World Bank forgives debt.

Paul Wolfowitz, World Bank President and Trilateralist member, says World Bank will forgive $40 billion of debt to the poorest of nations.
Well, isn't that nice?
Here's a couple of wuestions one should ask when you look at this. On what projects did the nations spend the money? Did the nations hire foreign corporations for the projects? I imagine, considering the nations are the poorest and probably don't have the technical resources themselves. These corporations, might they be either owned or controlled by Tri-Lat or CFR members? These forgiven loans, who is really going to pay for them?
Wait, the last question was answered in this article!

"The outlines of the deal were settled on by President Bush and other world leaders at an economic summit meeting in Scotland, in July.

But Belgium, the Netherlands and others said the rich countries were not making sufficient commitments to replace the money that the IMF and World Bank would forego.

Finance officials from the Group of Seven (search) countries, joined by Russia's finance minister, pledged in a letter to Wolfowitz to "cover the full cost to offset dollar for dollar" the loan repayments the World Bank would lose."

www.foxnews.com...

Interesting how the money goes around and around but "they" never lose any, we, the world's working tax-payers, simply pick up the tab.

Remember, only the elite who control the world is allowed to never suffer consequences. We are supposed to suffer them for the elite!

Look this is a simple way to siphon off money and I think there is a link to this in the Middle East.

How many bad loans has the US written off to say South America? I mean fool me once shame on you fool me twice.......

Think of the hoops one has to go through to simply get a mortgage? The bank basically conducts what amounts to a rape of your financial background, yet they throw money at any third world country they can. Who controls the banks? Who pays for the bad loans? WE DO!

This is another collective scheme to consolidate wealth within a chosen few. It gives the banks and government excuses to squeeze more money out of us

The Middle east link? Oil. Keep the prices high, fleece more money out of everybody. You need electricity, heat, and transportation. Who pulls the strings at the oil companies?


[edit on 9/25/05 by FredT]

Originally posted by Thomas Crowne
Paul Wolfowitz, World Bank President and Trilateralist member,

The trilaterals are still around??

says World Bank will forgive $40 billion of debt to the poorest of nations.
Well, isn't that nice?

nice like Hamilton telling the states that the good ol feds will take up their debts.

Did the nations hire foreign corporations for the projects?

According to them, one exmample is in Ghana:

Ghana's savings from HIPC funds helped provide microcredit to about 43,000 farmers and it also funded 563 sanitation and 141 water projects. HIPC funds also contributed to the construction of 509 new classroom blocks for basic level education in all districts.

Undoubtedly lots of the construction and whatnot is done by international companies.

Originally posted by Thomas Crowne
Well, isn't that nice?

It's lovely...

Now they do not have any debt we can sell them more and put them back into debt once more.

Since the World Bank likes running around the world forgiving debts of Third World countries, I wonder what it would take for them to forgive the balance of my student loans? The World Bank is making someone very rich all on the backs of the Mr. & Mrs. U.S. Taxpayer. How long are they going to keep fleecing the public over this? IMHO, we need to take care of our own before we go out and just wipe a poor country's debt off the books. Maybe I am looking at this issue in the wrong light. What kind of ethical entity LENDS money to anyone and actually knows all along they are going to erase it sooner or later? The reason of lending money is to have a resasonable expectation of eventually getting something back in return such as say, part of the balance it owes to the lender. It sure would be nice if the W/Bank would cancle all my debt.

Taken from the book "Confessions of an Economic Hitman":

"There were two primary objectives of my work. First, I was to justify huge international loans that would funnel money back to MAIN [the firm for which Perkins worked] and other U.S. companies (such as Bechtel, Halliburton, Stone & Webster, and Brown & Root) through massive engineering and construction projects. Second, I would work to bankrupt the countries that received those loans (after they paid MAIN and the other U.S. contractors, of course) so that they would be forever beholden to their creditors, and so they would present easy targets when we needed favors, including military bases, UN votes, or access to oil and other natural resources. (p. 15.)

The unspoken aspect of every one of these projects was that they were intended to create large profits for the contractors and to make a handful of wealthy and influential families in the receiving countries very happy, while assuring the long-term financial dependence and therefore the political loyalty of governments around the world. The larger the loan, the better. The fact that the debt burden placed on a country would deprive its poorest citizens of health, education, and other social services for decades to come was not taken into consideration. (pp. 15, 16.)

The subtlety of this modern empire building puts the Roman centurions, the Spanish conquistadors, and the eighteenth- and nineteenth-century European colonial powers to shame. We EHMs [Economic Hit Men] are crafty; we learned from history. Today, we do not carry swords. We do not wear armor or clothes that set us apart. In countries like Ecuador, Nigeria, and Indonesia, we dress like local schoolteachers and shop owners. In Washington and Paris, we look like government bureaucrats and bankers. We appear humble, normal. We visit project sites and stroll through impoverished villages. We profess altruism, talk with local papers about the wonderful humanitarian things we are doing. We cover the conference tables of government committees with our spreadsheets and financial projections, and we lecture at the Harvard Business School about the miracles of macroeconomics. We are on the record, in the open. Or so we portray ourselves and so we are accepted. It is how the system works. We seldom resort to anything illegal because the system itself is built on subterfuge, and the system is by definition legitimate.

However – and this is a very large caveat – if we fail, an even more sinister breed steps in, ones we EHMs refer to as jackals, men who trace their heritage directly to those earlier empires. The jackals are always there, lurking in the shadows. When they emerge, heads of state are overthrown or die in violent “accidents.” And if by chance the jackals fail, as they failed in Afghanistan and Iraq, then the old models resurface. When the jackals fail, young Americans are sent in to kill and to die.” (pp. xx, xxi.)

Originally posted by FredT
Who pays for the bad loans? WE DO!

The interesting thing is most of the nations have paid back the principle and a good share of the interest payments so the WB/IMF did not lose any money as well as they made a nice little profit albeit not as much as they projected when they lent the money. But, we can’t have them missing their profit projections so we'll just get the tax payers of the rich nations to make up the difference so that they don’t miss their profit projections.

Now those third world countries are debtless, they can by more weapons

World Bank forgives debt.

Hmm...Interesting...

How can they forgive something that haven't existed in the first place?