We did not pen this article but it is very informative nonetheless, read the original article and what will do is supplement and highlight what we feel are high points and things that you – the people should take heed of. We have not substantiated any of this with background research and we do not intend to at this moment, so any other info. you have will be greatly appreciated in the Comments section.
“Fifty years before the WTO was even created, the World Bank the International Monetary Fund (IMF) began designing a global economy that puts the interests of corporations before the interests of people and the planet. In many ways these two institutions are the architects of corporate globalization-their free-market, export-driven policies spawned the WTO. To fully understand how the global economy works, and whose interests it ultimately serves, it’s necessary to know how these very powerful and secretive institutions operate.”
The World Bank and IMF were created near the end of World War 1I by the US and British governments. (FYI – Colonialists Powers)
“The IMF was established to …. lend to countries experiencing temporary cash-flow problems so they could continue trading without interruption.” Read it for Yourself on the IMF Website
- “The IMF says it has canceled Haiti‘s $268 million debt and will lend the earthquake-devastated country another $60 million to help it with reconstruction plans.” ARTICLE
– “IMF Gives $164 Million to Coup Government in Honduras, Following Familiar Pattern” ARTICLE
-“The IMF approved a $1.4 billion loan to Angola on November 23 to help sub-Saharan Africa’s third largest economy combat the adverse effects of the global economic crisis.” ARTICLE
-“IMF Lends Ethiopia $50 Million to Help Absorb Price Shocks” ARTICLE
– “In March 2010, India invested $10 billion from RBI’s reserves into buying IMF notes, a huge leap from years of indebtedness. Over the next few weeks, the Cabinet is set to clear another $4 billion towards the same. Former finance secretary K P Geethakrishnan calls it a “very big psychological boost”. India’s representative at the IMF in the 1990s, he says: “A lot needs to change for a substantive shift, but we were on bended knees when we went to the IMF for a loan in 1989-90.” Basically India loaned the IMF money, pretty cool huh? ARTICLE The article trys to downplay the situation but we are sure that if it were a report of Indian descent or SouthEast Asian descent instead of european then the article would have a much more positive and powerful tone!
– “The International Monetary Fund approved a $119 million loan to Ghana to help support the economy, while warning that the government must rein in public spending.” ARTICLE
– ” IMF lends $2.5bn to Sri Lanka despite concerns for Tamil refugees.” ARTICLE
– ” IMF lends Iceland 160-million-dollar to tackle crisis.” ARTICLE
– ” Greg Palast Tells How The IMF Set-Up Iceland & Greece on Alex Jones Tv” Greg also talks about how the creator of the Euro, created the EURO to control other European countries currency (like Greece) ARTICLE
We boldfaced every country to show you something. Since a majority of the world is inhabited by people with melanin, this statement is true – People of Color all over the world in these various countries owe money to europeans. It appears that the IMF is making our countries dependent on them for every like problem they encounter, the IMF will not allow any of these countries to exist self sufficiently. We were going to just stated that all of the countries are places of color but that is not true, thus the reason why we added Iceland and Greece to the mix. BUT these countries are still not European…..
What would happen if every country was beyond financial monitoring and control by the IMF and self sufficient?
What role do tthe IMF and World Bank play now?
TheWorld Bank and the IMF are the world’s largest public lenders.
What you do not see from the news media and the IMF website, the strong arming and the abuse of financial power: Read all of this and educate yourself and open you eyes, particularly your third eye.
“To really understand how these institutions work, think of them as the world’s biggest loan sharks. When the Bank and IMF lend money to debtor countries, the money comes with strings attached. The strings come in the form of policy prescriptions that are usually referred to as “structural adjustment. ”
What is Structural Adjustment?
Structural Adjustment Policies (SAPs) restructure a country’s economy to ensure that its debts are repaid. SAPs require that debtor governments open their economies to penetration by foreign corporations, allowing access to the workers and natural resources of the country at bargain basement prices.
Among other things, Structural Adjustment Policies generally require a country to:
* slash government spending, which usually means cutbacks for health care, education, child care, and environmental protection;
* attract foreign investment by removing tariffs and weakening labor laws and environmental protections;
* sell off publicly owned assets such as mines, mills, forests, telephone, water and electricity companies-a process known as ~privatization”;
* focus resources on growing export crops for industrial countries, rather than supporting family farms and growing organic food for local consumption; and
* devalue the currency to promote exports.
Sometimes structural adjustment prescriptions include ending government subsidies on heating oil, gasoline and basic food items such as bread or rice, which raises the cost of living for poor people. In Haiti, the World Bank went so far as to oppose increasing the minimum wage-this in a country where more than 70% of the population lives on less than $1 a day.
The Bank and the IMF say these policies are necessary market reforms. In fact, they are poison pills for the poor majority in debtor countries. The record shows these policies to be a dismal failure: Real growth has been slow and poverty has increased.
Many grassroots groups in the Third World talk about the ‘recolonization’ of their countries as they steadily lose control over their own land, factories and services. As Martin Khor of the Third World Network explains: “Structural adjustment is a policy to continue colonial trade and economic patterns developed during the colonial period, but which the Northern powers want to continue in the post-colonial period. The World Bank and the IMF are playing the role that our ex-colonial masters used to play.”
Basically it sounds as if the loan sharks get to play in your playground if they lent you money to buy the playground. Do for self!
Who Runs the IMF and WB? And how is the vote delegated?
“…voting power at the World Bank and IMF is determined by the level of a nation’s financial contribution. Therefore, the United States has roughly 17% of the vote, with the seven largest industrialized countries (G-7) holding a total of 45% of the votes.
Because of the scale of its contribution, the United States has always had a dominant voice and has at all times exercised an effective veto. At the same time, developing countries have relatively little power within the institution.
Furthermore, the President of the World Bank is by tradition an American, and the IMF President is a European; the developing world has no say about who will run these institutions.”
“How have the Bank and the Fund affected the environment?
These institutions have a terrible record of environmental destruction. From a hydroelectric dam in India that displaced thousands of people to road-building and agricultural colonization in the Brazilian Amazon, the Bank’s history has been characterized by misguided and massive development debacles-debacles that continue today despite the objections of environmental groups around the world.
The Bank’s proposal to support a 600-mile pipe
line that will carry oil from Chad to the coast of Cameroon is a perfect example of the Bank’s disregard for environmental concerns. The massive oil development project will pass through or close to important ecological areas that are home to indigenous tribes and endangered species. Even if the best available technology were adopted, 2,000 gallons a day could leak without being detected. Equally disturbing, the oil companies planning the project-Shell and Exxon-each have terrible environmental records. In 1997, the Wall Street Journal reported Exxon’s chairman as advising developing countries to avoid environmental controls if they wanted to secure foreign investment.
What do the Bank and the Fund have to do with sweatshops?
IMF and World Bank policies encourage countries to center their economic development strategies around production for export to the developed world. These policies typically include encouraging countries to keep wages low and unions out of the workplace, so as to ensure the cheapest exports possible. The kind of production encouraged is often based on imported inputs and dependent on foreign investment.”
Always look at the big picture. Before colonization ever country had their own culture and currency but since foreign meddling, death, destruction, rape and pillaging – europeans are trying to impose their will everywhere with blatant disregard for others.
Take this as a lesson to be happy with what you have and own your own.