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OpEdNews Op Eds    H3'ed 10/24/18

Saudi Arabia pledges $6 billion to ease Pakistan's economic crisis

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Message Abdus-Sattar Ghazali
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West dominates global financial system

It will not be too much to say that the West dominates global decision-making through minority control of the central banking system (Bank of International Settlements), IMF, World Bank, Security Council and other institutions of global governance.

The G8 represent less than 15% of world population, yet have over 60% of its income. The West has veto power in the World Bank, IMF and WTO and regulates global monetary policy through the Bank of International Settlements (BIS). Although the rest of the world now has a majority in many international institutions, it does not have the political power to reject decisions by the Western minority.

In The Clash of Civilizations and the Remaking of World Order, Samuel P. Huntington describes how "the United States together with Britain and France make the crucial decisions on political and security issues; the United States together with Germany and Japan make the crucial decisions on economic issues."

Huntington quoted Jeffrey R Bennett to claim that Western nations: (1) own and operate the international banking system; (2) control all hard currencies; (3) are the world's principle customer; (4) provide the majority of the world's finished goods; (5) dominate international capital markets; (6) exert considerable moral leadership within many societies; (7) are capable of massive military intervention; (8) control the sea lanes.

In short, Huntington presents a 'framework, a paradigm, for viewing global politics' to protect "Western civilization".

Interestingly, John Perkins wrote a book titled: Confessions of An Economic Hit Man in 2004 where he exposed the exploitation of the poor countries through western established economic institutions.

John Perkins was an economic hit man. He defines economic hit men as, "highly paid professionals who cheat countries around the globe out of trillions of dollars. They funnel money from the World Bank, the U.S. Agency for International Development (USAID), and other foreign 'aid' organizations into the coffers of huge corporations and the pockets of a few wealthy families who control the planet's natural resources.

Their tools include fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder. They play a game as old as empire, but one that has taken on new and terrifying dimensions during this time of globalization.

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Author and journalist. Author of Islamic Pakistan: Illusions & Reality; Islam in the Post-Cold War Era; Islam & Modernism; Islam & Muslims in the Post-9/11 America. Currently working as free lance journalist. Executive Editor of American (more...)
 
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