The global exploiters
Although, International Monetary Fund (IMF) and World Bank (WB) claim that they help the economies of different countries through several programs, but actually they are corrupting the human well-being instead of improving it. The WB and IMF as well as their affiliated organizations are basically the global financial exploiters, which use debt to enslave the nations. Actually they elevated debt as slavery to new levels and that is certainly correct, while these organizations use notorious tactics as they hire thousands of persons who work for them as lobbyists and go by euphemistic titles such as ‘counselor’, ‘consultant’ and ‘adviser’.
However, their real job is to convince the governments and public into submitting to the policies which elevate the equality gap further by making the rich more rich and the poor more poorer. They are paid to support carporatocracy, expand the corporate empire and spread the tentacles of the death economy across the globe. They hide in the shadows, yet their influence is immeasurable, and the lack of transparency and secrecy surrounding the influence peddling of these lobbyists, make it impossible to accurately measure the full impact of such activities.
The IMF bailout packages are a crystal clear example of this enslavement cancer. When a country gets defaulted and falls into a state of economic chaos, these organizations come to support her with ‘bailout funds’ and when her economy begins to recover, they demand payment of the debt plus interest and often taking additional fee as well. Many take a step further by suing top businesses that try to work with the targeted country, thus compounding the damage by scaring off potential investors.
The most devastating situation is that these nefarious activities are widely accepted by the executives who manage the economy of a country and those who are on top positions over there. A handful of robber barons and their henchmen conspire to convince the public that they have the right to do anything which they deem necessary to support the debt-and-dogma.
This system, based on fear and debt may seem effective; yet, history has shown that empires never last. The tragedy of America’s rise and fall in the modern world represents a colossal failure on the part of carporatocracy. After the fall of the Soviet Union, the new corporate barons believed that they had license to do whatever they deemed that it would take to realize their goal of maximizing profits, trapping countries into debt, corrupting politicians and manipulating the legal systems. So, these organizations such as IMF and World Bank increased interest rates, made political demands and imposed conditionality on debtor countries which is very alarming.
However, there is light at the end of the tunnel and it would not take long time for those nations to recognize that they were exploited. Therefore, the economically developing countries should make a counterbalancing power and get escape from feeling abused and resentful.
The writer is a student of the Department of Economics, University of Peshawar. He can be contacted at: firstname.lastname@example.org.