Before receiving loans from the World Bank, Tanzania was not wealthy, but it fed its own people, and it had economic growth. After receiving more than 3 billion dollars in loans, it nationalized a the nation's farms and industries and converted every business into a government agency. [...] Food was the main export in 1966. Under socialism, food had to be imported - paid for by foreign aid and more loans from the World Bank. The country is hopelessly in debt with no way to repay.
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 1989, inflation was running at an average of 5,000% and, in the summer of that year, topped at 1,000,000%! [...] People were rioting in the streets for food, and the government was blaming greedy shop owners for raising prices.
Brazil is run by the military, and the state controls the economy. [...] By 1990, inflation was running at 5,000%. [...] A new crime was invented called "hedging against inflation," and people were arrested for charging the free-market price for their goods and for using dollars or gold as money.
The experience in Mexico was a carbon copy of that in Brazil, except that the amount of money was larger. [...] The government increased the minimum wage causing more businesses to fail and more unemployment. That led to more welfare and unemployment benefits. [...] In 1995, Mexico's bank loans were once again on the brink of default, and, once again, U.S. taxpayers were thrown into the breach by Congress to cover more than $30 billion at risk. [...]
Thus the saga continues. After pouring billions of dollars into underdeveloped countries around the globe, no development has taken place. In fact, we have seen just the opposite. Most countries are worse off than before the Saviors of the World got to them.
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.
Nowhere is this pattern more blatant than in Africa. Julius Nyerere, the dictator of Tanzania, is notorious for his "villagization" program in which the army has driven the peasants from their land, burned their huts, and loaded them like cattle into trucks for relocation into government villages. The purpose is to eliminate opposition by bringing everyone into compounds where they can be watched and controlled. Meanwhile the economy staggers, farms have gone to weed, and hunger is commonplace. Yet Tanzania has received more aid per capita from the World Bank than any other nation.
In Uganda, government security forces have engaged in mass detentions, torture, and killing of prisoners. The same is true under the terrorist government in Zimbabwe. Yet, both regimes continue to be the recipients of millions of dollars in World Bank funding.
Thus, the World Bank becomes yet one more conduit from the pockets of taxpayers to the assets of commercial banks which have made risky loans to Third-World countries.
[...] the World Bank is able to go into the commercial loan markets and borrow larger sums at extremely low interest rates. After all, the loans are backed by the most powerful governments in the world which have promised to force their taxpayers to make the payments if the Bank should get into trouble. It then takes these funds and relends them to the underdeveloped countries at slightly higher rates, making a profit on the arbitrage.
The unseen aspect of this operation is that the money it processes is money which, otherwise, would have been available for investment in the private sector or as loans to consumers. It siphons off much-needed development capital for private industry, prevents new jobs from being created, causes interest rates to rise, and retards the economy at large.
Both the World Bank and the World Trade Organization connect with other global financial agencies like the International Monetary Fund and the G-7/G-8 group to impose their will and policies on developing countries in Africa, South and Central America, and Asia, and to ensure they are controlled by the transnational corporations which answer to the same overall leadership.
The head of the World Bank, the Rothschild partner, James Wolfensohn, and a stream of his predecessors like Robert Strange Macnamara, are Bilderbergers.