dictatorship of debt

dictatorship of debt

Understandably unwilling to go to war with International Monetary Fund(IMF) and the World Bank(WB) that controlled their debt, crisis struck new democracies after WWII had to accept IMF and the WB rules.

In the early eighties, IMF and the WB rules got a great deal stricter.

The debt shock coincided precisely, and not coincidentally, with a new era in relations, one that would make military dictatorships largely unnecessary.

It was the dawn of the era of "structural adjustment" - otherwise known as the dictatorship of debt.

Milton Friedman's Chicago School of Economics was at work when China was cracked open to foreign investment.

The wave of "economic reforms" that followed turned China into the sweatshop of the world.

"The Princelings", billionaires, are children of Communist Party officials.

Milton Friedman's Chicago School of Economics is at work in Russia during the fall of the USSR.

Boris Yeltsin is played by Jeffery Sachs and Marc Rich.

The Harvard Boys Do Russia


How Harvard Lost Russia

September 1991 "George HW Bush and Alan Greenspan, both Pilgrims Society members, financed $240 billion in illegal bonds to economically decimate the Soviet Union and bring Soviet oil and gas resources under the control of Western investors, backed by the Black Eagle Trust.

The $240 billion in illegal bonds were apparently replaced with Treasury notes backed by US taxpayers.

To conceal the clearance of $240 billion in securities, the Federal Reserve, within two months, increased the money supply to pre-9/11 numbers which resulted in the American taxpayer refinancing the $240 billion." - Deanna Spingola

1997 BP Amoco pays a half-billion dollars to buy a 10 percent stake in the Russian oil conglomerate Sidanko.

October 1998 Halliburton Energy Services enter into an agreement with Moscow-based Tyumen Oil Company (TNK).

Efforts are focused on the four western Siberia fields, the first one being the Samotlorskoye field.

1999 Tyumen Oil purchases Sidanko’s prize unit, Chernogorneft allegedly making the BP Amoco’s investment worthless.

Tyumen offers to cooperate with BP Amoco on the development of Chernogorneft but BP Amoco is not interested.

TNK has proven oil reserves of 4.3 billion barrels and possibly as many as 6.1 billion barrels, with crude oil production and refining capabilities of 420,000 barrels/day and 230,000 barrels/day, respectively.

TNK markets gasoline through 400 retail outlets.

2002 Halliburton and Sibneft, Russia’s fifth largest crude oil producer, sign an agreement.

Sibneft will use Halliburton’s new technologies to improve well construction and processing while Halliburton directs all project management.

The real problem with the blame Russia narrative is that it preempts any serious examination of what the whole episode has to teach about the true face of the crusade for unfettered free markets, the most powerful political trend of the past three decades.

The corruption of many of the oligarches is still spoken of as an alien force that infected otherwise worthy free-market plans.

But corruption wasn't an intruder to Russia's free-market reforms:

quick and dirty deals were actively encouraged by Western powers at every stage as the fastest way to kick-start the economy.

National salvation through the harnessing of greed was the closest thing Russia's Chicago Boys and their advisers had to a plan for what they were going to do after they finished destroying Russia's institutions.

Nor were these catastrophic results unique to Russia.

The entire thirty-year history of the Chicago School experiment has been one of mass corruption and corporate collusion between security states and large corporations, from Chile's piranhas, to Argentina's crony privatizations, to Russia's oligarches, to Enron's energy shell game, to Iraq's "free fraud zone."

The point of shock therapy is to open up a window for enormous profits to be made very quickly - not despite the lawlessness but precisely because of it." - Naomi Klein

Russian researchers expose breakthrough U.S. spying program


The value of exports from Malaysia have grown by 18% a year, Thai exports have grown by 16% a year, Singapore’s by 15% a year, Hong Kong’s by 14% a year, and those of South Korea and Indonesia by 12% a year.

Most of the loans are in US$.

1996 US military publishes Shock and Awe: Achieving Rapid Dominance.

This doctrine forms the basis of the 2003 invasion of Iraq.

The authors state that the invading force should "seize control of the environment and paralyze or so overload an adversary's perceptions and understanding of events so that the enemy would be incapable of résistance."

Although the IMF and the WB have loaned money to 'undeveloped' countries the costs have been staggering.

The IMF and the WB does not make loans for altruistic purposes.

Collateral for those loans include the borrowing countries infrastructure and natural resources.

The WB and the IMF are increasing force countries to privatize their infrastructure to be eligible for debt relief as they did in the Asian financial crisis.

How the IMF helped create and worsen the Asian financial crisis

World Bank – IMF Guilty of Promoting Land Grabs, Increasing Inequality

"The human costs of the IMF's opportunism were nearly as devastating in Asia as in Russia.

The International Labor Organization estimates that a staggering 24 million people lost their jobs in this period.

According to the WB, 20 million Asians were thrown into poverty in this period of what Rodolfo Walsh would have called "planned misery".

Fascist crusaders are slow learners when it comes to the unintended consequences of their policies.

The only lesson learned from the enormously lucrative Asian sell-off appears to have been yet more confirmation for the shock doctrine, more evidence that there is nothing like a true disaster, a genuine churning of society, to open up new economic frontiers.

A few years after the peak of the crisis, several prominent commentators were even willing to go so far as to say that what happened in Asia, despite all the devastation, was a blessing in disguise." - Naomi Klein

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