 2017 23:51 #1

  • Space Bandit
  • Space Bandit's Avatar
  • ZONED OUT
  • Gold Boarder
  • Rank5
  • Posts: 3804
  • Thank you received: 2274
  • Karma: 70
Bit of a meaty but interesting topic..... one that reveals the whole world of money, debt & crony capitalism to be the most insidious, corrupt and morally bankrupt of affairs with a thin veneer as always of the righteous and virtuous.
I had walked into the office of a leader in a country that had just discovered it had lots of oil. Our construction companies, I told him, will rent equipment from your brother's John Deere franchise. We'll pay twice the going rate; your brother can share his profits with you. In the dream I went on to explain that we'd make similar deals with friends of his who owned Coca-Cola bottling plants, other food and beverage suppliers, and labor contractors. All he had to do was sign off on a World Bank loan that would hire US corporations to build infrastructure projects in his country.
Then I casually mentioned that a refusal would bring in the jackals. Remember, I said, what happened to . . .I rattled off a list of names like Mossedegh of Iran, Arbenz of Guatemala, Allende of Chile, Lumumba of the Congo, Diem of Vietnam. All of them, I said, were overthrown or . . . (I ran a finger across my throat) because they didn't play our game.
I lay there in bed, once again in a cold sweat, realizing that this dream described my reality. I had done all that.
It had been easy for me to provide government officials like the one in my dream with impressive materials that they could use to justify the loans to their people. My staff of economists, financial experts, statisticians, and mathematicians was skilled at developing sophisticated econometric models that proved that such investments in electric power systems, highways, ports, airports, and industrial parks, would spur economic growth.
For years I also had relied on those models to convince myself that my actions were beneficial. I had justified my job by the fact that gross domestic product did increase after the infrastructure was built. Now I came to face the facts of the story behind the mathematics. The statistics were highly biased; they were skewed to the fortunes of the families that owned the industries, banks, shopping malls, supermarkets, hotels, and a variety of other businesses that prospered from the infrastructure we built.
They prospered.
Everyone else suffered.
The unspoken aspect of every one of these projects was that they were intended to create large profits for the contractors, and to make a handful of wealthy and influential families in the receiving countries very happy, while assuring the long-term financial dependence and therefore the political loyalty of governments around the world. The larger the loan, the better. The fact that the debt burden placed on a country would deprive its poorest citizens of health care, education, and other social services for decades to come was not taken into consideration.
GNP may show growth even when it profits only one person, such as an individual who owns a utility company, and even if the majority of the population is burdened with debt. The rich get richer and the poor grow poorer. Yet, from a statistical standpoint, this is recorded as economic progress.
Money that had been budgeted for health care, education, and other social services was diverted to pay interest on the loans. In the end, the principal was never paid down; the country was shackled by debt. Then International Monetary Fund (IMF) hit men arrived and demanded that the government offer its oil or other resources to our corporations at cut-rate prices, and that the country privatize its electric, water, sewer, and other public sector institutions and sell them to the corporatocracy. Big business was the big winner.
In every case, a key condition of such loans was that the projects would be built by our engineering and construction companies. Most of the money never left the United States; it simply was transferred from banking offices in Washington to engineering offices in New York, Houston, or San Francisco. We EHMs also made sure that the recipient country agreed to buy airplanes, medicines, tractors, computer technologies, and other goods and services from our corporations.
Despite the fact that the money was returned almost immediately to the corporate members of the corporatocracy, the recipient country (the debtor) was required to pay it all back, principal plus interest. If an EHM was completely successful, the loans were so large that the debtor was forced to default on its payments after a few years. When this happened, we EHMs, like the Mafia, demanded our pound of flesh. This often included one or more of the following: control over United Nations votes, the installation of military bases, or access to precious resources such as oil. Of course, the debtor still owed us the money and another country was added to our global empire.
The EHMs would never be paid by the government; instead, they would draw their salaries from the private sector. As a result, their dirty work, if exposed, would be chalked up to corporate greed rather than to government policy. In addition, the corporations that hired them, although paid by government agencies and their multinational banking counterparts (with taxpayer money), would be insulated from congressional oversight and public scrutiny, shielded by a growing body of legal initiatives, including trademark, international trade, and Freedom of Information laws.
This was a close-knit fraternity of a few men with shared goals, and the fraternity's members moved easily and often between corporate boards and government positions. It struck me that the current president of the World Bank, Robert McNamara, was a perfect example. He had moved from a position as president of Ford Motor Company to secretary of defense under presidents Kennedy and Johnson, and now occupied the top post at the world's most powerful financial institution.1
I also realized that my college professors had not understood the true nature of macroeconomics: that in many cases helping an economy grow only makes those few people who sit atop the pyramid even richer, while it does nothing for those at the bottom except to push them even lower. Indeed, promoting capitalism often results in a system that resembles medieval feudal societies. If any of my professors knew this, they had not admitted it probably because big corporations, and the men who run them, fund colleges. Exposing the truth would undoubtedly cost those professors their jobs just as such revelations could cost me mine.

- John Perkins – The New Confessions of an Economic Hitman
Set the controls for the heart of the earth.
You must register to post here.

World Bank, IMF & Export Credit Agency Debt Scams 15 Jul 2017 03:58 #2

  • Space Bandit
  • Space Bandit's Avatar
  • ZONED OUT
  • Gold Boarder
  • Rank5
  • Posts: 3804
  • Thank you received: 2274
  • Karma: 70
I had loads of info to post on this but I realised I couldn't copy & paste the material which is a bit annoying....

anyway, after reading the New Confessions of an Economic Hitman by John Perkins (which is really good) I decided to do a bit more reading on the stuff he talks about....
and came across this free book..... there is a particularly harrowing chapter in the book about the human cost of our phones. Basically, rape, pillage, murder, war, bribery and slavery is what it takes to secure the necessary minerals as cheaply as possible. The book is written by several different authors giving their accounts of the nefarious dealings of the globalisation projects such as the World Bank & IMF, USAID and foreign aid scams, and all the resulting shit they have created.

www.bkconnection.com/static/agaoesampler.pdf
Set the controls for the heart of the earth.
You must register to post here.
The following user(s) said Thank You: psketti

World Bank, IMF & Export Credit Agency Debt Scams 08 Aug 2017 10:46 #3

  • andyh
  • andyh's Avatar
  • ZONED OUT
  • Platinum Boarder
  • Rank6
  • Posts: 10337
  • Thank you received: 3544
  • Karma: 62
Yeh not just coltan but indium too
“Fascists are not human. A snake is more human.” - Hugo Chávez
You must register to post here.
The following user(s) said Thank You: Space Bandit
  • Page:
  • 1
Moderators: psketti, oioioi, batou
Time to create page: 0.291 seconds
Powered by Kunena Forum

© 2012 – 2021 Sanctum Zone | All rights reserved. This website is a place for people to express and discuss their views on the news and world events. DISCLAIMER: Please Note: Views expressed and submitted by contributors are their own personal opinions and do not necessarily reflect the views, opinions and beliefs of the Sanctum Zone website and its founder(s) , administrators , moderators , and any other website maintenance technicians, personnel and volunteers. Articles and messages posted on this website and forum are solely the opinion of their authors.

Top Desktop version