Friday, 10 June 2011 05:44 '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:'
Friday, 10 June 2011
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