-Caveat Lector-
-------- Original Message --------
Subject: (en) The World Bank and its actions........
Date: Thu, 21 Sep 2000 23:27:07 -0500 (CDT)
From: Workers Solidarity Movement <[EMAIL PROTECTED]>
Organization: ?
To: undisclosed-recipients:;
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A - I N F O S N E W S S E R V I C E
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>From Ainriail - the Irish Anarchist list
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>From Workers Solidarity No60
Your money or Your life
The World Bank and its actions..........
If you've ever owed money to a bank, you'll know
it's not a pleasant experience. Depending on
whether they think you're good for the money,
the bank will either screw you in the short term
or milk you dry over the longer haul. Banks are
in the business of making money and generally
they'll stop at nothing to get their way.
Right now across the world, the lives of
millions of people are in the hands of two of
the most powerful financial institutions ever
created - the International Monetary Fund (IMF)
and the World Bank (WB). These banks hold the
lion's share of the debt currently owed by the
'Third World'. This debt first accumulated in
the '70s when poorer countries borrowed in order
to develop their economies. But when the world
recession hit in the '80s huge numbers of
countries found they couldn't repay their loans
- this was when the IMF and WB first stepped in.
TURMOIL
To understand why the so called 'debt crisis'
has happened we need to look back at why the WB
and IMF were set up. This relates to when the
world economy collapsed for the first time 70
years ago - an event often called The Great
Depression. One of the major consequences of the
Great Depression was a realisation by those in
power that the world's economic system was
unstable. This instability has given rise to
massive poverty and social turmoil and one of
the most worrying consequences of this was the
trend towards revolution in Europe, Asia and
South America.
When World War 2 neared conclusion, bankers and
financiers from the Western countries met at
Breton Woods to consider how best to minimise
future economic instability and collapse. One of
the key decisions taken was to set up IMF and
the WB. These two institutions would be financed
by the Western powers and their primary role
would be to 'manage' the international financial
markets - releasing money in times of shortage,
withdrawing cash in times of surplus.
The WB and the IMF played a major role in
avoiding a world depression when they took over
responsibility for the 'bad debt' incurred by
'Third World' countries by the mid 1980s. Much
of this debt was initially owed to private banks
like Barclays, Credit Lyons, Chase Manhattan
etc. In order to stave off a disaster (and the
collapse of a number of major Western banks) the
IMF and WB moved in and 'lent' money to a wide
range of countries who were about to default on
these loans. This saved the big 'private banks'
from disaster and it also put the IMF and WB
into an unassailable position of power - that
they have never relinquished since.
FORCE
Since the mid 1980s nearly 70 countries in the
world have been 'forced' to adopt 'Structural
Adjustment Programs' designed and developed by
the WB and the IMF. Backed up by the massive
economic power of the United States, Japan and
the European Union these SAPs (as they are
known) were supposed to 'revive' Third World
economies. Instead they've led to disaster and
massive poverty. Because of SAPs, local
economies and wages have collapsed; basic
services like sanitation, water, health and
education have fallen apart. Meanwhile the
burden of debt has been forced onto the poorest
of the poor with the result that poverty has
increased, life expectancy has deteriorated and
infant mortality has soared.
While it's not difficult to see why the SAPs
have failed (instead of promoting investment
they sucked the money supply from local
economies) it is important to remember that
these programs were never intended to be
anything other than harsh. More to the point the
SAPs have a played an important role in the long
term economic strategy of the West. This
strategy is all about making Third World
economies more dependent (the word they use is
integrated!) on Western needs and in particular
more open to exploitation by Western
multinationals; SAPs also guarantee the West a
massive supply of cheap labour.
DEMOCRACY...?
The power that the IMF and WB now have is
enormous. They are dictating to millions of
people about how they should live and in what
way. For many their policies mean an early
death, or if that doesn't come then a life of
harsh exploitation and low wages.
What do anarchists say about what should be
done? There are a few points that need to be
made. Firstly we have to ask why it is the world
economy (and the lives of millions) is under the
control of just a small number of Western
bankers? Should this be happening and why do we
have to accept it? Secondly, in the world right
now, there is a massive surplus of wealth. The
personal fortune of Bill Gates alone would sort
out most of the major health and educational
needs of billions of people (with change left
over). So the problem in other words in not the
generation of wealth but how it is distributed.
And the problem of wealth distribution as we all
know, is one of power and politics. Lastly we
need ask ourselves why the 'Third World' is in
such debt? If we look at the issue we will see
that much of the problems of the Third World
stem from the historic exploitation of the
African, Asia and Latin Americas by the West -
or to use a more accurate term, the problem
stems from imperialism. This is a legacy that we
shouldn't accept and a legacy that has to be
fought against.
Anarchists want a democratic economy. We want
every 'unit' of the world's economy (down to
smallest workplace, office and farm) to be
organised along egalitarian lines - election of
managers, assemblies to organise work and work
conditions; participation and active decision
making by workers in all the aspects of the work
that they do. This is the sort of 'macro-
economics' that we are planning for in the long
term. But first - and this cannot be forgotten
for one moment - we must wrest real power and
control from the hands of the WB, the IMF. This
is why we will be participating in the
solidarity work - known as S26 - around the
current IMF meeting in Prague in the Czech
Republic at the end of September. S26 is an
important step in bringing world attention to
bear on the crimes and injustices of the present
'debt crisis'. Be there and show your anger!
Kevin Doyle
(S26 Cork - Personal cap.)
----
This article is from the print version of the Irish
Anarchist paper 'Workers Solidarity'. We also provide
a PDF file of the latest edition for you to print out
and distribute locally
See this and more articles on the web at
http://flag.blackened.net/revolt/ws2000.html
<-><-><-><-><-><-><-><-><-><-><-><-><-><-><-><-><->
>From Irelands's Workers Solidarity Movement
http://more.at/anarchism
Read the International Anarchist Platform
and subscribe to the AP list
http://flag.blackened.net/revolt/platform.html
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