Greg Palast — Hugo Chavez vs "The Network"

Third World nations are not supposed to keep the dollars paid to suck out their oil and mineral blood. For every dollar US consumers pay the Saudis for their oil, about $1.24 is given back as Saudis return the funds by purchasing US Treasury debt or hunks of US banks, CitiCorp for one.

In 2005, the US spent $227 billion in Latin America, sapping its properties and resources. But the money turned right around and, added to the funds sent to Miami by Latin America's elite, immediately became a $379 million loan to the US Treasury and financiers.

Argentina leant the US at 4 percent interest, then had to borrow its own money back at 16 percent – the whirring wheel, this grinder, left school teachers in Buenos Aires hunting in garbage cans for food. Riots followed and – in Peru, Ecuador, Argentina and elsewhere – this led to tanks in the street, currency collapse, crisis and the “rescue” by the IMF. Rescue meant forcing the mass sell-off of state industries, from oil to water systems, to the crushing of labour unions and to swallowing the whole bottle of poisons kept by the elite of the Northern Hemisphere for just such occasions.

And that was the plan. Literally. I've held the proof in my hands, about five thousand pages of financial agreements, all labelled “confidential” and “not to be distributed except by authorized persons”, which bore benign titles like “World Bank Poverty Reduction Strategy, Argentina.”

Why would the IMF, World Bank and the bankers not want to make their wonderful plans for reducing poverty public? It was for the same reason the finance ministers who signed the documents didn't even tell their own presidents: they were in fact “reduce-to-poverty” plans, complete resource surrender.

Greg Palast
Hugo Chavez vs "The Network"

Neoliberalism, neocolonialism, and neo-imperialism at work.