What are the IMF and World Bank?
The IMF and World Bank are controlled by the wealthy governments of the world, led by the U.S., the U.K., Japan, Germany, France, Canada, and Italy – the "Group of 7," which holds over 40% of the votes on their boards. Their function is to impose economic austerity policies in the countries of the so-called “Third World” or “global South” and the “transition economies” of the former Soviet bloc.
Once countries build up large external debts, as most of those in Africa, Asia, Latin America, and the Caribbean have, they cannot get credit or cash anywhere else and are forced to go to these international institutions and accept whatever conditions are demanded of them. None of the countries has emerged from their debt problems; indeed most countries now have much higher levels of debt than when they first accepted IMF/World Bank “assistance.” .........Read More
The IMF and World Bank are controlled by the wealthy governments of the world, led by the U.S., the U.K., Japan, Germany, France, Canada, and Italy – the "Group of 7," which holds over 40% of the votes on their boards. Their function is to impose economic austerity policies in the countries of the so-called “Third World” or “global South” and the “transition economies” of the former Soviet bloc.
Once countries build up large external debts, as most of those in Africa, Asia, Latin America, and the Caribbean have, they cannot get credit or cash anywhere else and are forced to go to these international institutions and accept whatever conditions are demanded of them. None of the countries has emerged from their debt problems; indeed most countries now have much higher levels of debt than when they first accepted IMF/World Bank “assistance.” .........Read More
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