For close to 40 years the IMF has weaponized its handle on the western economy through the dollar-based western monetary system, and brutally destroyed nation after nation, thereby killed hundreds of thousands of people. Indirectly, of course, as the IMF would not use traditional guns and bombs, but financial instruments that kill – they kill by famine, by economic strangulation, preventing indispensable medical equipment and medication entering a country, even preventing food from being imported, or being imported at horrendous prices only the rich can pay.Read More
Ecuador’s workers are rising up against the IMF-mandated neoliberal economic reforms of President Lenin Moreno, a close ally of Washington who calls them “zánganos,” or drone bees.Read More
There is no evidence negative rates produce a stronger economy or lower unemployment. There is evidence banks are hurt.
Negative interest rates unquestionably hurt EU banks and there is no evidence of Lagarde’s proposed counter-benefits. A European banking crisis awaits.
One can’t blame outgoing IMF head Lagarde for trying to keep a low profile: after all her next job is to head the ECB, and after her absolutely disastrous tenure at the IMF, one can’t wait to see just how she destroys the Eurozone as her final parting gift.Read More
This “U.S. coup manual,” recently highlighted by WikiLeaks, serves as a reminder that the so-called “independence” of such financial institutions as The World Bank and IMF is an illusion and that they are among the many “financial weapons” regularly used by the U.S. government to bend countries to its will.Read More
Will the people prevail? – Will France set an example for the rest of Europe? – Mind you – Europe is in the plans to be derailed and robbed similarly and through different means.
So, what do the people of Argentina and the people of France have in common? – They both want to get rid of a despotic president, implanted by the western financial elite to steal the socioeconomic coffers of their heritage, and which, if not stopped, may continue a movement throughout the Americas and Europe.
After all, that’s how the west, Europe in particular, has enslaved, plundered and raped Asia, Africa and Latin America for centuries. So, what the World Bank does today is but a modern continuation of colonialism disguised as development assistance.Read More
The major corruption is legal. For example, the resort to tax havens that drain an estimated one-fourth or more of the $80 trillion global economy, creating an independent economic system free from surveillance and regulation, a haven for all sorts of criminal activities, as well as taxes. Nor is it technically illegal for Amazon, which just became the second trillion-dollar corporation, to have benefitted enormously by exemption from sales taxes. Or for the corporation to use about 2 percent of U.S. electricity at sharply reduced rates, following “a long U.S. tradition of shifting costs from businesses to poor residents, who already pay about three times more of their income on utility bills than do wealthy households.”Read More
The IMF’s main task consists in stabilizing the global financial system and helping out troubled countries in times of crisis. In reality, its operations are more reminiscent of warring armies. Wherever it intervenes, it undermines the sovereignty of states by forcing them to implement measures that are rejected by the majority of the population, thus leaving behind a broad trail of economic and social devastation.
Because of its global status as “lender of last resort” governments usually have no choice but to accept the IMF’s offer and submit to its terms – thus getting caught in a web of debt, which they, as a result of interest, compound interest and principal, get deeper and deeper entangled in. The resulting strain on the state budget and the domestic economy inevitably leads to a deterioration of their financial situation, which the IMF in turn uses as a pretext for demanding ever new concessions in the form of “austerity programs”.
The consequences are disastrous for the ordinary people of the countries affected (which are mostly low-income) because their governments all follow the same pattern, passing the effects of austerity on to wage earners and the poor.
IMF programs have cost millions of people their jobs, denied them access to adequate health care, functioning educational systems and decent housing. They have rendered their food unaffordable, increased homelessness, robbed old people of the fruits of life-long work, favored the spread of diseases, reduced life expectancy and increased infant mortality.