Monday, July 19, 2010

Book review: Confessions of an Economic Hit Man

As if we needed more evidence that the World Bank, International Monetary Fund, World Trade Organization, and United Nations are all instruments of subjugation, now an insider tells all. Throughout the 70's and 80's, this author schemed to bring third world nations into debt-slavery by convincing their leaders to take huge loans from the World Bank and IMF to fund massive, ill-conceived infrastructure programs. The credit always came with conditions designed to force open each nation's vulnerable fledgling markets to international competition before viable domestic producers could emerge. The international competition destroyed domestic employment, driving down internal revenues, and increasing social welfare expenses. Eventually the infrastructure projects could not be completed and resulted in no significant economic development. More importantly (to the World Bank and IMF), the victim nations defaulted on their loans, and had to come hat-in-hand to their creditors, who would only refinance after significant natural resources concessions. Essentially this is a story of how first-world banks rape third world nations. Before you go thinking first-world banks are somehow on "your side", consider how their mechanations endanger us all by impoverishing regions, causing destabilization, war, and terrorism. It is an utterly disgusting, immoral tale, and kudos to Perkins for telling it.

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