Looking At The IMF and World Bank Through The Eyes of A Wall Street “Economist”
Looking At The IMF and World Bank Through The Eyes of A Wall Street “Economist” by Pro-Liberty for The Daily Coin
Michael Hudson, who started his career with Chase Manhattan Bank and identifies himself as a Marxist economist1, is an erudite shill for Wall Street.
Michael goes into lengthy and repeated detail of how the IMF and WB are structured to impose exploitation of natives for the benefit of holders of national debt. He then declares: “This control by the U.S. financial system and its diplomacy has been built into the world system by the IMF and the World Bank…” He wants the readers to place the onus of societal chaos imposed by the IMF and WB on the U.S. government. He averts any mention of Wall Street or bankers. Yet it is Wall Street that writes the loans that crush the foreign nations; the U.S. government receives nothing. He mentions John Perkin’s book on economic hit men which link the WB and IMF with Wall Street, but Michael allows Wall Street to hide behind the curtain and the world sees only the IMF, WB and government.
Hudson concurs the exploitation and impoverishing of foreign nations is enforced by the CIA and the US military with previous documentation by William Blum in KILLING HOPE; CIA AND US MILITARY INTERVENTIONS. Cf. Michel Chossudovsky in GLOBALIZATION OF POVERTY [also WAR] AND THE NEW WORLD ORDER. He chooses to ignore Stephen Kinzer’s DEVIL’S CHESSBOARD and David Talbot’s THE BROTHERS that evidence Wall Street’s recruitment of Allen Dulles to create the CIA so WS can conceal their nefarious acts behind national security.
Michael relates: “I began lecturing once a month at $3,500 a day, moving up to $6,500 a day, and became the highest-paid per diem economist on Wall Street for a few years… I was immediately hired by the Hudson Institute to explain Super Imperialism to the Defense Department. Herman Kahn said I showed how U.S. imperialism ran rings around European imperialism. They gave the Institute an $85,000 grant to have me go to the White House in Washington to explain how American imperialism worked. The Americans used it as a how-to-do-it book.” A candid reading of this would conclude that Michael went to Washington to instruct bureaucrats, and especially the Defense Department, how they would personally—and individually— benefit if they assist Wall Street in securing the loans. There is no suggestion of interest in preventing the chaos brought by the IMF and WB; in realty, it appears the assistance of government’s participation is being sought. That Michael’s speeches could also be a recruiting ground for a foreign bureaucrat to volunteer assistance in legislating a tax guaranteed bond issue for a spectacular lucrative fee should not be overlooked.
Michael is proud that his speeches of how to make profit from the bankrupt international loans have been of such interest to affluent investors. For $2500 you might be able to obtain permission to attend a future speech. If you operate on the cheap, he claims the last paragraph of his book can be worth $240 million. And that claim exposes the mendacity of his con job.
The profit comes from the ability to buy bankrupt national debt for pennies and then to sell for face value. The specifics of foreign handling of such a situation in unknown, but the structure of such an operation in the U.S. is readily visible. It is assured that the handling is similar. The speech attendees are being promised pie in the sky.
The Federal Reserve Bank of New York has exclusive control of payments for the redemption of Treasury securities. Ref. 31 CFR 375.3. It is only the FRBNY who will pay for any national debt claim. If you think they are going to pay you face value for the security you bought for pennies, you are living in a fool’s paradise. They will redeem securities held by the owners of the FRBOG, Inc.; i.e., select Primary Dealers. PD’s historically maintained exclusive access to redemption of securities. Recent legislation granted large holders of T-securities limited direct redemption without PD discounts. Only elite one percent will get face value during any national bankruptcy. If any deplorables have been able to sell their penny purchases of bankrupt Greek national debt for face value, I will be forced to apologize.
The buying of foreign bankrupt national debt, which Hudson promotes, moves assets to the banks of foreign nations. It is then accessible for international bankers (including Wall Street), who are confiscating the wealth of the nation, to seize.
After Michael works to get the involvement of the US government, including the military, he then castigates the government action as evil imperialism. Nowhere does he reveal that the economic benefit of the nefarious acts he so eloquently delineate goes to Wall Street financiers and not to the government. Nowhere does he identify the IMF and the WB as being WS extensions controlled by Wall Street with their 15% minimum ownership. Nowhere does he even whisper of oppressive methodology developed and used by Wall Street since the reign of Franklin Delano Roosevelt occurring in the US. [Michael identifies FDR developing grain control as part of the agenda. FDR also confiscated gold to facilitate deficit spending by Wall Street and started social security which quickly became another tax for general revenue]. Some people see oppression is currently being imposed within the United States. Ref. CIA AS ORGANIZED CRIME by Douglas Valentine. An earlier corroborative act between WS and FDR was to develop a 17 month agenda to impose sanctions on Japan to deliberately precipitate Pearl Harbor. Ref. DAY OF DECEIT by John Stinnett. Wall Street’s initiation of international turmoil spans many decades.
Even before the CIA was officially created, Allen Dulles hosted the deposed Shah of Iran in a meeting with Wall Street oil moguls. Promises of millions in profit were made if the Shah was returned to the dynasty’s throne. The CIA used Kermit Roosevelt to orchestrate the coup in 1953. Wall Street interests obtained rights to the BP oil fields which had been naturalized. The Shah’s brutal rule and Wall Street’s control of oil fields ended in 1979. This incident is distorted by Michael. Even today, Wall Street is beating the nuclear war drums to regain oil control for the pleasure of pathological maniacs in a world that may be totally uninhabitable from the warfare—assuming humanity survives.
The recent case of Greece exposes Wall Street’s involvement and the national economic devastation. Goldman Sachs worked with Greece to impose a minor national debt. The “shitty” debt ballooned and resulted in Troika control [read Goldman] of the nation. Bureaucrats cannot pee without asking permission. Bank deposits have been seized, wages have been slashed, public assets are confiscated. The government of the U.S. had no part or benefit from the action. Economic benefit, and international control, was for the benefit of Wall Street and for the 1% to exploit their own people.
Another example: Panama stiffed Wall Street on national debt which is said to have led to an airplane explosion that killed Torrijos. Noriega became the ruler and is claimed to have discontinued participation in CIA drug running and then to start organizing the OAS to resist Wall Street oppression. That was just too much. A devastating US military attack showed the world what happens if you resist Wall Street’s oppression. Noriega is imprisoned for running the CIA drugs. [The U.S. taxpayers were even forced to pay Wall Street for the defaulted Panamanian debt. Thank you, congress.]
Hudson even identifies the “immigration problem” as a result of Wall Street’s oppressive involvement in Honduras which confiscated the land of peasants. [@ 29 min] The fingerprint of Wall Street’s use of the CIA to alter US national policy and actions, including Ike, JFK, RMN, JEC, and other incidents is too lengthy to include.
Greg Palast has cited an internal memo identifying collection of the $20 trillion US debt as the “ultimate goal” of Wall Street. Are you ready for impoverishment ?
How has Wall Street financed their globalistic oppression ? There is a lot of money from auctioned Treasury securities that disappears. A theory of embezzlement has been circulated for many months and no one has even suggested an alternate disposal. Ref. https://thedailycoin.org/2018/08/16/a-look-at-the-federal-reserve-through-a-different-lens/
Mr. Hudson promotes his 1972 book on “how the US exploits foreign economies through IMF and World bank debt; difference between the IMF and World Bank; World Bank dysfunctional from the outset; loans made in foreign currency only; policy to provide loans for countries to devote their land to export plantation crops; US food and monetary imperialism; U.S. agricultural protectionism built into the postwar global system; promotion of dependency on the US as food supplier; food blackmail; perpetration of world poverty preferred; no encouragement of land reform; privatization of the public domain; America aided, not foreign economies; exploitation of mineral deposits; bribery; foreign nations politically controlled at the top; veto power for US only.” Ref. https://michael-hudson.com/. It is Wall Street that is responsible for these actions. The U.S. government is being used to enforce them.