This is a very brief overview of how the WBG & IMF operate. I wrote this sometime ago intending to come back to it and add more detail but my writing has taken me in a slightly different direction. For now, here is what I have written, I will come back to it when I can find some time, but I'm engrossed in other bits at the moment. It still gets a point through I feel.
The World Bank Group
By Liam Roberts
Established in 1944 at the Bretton Woods summit the World Bank Group is based in Washington D.C. The World Bank Group is made up of five organisations: International Bank for Reconstruction and Development (IBRD); International Development Association (IDA); International Finance Corporation (IFC); Multilateral Investment Guarantee Agency (MIGA); and International Centre for Settlement of Investment Disputes (ICSID).
The International Bank for Reconstruction and Development (IBRD) has 186 member countries, while the International Development Association (IDA) has 168 members. Each member state of IBRD should be also a member of the International Monetary Fund (IMF) and only members of IBRD are allowed to join other institutions within the Bank (such as IDA).
The World Bank is one of two institutions created at the Bretton Woods Conference in 1944. The International Monetary Fund, a related institution is the second. Delegates from many countries attended the Bretton Woods Conference. The most powerful countries in attendance were the United States and United Kingdom which dominated negotiations.
“If leaders are serious about creating new global responsibilities or governance, let them start by modernising multilateralism to empower the WTO, the IMF, and the World Bank Group to monitor national policies.” (Current World Bank President and Bilderberg elitist Robert Zoellick)
In other words, give global institutions the power to regulate national policy as part of the creation of global government.
What Zoellick is outlining is essentially the end of national sovereignty and the reclassification of national governments as mere subordinates to a global authority that is completely unaccountable to the voting public of any country.
The more cynical amongst us would call this a global dictatorship.
Zoellick, former Executive Vice President of Fannie Mae and advisor to Goldman Sachs, is a top elitist who was intimately involved in the Enron scandal and the 2000 presidential election debacle. He was also a signatory to the Project For A New American century document that called for invading Iraq as part of implementing a brutal world empire in 1998. He was later a foreign policy advisor to George W. Bush.
The International Monetary Fund
The International Monetary Fund was formally created in July 1944 during the United Nations Monetary and Financial Conference. The representatives of 44 governments met in the Mount Washington Hotel in the area of Bretton Woods, New Hampshire, USA.
"The IMF, an international organisation with 184 member countries, was established in 1944 to promote international monetary cooperation, exchange rate stability, and orderly exchange arrangements; and to provide temporary financial assistance to countries to help ease balance of payments adjustment. Based in Washington D.C. the managing director (traditionally a European national) is Dominique Strauss Kahn; the Fund currently has 2,693 staff from 141 countries; and 75 countries owe the Fund around $34 billion. Its operations include surveillance (of member countries economies and the global economy), technical assistance and financial support. The latter is provided in the form of loans to which conditions are attached." (www.brettonwoodsproject.org/institution/imf)
"The founders aimed to build a framework for economic co-operation that would avoid a repetition of the disastrous economic policies that had contributed to the Great Depression of the 1930s and the global conflict that followed." (www.imf.org)
The financial aid given to a member country of the IMF is always bound to so-called "Conditionalities", including Structural Adjustment Programs (SAP). In many cases these conditionalities retard social stability, while Structural Adjustment Programs lead to an increase in poverty in recipient countries.
One of the main SAP conditions placed on troubled countries is that the governments sell up as much of their national assets as they can, normally to western corporations at heavily discounted prices. This cripples the societies within the troubled countries, take a look at the example I used in the Money Manipulation article about Brazil. Because the western corporations have swallowed up the food production industry, you have Brazilians starving to death when the country they live in is the worlds biggest exporter of food.
On a related issue to the control of the Third World it is worth noting that in 1987 Edmond de Rothschild created the World Conservation Bank which is designed to transfer debts from third world countries to this bank and in return those countries would give land to this bank. This is designed so the Rothschilds can gain control of the third world which represents 30% of the land surface of the Earth.
The brettonwoodsproject.org site quite honestly points out that the International Monetary system is "a problematic system."
One interesting article on there website dated September 2009 goes on to explain in detail how this "poorly governed international monetary system has created enormous problems for the world, and for developing countries in particular."
"First, it creates a volatile, risky environment for business investment. Even in times of relative global stability, volatile exchange rates damage economic planning and investment in rich and poor countries alike. If there is a lack of stability in exchange rates over the medium- to long-term, where effective markets to hedge risks do not exist, businesses must expect volatility and incorporate that risk into their plans. Investment will be lower, because investments which might be profitable with stable exchange rates will either be unprofitable when risks are included in planning, or not undertaken by risk-averse investors. This reduces job creation, growth, trade and economic development. This is a particular concern given the enormous long term investments that will be required to convert our economies to a low-carbon future. Ultimately exchange rate volatility mainly benefits speculators, while creating enormous costs.
Second, the current international monetary system creates enormous risks for small or poor countries who are extremely vulnerable to swings in their exchange rates. In times of crises, they are often forced to devalue their currencies, increasing the cost of servicing foreign debts and making imports, including essential foodstuffs more expensive. The small size of the markets in most developing countries' currencies makes them targets for speculation and manipulation of their currencies.
Third, there are significant direct costs for the governments of developing countries. Developing countries have accumulated large stashes of foreign currency reserves partly to provide sufficient funds to prevent them from having to turn to the IMF should they need to protect their currencies or stabilise their balance of payments. Holding large reserves means tying up assets that could otherwise be used for investment in green infrastructure, education, health, environmental management or other activities which have long-run benefits for sustainable development.
Fourth, since the collapse of the Bretton Woods system in the early 1970's, there has been a proliferation of costly and destabilising financial crises, culminating in the current debacle, described by the UN as "the worst financial and economic crisis since the Great Depression."
Interesting, these "systems" have all created the instability they were designed to be avoiding, and now, the guys running the systems are openly criticising the current operation as the shambles it undeniably is and they think they are in a position to offer a solution to this global financial mess!
And here it is;
"The creation of an international currency, international clearing union, and system of globally managed exchange rates should be on the agenda." (www.brettonwoodsproject.org/institution/imf)
As we thought, another big step towards the creation of a global fascist state.
I didn't see that coming.