Interest rates on deposits could go to as high as 80% and property values cut in half
Based on their track record, the World Bank and International Monetary Fund implode and then loot economies in Third World countries. Joseph Stiglitz, ex-chief economist of the World Bank, describes the thievery as a four step program. "Step One is privatization." State industries in poor nations are sold off at bargain basement prices. "After privatization, Step Two is capital market liberalization. In theory this allows investment capital to flow in and out. Unfortunately, as in Indonesia and Brazil, the money often simply flows out... Cash comes in for speculation in real estate and currency, then flees at the first whiff of trouble. A nation's reserves can drain in days... And when that happens, to seduce speculators into returning a nation's own capital funds, the IMF demands these nations raise interest rates to 30%, 50% and 80%...
Higher interest rates demolish property values, savage industrial production and drain national treasuries." Step Three follows:
market-based pricing, "a fancy term for raising prices on food, water and cooking gas. This leads, predictably, to Step-Three-and-a-Half: what Stiglitz calls 'the IMF riot'... The IMF riots (and by riots I mean peaceful demonstrations dispersed by bullets, tanks and tear gas) cause new flights of capital and government bankruptcies." Finally, Step Four is introduced: free trade. "This is free trade by the rules of the World Trade Organization and the World Bank, which Stiglitz likens to the Opium Wars." In the Opium Wars, the West used military blockades. Today, the World Bank can order a financial blockade, which is just as effective and sometimes just as deadly."
All across South America the people are in revolt against the IMF and World Bank. In February 2001, Ecuadorian environmentalists and human rights activists occupied the Quito offices of the IMF in support of thousands of indigenous protestors rising up against government austerity measures mandated by the IMF (in Ecuador, the monthly minimum wage is $130 while the monthly cost of living is $200).
The vast majority here are poor and disenfranchised. Do you REALLY think the IMF agreement will help them? The IMF loan sharks smell blood in these Dominican waters. Why else would they be called the bank of last resort. My advice: Bucket up, we're in for an even bumpier ride.
Based on their track record, the World Bank and International Monetary Fund implode and then loot economies in Third World countries. Joseph Stiglitz, ex-chief economist of the World Bank, describes the thievery as a four step program. "Step One is privatization." State industries in poor nations are sold off at bargain basement prices. "After privatization, Step Two is capital market liberalization. In theory this allows investment capital to flow in and out. Unfortunately, as in Indonesia and Brazil, the money often simply flows out... Cash comes in for speculation in real estate and currency, then flees at the first whiff of trouble. A nation's reserves can drain in days... And when that happens, to seduce speculators into returning a nation's own capital funds, the IMF demands these nations raise interest rates to 30%, 50% and 80%...
Higher interest rates demolish property values, savage industrial production and drain national treasuries." Step Three follows:
market-based pricing, "a fancy term for raising prices on food, water and cooking gas. This leads, predictably, to Step-Three-and-a-Half: what Stiglitz calls 'the IMF riot'... The IMF riots (and by riots I mean peaceful demonstrations dispersed by bullets, tanks and tear gas) cause new flights of capital and government bankruptcies." Finally, Step Four is introduced: free trade. "This is free trade by the rules of the World Trade Organization and the World Bank, which Stiglitz likens to the Opium Wars." In the Opium Wars, the West used military blockades. Today, the World Bank can order a financial blockade, which is just as effective and sometimes just as deadly."
All across South America the people are in revolt against the IMF and World Bank. In February 2001, Ecuadorian environmentalists and human rights activists occupied the Quito offices of the IMF in support of thousands of indigenous protestors rising up against government austerity measures mandated by the IMF (in Ecuador, the monthly minimum wage is $130 while the monthly cost of living is $200).
The vast majority here are poor and disenfranchised. Do you REALLY think the IMF agreement will help them? The IMF loan sharks smell blood in these Dominican waters. Why else would they be called the bank of last resort. My advice: Bucket up, we're in for an even bumpier ride.
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