World Bank: Banking Profile
Executive Summary
- The World Bank is an international banking cartel that imposes neoliberal policies on countries through banking control.
Introduction
Like the IMF, the World Bank pretends to be international and associated with the government, when it is controlled by the US government and is funded out of the US Treasury.
The following is an example of how the World Bank functions.
In India, the World Bank funded the construction of a dam that displaced two million people, flooded 360 square miles, and wiped out 81,000 acres of forest cover. In Brazil, it spent a billion dollars to “develop” a part of the Amazon basin and to fund a series of hydroelectric projects. It resulted in the deforestation of an area half the size of Great Britain and has caused great human suffering because of resettlement. In Kenya, the Bura irrigation scheme caused such desolation that a fifth of the native population abandoned the land. The cost was $50,000 per family served. In Indonesia, the transmigration program mentioned previously has devastated tropical forests—at the same time that the World Bank is funding reforestation projects. The cost of resettling one family is $7,000, which is about ten-times the Indonesian per-capita income. Livestock projects in Botswana led to the destruction of grazing land and the death of thousands of migratory animals. This resulted in the inability of the natives to obtain food by hunting, forcing them into dependence on the government for survival. While Nigeria and Argentina are drowning in debt, billions from the World Bank have gone into building lavish new capital cities to house government agencies and the ruling elite. In Zaire, Mexico, and the Philippines, political leaders became billionaires while receiving World Bank loans on behalf of their nations. In the Central African Republic, IMF and World Bank loans were used to stage a coronation for its emperor. The record of corruption and waste is endless. But the real eye-opener is in the failure of socialist ventures, those magnificent projects which were to bring prosperity to the underdeveloped countries. Here are just a few examples. Before receiving loans from the World Bank, Tanzania was not wealthy, but it fed its own people, and it had economic growth1. Graham Hancock, Lords of Poverty: The Power, Prestige, and Corruption of the International Aid Business (New York: Atlantic Monthly Press, 1989), pp. 59,60.
Source: Creature From Jekyll Island
https://www.scribd.com/doc/54912935/The-Creature-from-Jekyll-Island-G-Edward-Griffin
The World Bank is barely covered by the international media and when it is, the false claims about the World Bank’s charitable and socially beneficial outcomes tend to be repeated without critical analysis.
This quote explains what the World Bank, along with the IMF did to Argentina.
Argentina once had one of the highest standards of living in Latin America. But then it became the recipient of massive loans from the World Bank as well as commercial banks in the United States. Since the money was given to politicians, it was used to build the only system politicians know how to build: socialism. By 1982, the Gross National Product was in a nose dive, manufacturing had fallen to less than half of capacity, thousands of privately owned companies had been forced into bankruptcy, unemployment was soaring, and so was welfare. By 1989, inflation was running at an average of 5,000% and, in the summer of that year, topped at 1,000,000%! Banks were offering interest rates of 600% per month in hopes of keeping deposits from being moved out of the country.
Source: Creature From Jekyll Island
How Do the World Bank and IMF Really Work
So few journalists know enough about the World Bank and the IMF to writing any articles on these entities. The following quote explains how they work.
Capital for the IMF and the World Bank comes from the industrialized nations, with the United States putting up the most. Funds consist partly of hard currencies—such as the dollar, yen, mark and franc—but these are augmented by many times that amount in the form of “credits.” These are merely promises by the member governments to get the money from their taxpayers if the Bank gets into trouble with its loans. While the IMF is gradually evolving into a central bank for the world, the World Bank is serving as its lending arm. As such, it has become the engine for transferring wealth from the industrialized nations to the underdeveloped countries. While this has lowered the economic level of the donating countries, it has not raised the level of the recipients. The money has simply disappeared down the drain of political corruption and waste.
Source: Creature From Jekyll Island
The point of the IMF and the World Bank’s loans is to never be repaid. The loans are extended and rolled over, and then the political elite in the borrowing countries are required to implement neoliberal policies that neutralizing participatory government and place as many public assets into private hands, through privatization. This is explained in the following quotation.
While the Fed was setup to be purely a central bank and focused on the money of the US, it has since its inception been involved in international affairs, negatively intervening in the affairs of other countries. This pattern has grown as time has progressed from its origination in 1913/1914.