If the choice of Wolfowitz brings discredulity to the institition of the World Bank all well and good but as far as effecting any change in this institition in actual fact the damage has already been done and its purpose has largely been served as far as advancing American power goes, ie. getting countries to take out loans they could never hope to repay. As such, the only option left is for the World Bank to be abolished, as well as the IMF since it is simply the enforcer arm of the World Bank.
One important thing this article does bring out though is the true nature of this institition and exposing the naivete of anyone who thinks it was ever created to do good. I am reading a book right now called "Confessions of an Economic Hit Man" by an insider named John Perkins. This person was working for a company called MAIN from 1971 to 1981 and his job was basically to produce reports that grossly inflated the economic benefits that would accrue to countries if they borrowed billions to pay for the large infrastructure projects mentioned in the article. One of the things missing from the article, however, is that virtually all of the contracts for said projects went to American engineering firms. He was also involved in brokering deals with mid east dictators (most notably the Saudi royal family) that essentially guaranteed that oil profits would be recycled thru the American economy and guarantee contracts to American engineering companies in exchange for propping up these dictatorships.
From what is known about the World Bank right now, I believe that all third world country debt incurred through its loan programs should be wiped off the books. I would go even further and say that these countries should sue the Bank for the return of these monies on the basis of the fraudulant forcasts described above. Does anyone know if the World Bank and IMF are bound by international law and the World Court?
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One important thing this article does bring out though is the true nature of this institition and exposing the naivete of anyone who thinks it was ever created to do good. I am reading a book right now called "Confessions of an Economic Hit Man" by an insider named John Perkins. This person was working for a company called MAIN from 1971 to 1981 and his job was basically to produce reports that grossly inflated the economic benefits that would accrue to countries if they borrowed billions to pay for the large infrastructure projects mentioned in the article. One of the things missing from the article, however, is that virtually all of the contracts for said projects went to American engineering firms. He was also involved in brokering deals with mid east dictators (most notably the Saudi royal family) that essentially guaranteed that oil profits would be recycled thru the American economy and guarantee contracts to American engineering companies in exchange for propping up these dictatorships.
From what is known about the World Bank right now, I believe that all third world country debt incurred through its loan programs should be wiped off the books. I would go even further and say that these countries should sue the Bank for the return of these monies on the basis of the fraudulant forcasts described above. Does anyone know if the World Bank and IMF are bound by international law and the World Court?
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"And those who were seen dancing were thought to be insane by those who could not hear the music." Friedrich Nietzsche