"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 interest of stabilization.
mandate of the International Monetary Fund 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 bookeeper's trick.
"The bookkeeper's trick of
creating money out of thin air, charging interest for its use, then forcing it
down the throats of weaker nations by threat of violence, is what has allowed
the soulless international money changers, since the founding of the
Bank of England in
1696, gradually to conquer the world.
money monopoly translates into
a monopoly on violence on an ascending
scale." - Richard C. Cook
International Monetary Fund and the
World Bank are devised
at the United Nations Monetary and Financial
Conference in Bretton Woods, New Hampshire.
Harry Dexter White* is a primary
mover behind the Bretton Woods Agreement
and the formation of the International Monetary Fund and the
A 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.
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.
was headed by Secretary of War Henry Stimson, assisted by John J. McCloy (later
head of the World Bank) and Robert Lovett (later Secretary of Defense) and
consultant Robert B. Anderson (later Secretary of the Treasury).
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
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 Vulcans effort to crush Communism and end
the Cold War was largely funded by that 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 Bushs 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
Coe is a leading official of the International Monetary Fund.
resigns after public calls are made by Congress for his ouster.
1958 Virginius Frank Coe moves to the People's Republic of
China to work for the government of Mao Zedong.
Virginius Frank Coe
participates in Mao's
Great Leap Forward, a plan for the rapid industrialization and
modernization of China.
The 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
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 still raged and
a world recession triggered a depression in Chile, General
Pinochet turned to the Chicago Boys." - Milton and Rose
1983 International Monetary Fund
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 bottom.
"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, International
Monetary Fund senior economist and structural adjustment programs designer for
Latin America and Africa 1980s
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
agricultural 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 phone
The Heritage Foundation credits the "Chicago Boys" with
transforming Chile into best performing economy in Latin America and one of the
worlds most business friendly jurisdictions.
Chicago Boys has been used to describe Latin American economists
who studied or identified with the neolibertarian economic theories taught at
the University of Chicago by Milton Friedman and Arnold Harberger.
winners of the Bolivia asset fire sale included
Dutch/Shell, Amoco and Citicorp -
and the sales were direct."
"The important thing is to make these
changes irreversible and to get them done before the antibodies kick in." -
Gonzalo Sanchez de Lozada
1990 Bank deposits are frozen as part of an emergency fiscal
"In common with many other emerging market countries,
Argentinas banking sector was liberalized in the 1990s." - Charles W.
Calomiris and Andrew Powell, Can Emerging Market Bank Regulators Establish
Credible Discipline? The Case of Argentina, 1992-1999
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.
must satisfy aliquidity
requirement in addition to the capital requirement.
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
forfeit able bond.
(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
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
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
go back to normality." - Domingo Cavallo pushed the Cavallo Plan which
privatized Argentina's public sector
Southeast Asia monetary crisis exacerbated.
"The day of reckoning has
arrived." - José Piñera speaking at the Cato Institute
committing on the southeast Asia monetary crisis
Piñera, superstar economist for
graduates in 1970 from the Universidad Católica de Chile, at that
time closely associated with the Department of Economics of the University
"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.
The International Labor Organization
estimates that a staggering 24 million people lost their jobs in this period.
According to the WB, 20 million Asians were thrown into
poverty in this period of
what Rodolfo Walsh would have called "planned
The 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
A 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
in disguise." - Naomi
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 still extensive
privatization agenda, this should not deter the authorities from bold
structural reforms. With vested interests likely off balance, this may indeed
be an opportune time to tackle long-standing - politically difficult - issues."
- IMF, April 30, 2009
"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 Rickards,
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