WASHINGTON (AFP) – The IMF and World Bank have warned that the global economic crisis is turning into a “human calamity” and called on members to speed up pledged aid and give even more to help the most vulnerable.
At the end of spring meetings in Washington, the two Bretton Woods institutions on Sunday told their 185 member countries that the worst global slump in generations had already driven more than 50 million people into extreme poverty.
“The global economy has deteriorated dramatically … Developing countries face especially serious consequences as the financial and economic crisis turns into a human and development calamity,” the International Monetary Fund and World Bank joint development committee said in a statement.
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WASHINGTON – More than 100 protesters upset with the way world leaders have handled the economic crisis clashed with police Saturday outside the International Monetary Fund and World Bank meetings.
Authorities used batons and pepper spray when activists tried to march onto a prohibited street, and several people were pushed to the ground by police. The protesters swarmed officers unexpectedly, and police had to respond, said D.C. police Capt. Jeffrey Herold.
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by Dana Gabriel
Source: borderfire report
The International Monetary Fund (IMF) has been described as one of the enforcers of globalization. Nations who receive IMF assistance are often forced to surrender more sovereignty and further open up their borders to international banks and multinational corporations. Much of their wealth is then sucked dry by foreign predators with its resources and population essentially becoming the collateral for such financial aid. As a result of the global economic crisis, many more nations are having to turn to the IMF for help. At the recent G-20 Summit in London, the IMF’s role was expanded and its powers enhanced. There was little mention of its failed policies and its less then stellar record of effectively promoting development and democracy around the world. While some talk of reform, the IMF continues to rape the world, one poor nation at a time.
The IMF, along with the World Bank were established as financial sister institutions with both originating out of the 1944 Bretton Woods Agreement. They are part of the United Nations system. The IMF was designed to help stabilize the post-World War II international financial system and is the framework for a central bank of issue. It provides short term financial assistance to nations that qualify, but this is at a very high price. These countries are placed in an economic straitjacket with the IMF and World Bank working in tandem, dictating large portions of public policy.
Some IMF conditions that countries have been forced to comply with can only be described as harsh and undemocratic. Often the devaluation of a nation’s currency has been a precondition for IMF assistance. In order to qualify for IMF loans, some nations have also been forced to lower tariffs, restrict governmental subsidies and spending, balance budgets, as well as sell-off state institutions to foreign interests. In some cases, the IMF has even prohibited wage increases as some countries have tried to do so, in order to compensate for a sharp rise in food prices and other commodities. Environmental and labor rights have also taken a hit as a result of IMF policies. Under the guise of helping economic distraught countries, the IMF is really bailing out foreign investors and multinational corporations. They have further fueled chaos and instability in some of the poorest regions in the world.
At the recent G-20 Summit, leaders pledged to boost the IMF’s financial resources to $750 billion. It will also assume a more central role in monitoring and regulating global markets, playing a key role in the design of a new financial system. The IMF’s power to create money has been activated and they will be able to issue up to $250 billion of new Special Drawing Rights (SDRs). Some countries are calling on SDRs to be used as a full reserve currency to challenge the dollar. In a recent article that appeared in the New American , William F. Jasper writes, “If the IMF is empowered with global monetary and financial regulatory powers, along with the ability to issue a global currency and bonds, it will no longer have to ask its member states for funding. Nor will the UN. The IMF will be able to provide the UN with the revenues it needs to become an actual world government.”
The IMF and World Bank will be holding meetings in Washington on April 25 and 26. On the agenda will be reform measures which could include changing some conditions attached to receiving emergency funds. They will also discuss how best to distribute the extra money they have been allocated. There is a sense that as part of IMF’s new role, it must also address the concerns of emerging economies who are suffering from the global recession. The IMF recently approved a $47 billion line of credit to Mexico who became the first G-20 country to apply for such assistance and may not be the last. There still exists a double standard which allows richer countries to use fiscal expansion in the face of recession while poorer nations are forced into stricter economic restraints.
The global elite envision a world without borders. They continue to push their agenda of global governance through the IMF, the World Bank, the United Nations, the WTO and trade deals such as NAFTA. It is our duty to resist the tyranny of globalization or face enslavement. In the end, national sovereignty must prevail—if we are to have any future.
Dana Gabriel is an activist and independent researcher who writes about trade, globalization, sovereignty, as well as other issues.
The International Monetary Fund says European Union members in debt-laden eastern and central European countries should consider scrapping their domestic currencies in favour of the euro to restore economic order, the Financial Times reports.
In a confidential report, compiled a about a month ago, the IMF said the eurozone could relax its entry rules so countries could join as quasi-members without holding European Central Bank board seats.
The recommendation formed part of a campaign by the IMF, the World Bank and the European Bank for Reconstruction and Development to persuade the EU and eastern European states to back a region-wide anti-crisis strategy, including a regional rescue fund.
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SYNOPSIS: John Pilger examine the policy of First World banks agreeing loans with Third World countries, who are then unable to meet the cripling interest charges. Won Geneva International TV Award at the North-South Media Encounters event, Geneva, 1993;Gold Medal in the ‘Best Documentary Production category’ of the International Television Movie Festival, Mount Freedom, New Jersey 1993; Gold Award in the ‘Political/International Issues category’ at WorldFest-Houston (Houston International Film & Video Festival), 1993; Silver Hugo Award in the ‘Documentary – Social/Political category’ of the 29th Chicago International Film Festival, 1993.
UNITED NATIONS: A reserve currency system based on an IMF unit instead of the US dollar, a proposal floated by China, could be phased in within a year, Nobel Prize-winning economist Joseph Stiglitz said on Thursday.
Stiglitz, a Columbia University economics professor who heads a UN expert panel analyzing the financial crisis and recommending reforms, addressed an issue that became a hot topic this week.
Asked at a news conference when the International Monetary Fund’s Special Drawing Rights (SDR) could replace the dollar as the top reserve unit, Stiglitz replied, “It could begin to be phased in next year.
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Both the IMF and the United Nations have thrown their weight behind proposals to implement a new world reserve currency system to replace the dollar as part of the acceleration towards a global financial dictatorship, in the same week that Treasury Secretary Timothy Geithner told CFR globalists that he was “open” to the idea.
As we reported yesterday, Timothy Geithner initially renounced a Chinese and Russian proposal to supplant the dollar with a new global currency, but he later told CFR elitists, who have consistently lobbied for a global currency as part of a wider agenda for global government, that he was “open” to the idea. Indeed, before Geithner was appointed by Obama when he was still president of the Federal Reserve Bank of New York, he argued for a new global central banking system shortly after attending the 2008 Bilderberg meeting.
Now the U.N. and the IMF have thrown their weight behind the move and reports indicate that the matter will be a major point of discussion at the upcoming G20 conference, with officials having initially dismissed speculation that a global currency would be on the agenda.
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Dominique Strauss-Kahn, managing director of the International Monetary Fund, warned on Monday that the global economic situation is “dire” and could lead to social upheaval and war. The statement is the latest in a series of worried pronouncements from leading international figures in the financial and political establishment.
The IMF is projecting a 1 percent decline in the global economy this year, which Strauss-Kahn noted would be “the first setback of the world economy in over 50 years.” The IMF chief was speaking before a meeting of the International Labour Organization (ILO) in Geneva, Switzerland.
The economic crisis, Strauss-Kahn said, would affect “dramatically unemployment for many countries. It will be at the roots of social unrest, some threats to democracy and maybe for some cases, it can also end in war.”
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Why Princess Diana was assassinated, Bilderbergs, the New World Order, control of the news media in Britain, 7/7 and 9/11. These are just some of the topics covered in this episode of “Now That’s Wierd”. One watch of which of this 45 minute show reminds us just how many subjects are reported in a biased way or not reported at all within the NATO countries. Tony Gosling is an ex-BBC local radio reporter and researcher and now editor of his own Bilderberg.org website and a 9/11 discussion forum http://www.911forum.org.uk which takes a serious look at some of the holes in the official ‘terrorism’ stories on which the so-called War on Terror is based. Interview is by Ross Hemsworth.
THE NEW RULERS OF THE WORLD, 2001
Directed by Alan Lowery
Written by John Pilger
Running time 65 min
Country United Kingdom
Award-winning journalist, John Pilger, investigates the realities of globalization by taking a close look at Indonesia. In order to examine the true effects of globalization, Pilger turns the spotlight on Indonesia, a country described by the World Bank as a model pupil until its globalized economy collapsed in 1998.
The film examines the use of sweatshop factories by famous brand names, and asks some penetrating questions. Who are the real beneficiaries of the globalized economy? Who really rules the world now? Is it governments or a handful of huge companies? The Ford Motor Company alone is bigger than the economy of South Africa. Enormously rich men, like Bill Gates, have a wealth greater than all of Africa. Pilger goes behind the hype of the new global economy and reveals that the divisions between the rich and poor have never been greater — two thirds of the world’s children live in poverty — and the gulf is widening like never before.
The film looks at the new rulers of the world — the great multinationals and the governments and institutions that back them — the IMF and the World Bank. Under IMF rules, millions of people throughout the world lose their jobs and livelihood. The reality behind much of modern shopping and the famous brands is a sweatshop economy, which is being duplicated in country after country.