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OpEdNews Op Eds    H2'ed 6/9/11

IMF Financial Terrorism

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IMF Financial Terrorism - by Stephen Lendman

In July 1944, the IMF and Bank for Reconstruction and Development (now the World Bank) were established to integrate developing nations into the Global North-dominated world economy in ways other than initially mandated.

Under a new post-war monetary system, the IMF was created to stabilize exchange rates linked to the dollar and bridge temporary payment imbalances. The World Bank was to provide credit to war-torn developing countries. Both bodies, in fact, proved hugely exploitive, using debt entrapment to transfer public wealth to Western bankers and other corporate predators.

On a grander scale today, the scheme destructively obligates indebted nations to take new loans to service old ones, assuring rising indebtedness and structural adjustment harshness, including:

-- privatization of state enterprises, many sold for a fraction of their real worth;

-- mass layoffs;

-- deregulation;

-- deep social spending cuts;

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Stephen Lendman was born in 1934 in Boston, MA. In 1956, he received a (more...)
 

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