"The International Monetary Fund and the World Bank
float unpayable loans to impoverished countries and then, as part of the
agreement, force those countries to sell off all the
natural resources and
infrastructure to multinational
corporations in sweetheart deals." - Roy Dickinson
"You can't force a country to ask for help. It has
to ask. But when it's out of money, it hasn't got many places to turn." -
Stanley Fischer, International Monetary Fund negotiator The International Monetary Fund and the
World Bank have always claimed that everything they do is in the
The official mandate of the IMF is
crisis prevention - not
social engineering or
transformation - so stabilization is the official rationale.
reality is that in country after country, engineered debt crisis' have been
methodically leveraged to advance
the Chicago School of Economics agenda,
closely aligned with the bookkeeper's trick.
"The money monopoly translates into
a monopoly on violence
on an ascending scale." - Richard C. Cook
1944 The International
Monetary Fund and the World Bank are
Nations Monetary and Financial Conference at Bretton Woods.
Harry Dexter White* is the mover
behind the Bretton Woods Agreement and
the formation of the International Monetary Fund and the World Bank.
number of sources, including the FBI and Soviet archives, as well as the
messages decoded by the Venona project, indicate that Harry Dexter White was
engaged in espionage activity for
the Soviet Union.
The Dulles Brothers, Harry Dexter White and Alger
"Between 1945 and 1947 huge quantities of gold and platinum
were deposited in prominent banks throughout the world.
deposits came to be known as the
Black Eagle Trust.
A global political action fund would use the Black
Eagle Trust ostensibly to fight communism, bribe political leaders, enhance the
treasuries of US allies, and manipulate elections in foreign countries like
Italy, Greece, and Japan.
This trust was headed by
Secretary of War
Henry Stimson, assisted by John J. McCloy, Robert Lovett and Robert B.
Anderson later operated the Commercial Exchange Bank of
Anguilla in the British West Indies and was convicted of running illegal
offshore banking operations and tax evasion.
Stimson and McCloy, both
retired from government service, continued their involvement in the management
of the Black Eagle Trust.
Military leaders who opposed foreign policies
that embraced exploitation of third world countries died from mysterious
causes, which includes individuals such as George S. Patton, Smedley D. Butler
and James V. Forrestal.
The Vulcan's effort to crush Communism and end
the Cold War was largely funded by the Japanese plunder.
The Vulcans were resurrected when
George W. Bush
was installed as president in 2000, facilitated by election maneuvers, probably
lots of payoffs, and Jeb Bush's purge of Florida voters." - Patricia
"Politics is war without bloodshed while war is
politics with bloodshed."
Chinese journalist Yang Jisheng, who
chronicled the famine in his book "Tombstone," estimates the deaths at
36 million people. Massive grain warehouses held enough food to feed the entire
country but the government never released it.
1946 to 1952 Virginius Frank Coe is a leading official of the
International Monetary Fund.
He resigns after public calls are made by
Congress for his ouster.
Richard Nikolaus Eijiro recieves
the first Charlemagne Prize.
Internationaler Karlspreis zu
Aachen is a prize awarded for work done in the service of European
Virginius Frank Coe moves to
the People's Republic of China to work for the government of Mao
Frank Coe participates in Mao's Great Leap Forward,
a plan for the rapid industrialization and modernization of China.
plan is generally agreed to have failed in its intentions, leading to millions
of Chinese deaths in addition to widespread economic dislocation, and is widely
regarded both inside and outside the People's Republic of China as
a policy and human rights
Monetary Fund creates Special Drawing Rights.
Special Drawing Rights
(ISO 4217 currency code XDR, also abbreviated SDR) are supplementary
foreign-exchange reserve assets defined and maintained by the International
Monetary Fund (IMF).
The XDR is the
unit of account for the IMF,
and is not a currency per se.
1975 "When inflation raged and a
world recession triggered a depression in Chile, General
Pinochet turned to the Chicago Boys." - Milton Friedman
1983 IMF launches its first "structural adjustment" crusade.
For the next two decades, every country that comes to the fund for a
major loan is informed that it needs to revamp its economy from top to
"Everything we did from 1983 onward was based on our new sense
of mission to have the south 'privatized'; towards this end we ignominiously
created economic bedlam in Latin America and
Africa from 1983-88." - Davison
Budhoo, IMF senior economist and structural adjustment program designer for
Latin America and Africa in 1980s
This started the privatization
reforms to be accepted they must be rammed down the throats of the people
as they were in Bolivia under the single executive decree of Gonzalo Sanchez de
Lozada - DS 21060.
DS 21060, based on "The
Brick," contained 220 laws which included an elimination of
subsidies, a canceling of almost all price controls, a 300% increase in the
price of oil, deep cuts in government spending, unrestricted imports and the
sale of state owned companies - the national oil corporation, the national air
line, railway, electricity and
The Heritage Foundation
credits the "Chicago Boys"
with transforming Chile into best performing economy in Latin America and one
of the world's most business friendly jurisdictions.
The term "Chicago
Boys" has been used to describe Latin American economists who identified with
the neolibertarian economic theories taught at the University of Chicago by
Milton Friedman and Arnold Harberger.
The winners of
the Bolivia asset fire sale included Enron, Royal
Dutch/Shell, Amoco and Citicorp - and the sales were
"The important thing is to make these changes irreversible and
to get them done before the
antibodies kick in." - Gonzalo Sanchez de Lozada
deposits are frozen as part of an emergency fiscal adjustment.
common with many other emerging market countries, Argentina's banking sector
was liberalized in the 1990s." - Charles W. Calomiris and Andrew Powell, Can
Emerging Market Bank Regulators Establish Credible Discipline? The Case of
1994 Tequila Crisis creates problems.
90% of all state
enterprises - the oil fields, the phone system, the airline, the trains, the
airport, the highways, the water system, the banks, the Buenos Aires zoo, the
post office and the national pension plan - had been
sold to private companies which included
"Actual minimum capital requirements by the end of 1994 were
some 14 percent of assets at risk - well above minimum requirements set by the
Basil standards. Provisioning requirements were tightened significantly at the
end of 1994 and throughout 1995." - Frederic S. Mishkin, Prudential
Supervision: What Works and What Doesn't
Private market discipline
is enhanced by the following policies:
(a) A strictly limited safety
net exposes bank depositors to the possibility of loss.
(b) High and
credible minimum risk-based capital requirements further ensure that
stockholders bear the risk of bank default.
(c) National government
programs encourage the privatization of provincial government-owned banks.
(d) A credit rating scheme has been introduced whereby each bank must
solicit a credit rating from an
internationally active rating agency.
(e) A subordinated debt
requirement mandates that banks must issue a subordinated liability for some 2%
of deposits each year.
(f) Banks must satisfy a"liquidity requirement" in addition to
the capital requirement.
(g) The central bank publishes basic
information about bank loans to individuals and firms that borrow from banks.
(h) The quality of accounting data is enhanced by mandatory private
audits conducted according to central bank guidelines, and auditors must post a
(i) Argentina permits free entry and competition
among foreign and domestic banks encouraging bank depositors to punish weak
banks by moving their funds to stronger
Argentina's notoriously corrupt privatization circus
is hailed as "A Bravo New World" in an investment report by
"At the time of hyperinflation it's terrible
particularly for low-income people and small savers because they see that in a
few hours their salaries got destroyed by the price increases, which take place
at an incredible speed.
The most important reforms were related to the
opening up of the economy, to deregulation and the privatization process.
The only way to implement all those reforms was to take advantage of
the situation created by hyperinflation, as the
population was ready to
accept drastic changes in
order to eliminate
hyperinflation and go back to normality." - Domingo Cavallo pushed the
Cavallo Plan which privatized Argentina's public sector
Southeast Asia monetary crisis exacerbated.
of reckoning has arrived." - José Piñera speaking at the Cato
Institute committing on the
Southeast Asia monetary
José Piñera, superstar economist for Augusto
Pinochet, graduates in 1970 from the Universidad Católica de
Chile, at that time closely associated with the Department of Economics of the
University of Chicago.
"If you have
gangrene in an arm, you have to cut it off." -
"This is the habitual dualist's
solution to the problem of
dualism: to solve the
dilemma by chopping off one of the horns." - Alan Watts
2007 "The human costs of the IMF's
opportunism were nearly as devastating in
Asia as in Russia.
International Labor Organization estimates that a staggering 24 million people lost their jobs in
According to the World Bank, 20 million Asians were thrown into
poverty in this period of
what Rodolfo Walsh would have called "planned misery".
only lesson learned from the enormously lucrative Asian sell-off appears to
have been yet more confirmation for the shock doctrine, more evidence that
there is nothing like a true disaster, a genuine churning of society, to open
up new economic frontiers.
few years after the peak of the crisis, several prominent commentators were
even willing to go so far as to say that what happened in Asia, despite all the
devastation, was a
blessing in disguise." - Naomi Klein
2009 "The current difficulties present
an opportunity to
tackle long-delayed structural reforms.
While the global financial
crisis may not be particularly conducive to pushing ahead with the
privatization agenda, this should
not deter the authorities from bold structural reforms.
interests likely off balance, this may indeed be an opportune time to tackle
long-standing - politically difficult - issues." - IMF, April 30,
"The International Monetary Fund is being anointed as the global
central bank. They've issued debt for the first time in history.
They're issuing Special Drawing Rights (SDRs).
When I say
issuing, it's printing money; there's nothing behind these SDRs." - James
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