Inequality and The World Bank
In a world where the pace of capital transcends the capacity to understand it's consequences, we must step back and make some analyses. Right now, the world's richest 300 people have more than the bottom 3 billion. While there are many reasons for this, they all seem to stem from one key concept. Global businesses and institutions are set up by the wealthy and primarily serve there creators. Take for instance, the World Bank. As Mark Karlin writes for Truthout "The World Bank, for interest, oversees "loans" to developing nations.
But by creating long-term indebtedness, these struggling counties end
up owing at least $600 billion dollars in interest on loans whose
principals have, in essence, already been paid off in actual dollars.
These usorious interest rates end up in the hands of the bankers and the shareholders of the financial institutions that are inter-related with the World Bank through the nations that govern it, particularly the United States which calls the shots. Criticisms of the World Bank focus on how it creates financial conditions that result in debt dependency of the nations that borrow from it, therefore negatively impacting the economic prospects of the vast majority of its residents."
(http://truth-out.org/index.php?option=com_content&view=article&id=8&q=worlds+richest+300)
The World Bank, established in 1944, has the motto "working for a world free of poverty". Considering the international loans which drains rather than enhances resources, they're doing the opposite. One of the founders of The World Bank, John Maynard Keynes, wrote of the "abhorrent and detestable" policy of reducing Germany to servitude in his 1919 book The Economic Consequence of Peace. Yet virtually no such thought from the World Bank is given when nations are similarly forced into servitude. Why question what's good for their own?
These usorious interest rates end up in the hands of the bankers and the shareholders of the financial institutions that are inter-related with the World Bank through the nations that govern it, particularly the United States which calls the shots. Criticisms of the World Bank focus on how it creates financial conditions that result in debt dependency of the nations that borrow from it, therefore negatively impacting the economic prospects of the vast majority of its residents."
(http://truth-out.org/index.php?option=com_content&view=article&id=8&q=worlds+richest+300)
The World Bank, established in 1944, has the motto "working for a world free of poverty". Considering the international loans which drains rather than enhances resources, they're doing the opposite. One of the founders of The World Bank, John Maynard Keynes, wrote of the "abhorrent and detestable" policy of reducing Germany to servitude in his 1919 book The Economic Consequence of Peace. Yet virtually no such thought from the World Bank is given when nations are similarly forced into servitude. Why question what's good for their own?
Comments
Post a Comment