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World Bank Opposes Palestinian Sovereignty
World Bank is an imperial tool.
by Stephen Lendman
Washington controls the World Bank. Current president Jim Yong Kim formerly was Dartmouth College president.
The World Bank and IMF were established to integrate developing nations into the Global North-dominated world economy.
They've done it in ways other than originally mandated. The IMF was created to stabilize exchange rates linked to the dollar. Its purpose was also to bridge temporary payment imbalances.
The World Bank was supposed to provide credit to war-torn developing countries. Both bodies operate exploitively. They use debt entrapment to transfer public wealth to Western bankers and other corporate predators.
They obligate indebted nations to take new loans to service old ones. Doing so assures debt entrapment. Remedies proposed don't work. Structural adjustment harshness is imposed. Neighborhood loan sharks are benign by comparison.