Is The World Bank Actually an Evil Empire? - How Money Works
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- čas přidán 4. 03. 2021
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The world bank and the International Monetary Fund are two international organizations that receive a fair bit of criticism for being overly powerful empires used by the wealthy and influential to squash poor and developing nations.
And as we will explore a lot of this criticism isn’t entirely unfair either.
But part of the problem stems from the average individual not knowing what the world bank is and what they do, which means at best they only hear about the issues that make headlines, or at worst they don’t hear anything about it and go grr, banks are bad, so a bank for the entire world must be the biggest baddest bank of all.
And as we have said, they might not be wrong, but before we get the pitchforks out it’s time to learn how money works, and thoroughly investigate what these institutions do, what they are supposed to do, and why everybody seams to be angry at them all the time.
Ok so they world bank and the international monetary fund are often confused for one another, and in fairness they are similar in a lot of ways. Both of them were started as financial arms of the United nations in the mid 1940’s as a response to the financial factors the led to world war 2.
They are also both something that most people won’t have anything to with in their day to day lives, unless they were to become a very senior politician or bureaucrat.
But here is the general breakdown.
#WorldBank #IMF #HowMoneyWorks
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nice try world bank
Ahh and we would have got away with it too!
@@HowMoneyWorks that was actually an insult. I like your channel but your conclusions are shit.😇
@@shafiyaalgiquadra1105 there are actually many examples where the countries have made a good use of the loans provided by the World Bank. He's not wrong actually.
@@shafiyaalgiquadra1105 but i don't like this channel as well.
😏
They often advise countries to undergo projects that obviously would not grow the economy enough to pay back the loan and oblige them to hire American companies to execute those projects.
They're not economic hitmen for nothing.
They also compel countries to cut safety nets to the detriment of their people. This leads to social unrest and instability further undermining their ability to progress. It's insidious.
Hitmen Indeed.
@@SpeakHearSeeNoEvil it's more like those safe net is eating away their income and didn't let then to reinvest into the country.
It feels nice to give your people free education or whatever, as long as you 'forget' that it took away like 80% of your tax income and didn't let you build new infrastructure
Sounds like what China is doing.
@@American_Liberty They learned from the best
@@American_Liberty yes China does puts you under debt but they give you infrastructure , something to grow. World bank just wants you to pay back the loans even if the country goes bust.
You have to remember the old saying. You borrow $1000 from the bank, it’s your problem; you borrow $1billion from the bank, it’s the bank’s problem…”
TLDR it's the Lizard People!
The lizard people must be stopped ✊
What about you?
Like in those documentaries in the 1980s?
I have a history based money topic I’d like to ask you about for a research project. Is there a way to contact you?
The guy who started the lizard people conspiracy theory was a run of the mill anti-semitic conspiracy theorist and when no one was listening to him (ie he wasn't making money) he rebranded under lizard people and got rich.
You forgot to mention the moment in that those nations who can't pay have to privatize their resources and industries or allow the fmi to open institutions and eventually gain some control over the local financial system or the advantages that those nations have to give to foreign companies over locals.
they are loan sharks and drug dealers.
they give out 0% freebie tasters. then it becomes low interest tasters. then it becomes full on high interest rate or we break your legs repay us our loans tasters.
Well, and when political elites apply for the loans, use it for their industry friends, and when the loans need to be paid back it is the common taxpayer that have to pay the bill through their pensions, lower wages and water and electricity prices.
While paternalistic, that's actually quite clever because countries that suck usually have the traits of not having access to international capital and government owned ressorces funding a corrupt regime.
@@thomasschellekens5084 yes, but those common taxpayers benefited from the super-cheap labor and manufacturing costs for the goods they've been buying throughout their lives in the process.
Spot on
I had a boss who's dad got a job at the World Bank and that's how he ended up moving to the United States from Africa. I could tell by how he talked about it, the World Bank had done some shady stuff in Africa.
under the current neoliberal approach, these loans are also a tool because if a nation defaults then they can use the loans as leverage to make nations privatize key industries which will either in short order or a bit later be bought up by wealthy corporations from richer nations.
this is exactly what india is doing
Shakespeare's The Merchant of Venice illustrates well how usury causes oppressors to prey on vulnerable nations. They usually want you to pay back with a pound of flesh because they have already rigged system for you to fail. the Economic Hitman is also a good read on this.
@@Joe-nq6hy The military industrial complex gets wealthier by creating wars and political instability through arm sale and plundering other nations natural resources. Creating these vulnerable states make them seek loans from Bretton Woods institutions ie. IMF thereby beholden to the imposed draconian social and economic policies detrimental to local population: a dysfunctional cycle of poverty and exploitation from money to create debt.
There is nothing liberal about that. You must mean Capitalism+ Libritarian. Libritaism= the wild west of regulation and morality.
@@greylatern yet that has always been what neoliberalism has done without exception. they argue and fight for free market exploitation
The very fact that this organisation gives these ultra cheap loans on very lenient conditions disincentivises/delays real economic changes that could promote foreign investment to begin with. Makes the bad policies last longer by giving a free lunch.
You might have a good point here, like the international equivalent of crowding out. Thanks for the perspective I never thought of it like that!
@@HowMoneyWorks You get that problem with charities too - if basic necessities are being provided for free it's very hard for local businesses to sell them, but withdrawing necessities from starving people is a very hard sell
@@icmull maybe if they created mutual aid institutions instead of charity, those economies wouldn't had suffered like they did.
@@julm7744 oooh, very nice counter-examples
Invest, to besiege.
On point man, I did some major research on both of these institutions when I was studying my econ minor
Very interesting organizations, I wish I got the chance to study them in college.
Soo...could you share what you found out?
@@peterzynko2345 Rewatch the video, it was on point.
My dear brother every country have a central bank and central bank is controlled by World Bank and World Bank is controlled by some dynasty of capitalist
World is a economics salve as no country have the right to print its own currency but there are some people who are controlling and making money
Have you ever read the book "confessions of an economic hitman"?
I've not. Should I?
@@HowMoneyWorks Its a book written by an insider who worked at the IMF who was told to get poor countries to take loans that the IMF knew they wouldn't be able to repay.
@@lidnat4495 I've heard about it. Will read it for sure.
@@HowMoneyWorks Please read it because it would be great to hear your informed review of it. It contains grand but (as far as I know) kinda questionable claims. I'd love to know if it's actually accurate or not. Thanks in advance!
@@HowMoneyWorks definitely! Reveals a lot about the world bank and IMF’s role in infrastructure projects, giving out loans and the rewards for those who organise these transactions
Great video, deserves much more views. Keep up the good work
Thanks my friend :) I enjoy making these video's and I figure even if I don't make it big at least I am learning cool stuff and learning to video edit.
That's the plan my friend, and even if I don't these are still fun to put together.
- Here, poor country, take some fake paper money!
- We don't want it, and have no way of paying you back.
- It's not up to debate. Do you want to get invaded? Now repay us with your oil and nickel!
World bank: "We are not charity."
US/UK politicians after wiring 30-50 billions USD yearly to World Bank: "That's foreign aid."
Nope .. you haven’t even understood this simple video 😂
You don’t need to be an evil empire to have a negative impact of the global economy.
Seems the financiers of the 17th and 18th century didn't go away, they just evolved.
True
i refuse to believe you have 5k subs. Production quality and information is through the roof. I'm no economist, but I have a feeling that if I keep watching your videos, I will become one as quickly as you reach 1 mil. Keep up the good work :)
Wow, thank you! Maybe one day for both of us aye?
@@HowMoneyWorks well you’re already over halfway to 100k subs by now
well, guess what?
Almost at 100 k
I'm here from the future letting you know that that number rapidly grew to over 90K
All i heard was "problems require solutions but some solutions cause further problems, requiring new solutions"
Found your channel and loving it. Nice to hear non-populist non-political no-BS educational and informative insights about those subjects. Keep it up dude 👍
Have you read Confessions of an Economic Hitman? Would definitely provide more colour on orgs like IMF and the World Bank work behind the scenes (you did touch a bit on it towards the end)
I read the other book though - it definitely makes me detest Modern America.
Thanks for this. Best video I've watched on your channel 👍
damn lizards
Just the worst
i for one fully support my lizards overloads
we poor humans
Such a big help for my developmental studies. Thank you so much you got a subscriber lots of love from BhUtan
Thanks and welcome, it's always so nice to hear people enjoy my videos :)
In my knowledge, most of the loans of the MIF has gone in the pockets of politicians an western corporations, not the people that actually needed it. Has the MIF ever succeeded in providing any long, or even mid term prosperity to the people they loaned money for?
if the loan is repaid, the system fails.
Indonesia had recovered their economy on 60s by the help of IMF. but not the same result on the 97 Asian money crises. maybe it's just how the loaner's government handles it.
@@chawza8402 but is it only the Indonesian government to blame? Shouldn't we also expect that the IMF figures out which government's will act responsibly and who will pocket all the money? If they are not capable of doing so, should they be in business?
The WEF doesn't do background checks unfortunately.
I'd be interested to know why a private individual/organization paying off debt is good while a government is bad. Seems like a good security and fiscal matter to me. Besides, are the negative effects caused directly by paying of national debt, or is it that the stakeholders start squeezing when they're being paid off?
“Obey your master!
Master!
Master of Puppets are pulling your strings…”
The Big Short (2015)
Plan Z Agenda 👍🏽
Please research their roles in the 70's through to the late 90's not recently and see the policy followed toward african nations and u will know how much power they wield and how corrupt and terrible an instrument it was turned to, just look at the correleation between countries financed in this period and what happened almost right before terms changed in agreements leading to terrible things happening.
But they also done good work in 90s
@@hj-bf1os I killed several humans but I feed dogs. Pick me pick me
@@mohit_panjwani like i had said they had done some good works. I never said their all work is good.
@@hj-bf1os 95% of the human species lives in squalor. this system has done nothing but damage.
@@saturationstation1446 false. Only 9.2% live in extreme poverty. World poverty was even worse before world bank/IMF
I enjoy how you work the channel name in every episode I've seen.
Just like to say I have just recently discovered this channel and have binged through most of the videos .
The content is very high quality and your approach to it is excellent.
I would caution against going deeper into the 2 institutes mentioned here , or our digital nanny will put you in the naughty corner.
Love your content!
Glad you enjoy it!
So in summary: the IMF and the world bank give out interest free loans for developing countries and being called evil organizations because the lender can't payback. Here I thought that responsible adults should pay back what they borrow.
Some say the IMF gives policy advice that pressures lenders to pay back the loan even though it may cause further damage to an economy in crisis which is the reason why they need to borrow the money in the first place. that's just counter productive
Youre being childish, naive and silly.
These are predatory loans, often for projects that are forced on these nations. Read “Confessions of an economic hitman” by John Perkins. It will help dissolve your naive viewpoint.
czcams.com/play/PLcEd0IYai8aRHIuZSaizSHjOuKUQCHjE8.html
Adding to the previous 2 comments. I'll make it easy for you to find out what they ate telling you.
Thank you. Never knew what these organisations got up to before watching your video. 👍
Please don't forget to mention Structural Adjustment Programs and how they create poverty traps in poor countries. So yes, these institutions are vehicles of modern day colonialism and imperialism.
But who allowed it to happen? The greedy dictators and corrupt politicians. They lined their pockets at the expense of their own people. This is how communism gets a foothold.
Well, you never quite got around to what or who is involuntarily used as COLLATERAL debt slaves, for these national loans, which can, knowingly, NEVER be paid back in full. 😉
Pretty much every us citizen.
do you want another nazi germany? because doing nothing is how you get a nazi germany
@@khhnator Who is doing nothing? I have legally taken my political concerns to the US Supreme Court for a resolution. Rome was not built overnight...these processes take time, persistent legal effort is the goal. Not easy!!!
@@khhnator doing nothing? I'm pretty sure the ones who were operating the camps were pretty hard working. M8, stfu
@@kaneworthington True, however, this event is not "fraud", since NO ONE has ever objected. Government by consent.
A nation taking up debt just to repay its old one, whilst being as corrupt as they can be and meanwhile increasing taxes and public spending? sounds like Argentina to me
Or the US?
Sounds like all countries everywhere
Informative video. TDRL: WB is a payday lender. IMF is an insurance policy. Insurance for first world countries when their slave labor, er um, I mean 3rd world country workforce decides to rebel due to political destabilization, natural disaster, or conflict incited by the 1st world countries.
My country has a GDP per capita of less than US$/.10'000.00. Many of the money received has been invested in infrestracture proyects made by Odebretch, which were motivated by brives rather than any other factor. If you want to help developing countries don't give money to the government, give money to entrepreneurs in order to empower them to make businesses and empower local economies
which country ?
@@fwefhwe4232 Peru
Brazil send cheers.
Great video, super informative.
So this was it like when people used to discuss why slavery is not really that bad and provides "benefits".
indentured wage slaves is the modern version
These are really well done!!!
If it's 'free', you're the product.
Being the product is much more enjoyable than being the product's disposable packing.
Every time I hear IMF, I think Impossible Mission Force
This channel is an eye opener
Hi! I'm from Argentina, and yes we are struggling with money loans from MFI that were used by the government as a their checking account.
The Bank of International Settlement is even more sinister than these two jackals.
A splendid video
Thanks my friend, I am glad you enjoyed :)
i see these loans as a short cut out of poverty.... the banks shouldn't be handing out loans to corrupt countries. however that being said, a 0% interest loan is practically charity.
if these countries cant or try to get out of making their 0% interest free repayments, perhaps it's better for them to exit poverty the hard way.
its nice to have high and healthy living standards by no one is entitled to that. as buddha said, the only things you are entitle to is death and misery
Corruption is a necessary tool for gaining and maintaining power due too the unfairness of our world.
Short understanding CGP's Rule for Rulers video's would help you out.
Full Understanding reading The Prince by Machevelli would give you the full details.
tl;dr of both: You can't escape corruption no matter your level of power. The issue stems from so very few people able to be the anti-hero leader a nation needs. Able to shake hands with the devil due to gods absence and betray him first chance his nation is safe from the wrath of both entities.
@@singularity1130 literally thought about the same video xD
I mean the countries affected the most are the countries that have been heavily exploited, if all countries that colonized others paid reparations they'd be the one taking the loans
@@marksilla8276 they were colonized bcz they were poor and undeveloped.Nothing actually changed except now they know how to write and read.
very clarifying, thanks
This was a very wishy washy video and I don't agree with most of the conclusions you reached in it. But you still could have provided citations for your claims. That '80 cent in return for every dollar invested' was particularly juicy one. Also you could have elaborated further on what kind of 'advice' or terms are attached with the loans they give out. Or maybe you could provide argue against the points of the experts that do hold a negative view of this institution and its practices. Read 'the shock doctrine' by Naomi Klein and as others commentators have pointed out ' Confessions Of an Economic Hitman' by John Perkins. I am eagerly awaiting your rebuttals to these literary works.
I found a disagreeing but thoughtful comment. Here have a gold star 🌟.
For example - In 1990s, when we were about to collapse and IMF forced our country to be little more Capitalistic and open up our economy in return of loans we were asking from them.
Yes, I am talking about our country India.
They do force Nations to change their policies according themselves, although this was a good thing that they forced our politicians to open up our economy.
But they sometimes do bad things as well.
For example - Asking governments to implement more tax on people of any country they are giving loans to.
As we know these organisations give loans to mostly poor nations who are about to collapse and this increase in tax, increases the burden on already burdened population of that country which may lead to uprising of rebels and increase in crime.
Unfortunately this video is just another one which looks from the sneering perspective of western supremacy complex. Simply putting it down to "corruption of these developing nations" which is the favored scapegoat, but no scrutiny of the "donor".
Good work, man.
To be honest monetary system that is based on dept is like whipping a dead horse.
You mean the man who makes lottery and the prize is dead horse?
Whenever i heard the name IMF, an image of Tom Cruise running to somewhere fast immediately pops in my mind.
Great channel
Interesting video!!! I also remember India was one of the country that got bailed out by the IMF in the 1990s, with the pact that India would open up it's market and end the "License Raj"! While not doubt that the 1991 reforms did great things for our nation do you think that IMF was right in pressuring India to hasten up the market liberalisation?
Yes, it was right.
look at the economy before liberalisation and after it.
India is in way better place than ever before
There's no 'I' in Team,
but there's 'con' in Economy.
This video raised my blood pressure
You are the voiced of truh in a sea of distorted fact. Thank you bro.
When I think of the IMF, I think about how it was used by the USA to influence the political regimes in Nicaragua and Russia.
It remembers me of the brain's fault...or not a fault maybe. The brain have a much easier time remembering something BAD than something GOOD. If it is BAD, the brain doesn't want it to happen anymore, so it will remind you about that constantly.
As for something GOOD, the brain simply thinks, 'everything is fine, so fuck it.'
It is not that humans are evil, but that the path of evolution brought our brains to this stage.
That's why we ignore how more often than not those two foundations are good for the world but we only pay attention when they do something wrong.
No one cares if the plans are working since, well, those are just small and insignificant countries, right?
Sad, but true.
As a person from a country who receives a lot of money from WB and IMF I do have to say that the conditions they enforced were generally fairly beneficial to average citizen. Financial transparency, monetary policies and banking system are the areas that come to mind.
No mention that they are forced to only hire world bank advisors/contractors that charge exorbitant prices, specially because they are poor nations
Lol shows sea point promenade, Cape Town, South Africa as a wealthy manufacturering country at 1:48. Admittedly it is probably one of the best Areas to live in in South Africa
I remember when the IMF intervened in Europe in 2008. Pushing Greece so far that people were killing themselves in the streets and children were faiting with hunger in public schools. "Unfair" my ass. No country should have to chose between debt repaiment or feeding their people. As people say "dont't lend what you can't afford to lose", so if you think they can't pay, don't lend. Lending and then submitting a country to austerity measures that make people desperate, robbing the country of any sovereinty is bullshit.
a better way for the Wold Bank to function would be (imo):
- a poor country want to build a infrastructure that is a prospective rewarding investment
=> they go and ask the WB for help.
=> the WB assess if in fact, it is a good investment (not prestige building or a new presidential palace, or buy weapons, etc etc)
=> the WB agree it is a good investment, they authorize the loan and themselves organize a bidding process to enact the project realization (to select the cheapest but also most efficient builder, also making the most use of local workers to maximize the trickling down of money, while also, hopefully, avoiding the bribing and leeching, at least mostly)
=> the project get build, probably at a lesser cost and the money goes where it is intended to...
“Loans these countries may or not have asked for” … we’re just skipping over that part, huh?
Wait, China is using up cheap loans, intended for developing nations. And then debt-trapping other, or possibly same developing nations
I liked the video lot, but I have a few issues with it. I have personally worked with the world bank. I think there are a few oversimplifications you made, and some things that you should’ve added to the video. First, much of the world bank’s money today goes to guarantees. Which basically say that the bank will pay back part of a country’s loan to a private bank if that country can’t pay it back. Second, the world bank is not allowed to invest in infrastructure projects, it’s only allowed to give loans to countries or guarantees on those countries loans. The IMF however is different and this is a point of controversy as well. When the IMF builds a power plant let’s say they can have a stake in it. And the problems with that can arise. In addition both groups are basically not liable for what’s done with the money and how well projects go. To sue the bank or the IMF you do it through an internal entity. I really loved your editing and presentation however, the video was very nice to watch.
Thanks for the additional insight, of course someone on the ground floor is going to be able add a lot more too this (and that's very interesting about the IMF by the way I had no idea). However the idea is that this is a basic outline of the roles and differences of these two organizations as it would apply to most people's interactions with them. It also hopefully demonstrates that they are not the evil empires that a lot of people think they are.
@@HowMoneyWorks I understood all that, I was just giving constructive feedback. If I wanted to give someone a simple outline of what the Bank and IMF did, I would start by showing them this video.
Well thanks for both :) good to know it gets the tick of approval from someone who has actually lived this day to day. I can only imagine it must have been very interesting!
The IMF and the world bank are institutions that serve States. They are funded by States and lend money to States. It does not serve the people, the world, or the abstract concept of "economic prosperity", therefore when they lend money to a "country" it lends money to a State, which will use it however is in its own interest, and the interests of the State should never be mistaken for the interests of the people.
There's a book called the history of central banking. The expensive version is the one you gotta read. Like 3k dollars
4 way debate between: You, second thought, economics explained and Peter Joseph!
Good title!
Honestly, gonna have to criticize this video a little bit. Just consider that there are countries that were taking out loans under military juntas, then they transition to democracy and still have to repay the loan that was used almost entirely on suppressing dissent and corrupt kickbacks. Its not like global financial institutions didn’t know guys like Ferdinand Marcos were crooks. They knew, and they were cool with it. To find deeper arguments, check out Debt: the First 5,000 Years by David Graeber. He points out that regular debt cancellation was normal in many if not most societies before, well, the creation of institutions like the World Bank and IMF
just like any establishment, when it works it works, when it doesn't, it's easy target for blame whether deserved or not.
11:02 That's a bit of a problem with the news in general
I agree to you point there that it is not the institutions that are inherently bad. Nonetheless, financing though OECD countries means that the biggest tax payers of those countries can empose their economic agenda on LMICs profting from cheap labour while ensuring profit for their shareholders. A video on transaction tax or taxation on capital rather than work would be interesting. Thanks for the good work!
*laughs in economic hitman.*
Not sure why you only have 11k subs. The production quality of your videos is on par with Economics Explained.
Maybe it’s his Aussie accent?
buT WhAt is GOING ON hERe ?
To be fair I just started really putting out content. But he's a phenomenal creator and deserves all the love in the world. Thanks for the support though! It means a lot to me!
Wait. This channel is not associated with economics explained? Because EE stuff seems to similar enough for the yt algorithm, so I figured this was a 2nd channel.
@@matthew9677 Nah. I'm a fan of his content. But I'm not associated with his channel. If he offered though...
@@HowMoneyWorks well congrats on fooling me. Good quality work, which ain't easy on the internet anymore.
Good video.
The problem with the economy is the economists.
We'll make an exception for Economics Explained
🤣
Idk, but most of help from WBG and IMF towards contry-clients aren't appropriately managed by the governments, despite safeguards and policies from these Institutions. This is more a problem of governance in countrycontry-clients.
Can you explore a little bit more about the question on austerity in OMG presence moments? I'm Portuguese, I know what the IMF is... 🤣
Anyone who has lived through IMF austerity knows it for that, not for loans.
Can you explain what intragovernmental debt is please
Thanks
No problem
You talked about how the government in poor countries are corrupt but when the IMF or the WB are using their money to buy influence in foreign countries is not corruption? When they are forcing these countries to sell their infrastructure to their home companies?
A den of thieves, a den of vipers,a nest of vultures.
Corruption is the most real and universal problem of humanity. No matter the order or systems of finance, corruption makes all system equal. People in general can't handle money, power or big resources. Personal will to live decent and opportunity for honest living and development should be priority. Today good people, who live in a place with mostly bad people, suffer. We all lose when we can't bring ideas of individuals to realisation. World economy benefits from total availability of goods and services. Now, I think we are not using even avarage of our capacity to deliver new products from ideas. Even in second world countries, young people can't start business easy. No one is financing prototypes. People point economics in social directions while trying to perserve business. No one is thinking about the future, just avoiding present strugle or inconvinience. But, at some point reallity hits. We will pay for our shortcuts and ignorance. Good luck to all! Be strong and healthy!
This channel is very soft on predatory capitalism. It doesn't take much research to see that loans, more specifically indebtedness, can be a vehicle of exploitation. That's why the West is so concerned by China's Belt and Road Initiative. They are following our game plan for geopolitical expansion. We're are also very worried that China might be more effective than the IMF or World Bank at actually solving problems in the developing world thus undermining western institutions and modes of exploitation.
Hi I am in your discord server, the capitalists. Do you know someone called Rays?
I know someone called Ray if that helps (Although probably not the one you are talking about)? Otherwise I am not sure.
That discord server is cancer. Nothing but right wing nuts spreading covid misinformation. According to them, covid was never a serious problem and the media published photoshopped hospital beds filled with people.
@@crazydudetz Stop hating on it
@@crippin6587 I'm not hating. I'm telling it like it is.
@@crazydudetz Then shut yo mouth
Just a thought: Perhaps the term neo-colonialism is incorrect. Few countries are subjugating others for purely political gains.
I respectfully submit that it may be more correct to call it neo-merchantalism. Instead of raw goods being exploited from subject nations in exchange for markedly higher finished products, perhaps this is a question of raw capital being exploited by subject nations in exchange for more sophisticated fiscal vehicles.
Though I do not think the hostility towards these kind of organisations is a bad thing. They do have a lot of power and much less accountability so a certain level of distrust towards them is healthy.
The 1990s were glorious: we Romanians just railed the IMF without lube. Five agreements one after the other: all botched because we pledged something, did it briefly or not really at all, got some money, then stopped honoring the agreement. In early 1999, the IMF explicitly asked us to default. We refused. Trolling 100.
Its a little room in the basement of the pentagon. Same thing, basically..
Good intro, but you should dive into why these nations need to borrow from the bank while “rich” countries can just print their own money. This is the crux of the current financial system.
Yeah but when do they say your mission if you choose to accept it
central banking and interest-slavery is the biggest issue plaguing the globe. Debt based money should be replaced with money backed by labor and production
A decent vid, and i'm glad to see a different perspective, but one thing that's left out is that often times, this "advice" is biased in the favor of neo-liberal economic policy, "suggesting" that countries cut social spending, privatize everything, "open their natural wealth to foreign investors," and heavily rely on planting cash crops rather than actual food crops.
Any country that steps out of the realm of "free market enterprise" is beaten back into submission by these glorified protection racket and loan shark institutions. These institutions are not neutral, they are ideological tools used to perpetuate the hegemony of global Capitalism.
We blame corrupt governments abroad for this, but at the same time we actively destabilize non-corrupt ones that actively seek to put the well being of their countries above the economic interest of others. Look at 1950s Iran, Guatemala, Bolivia, Columbia, Venezuela, Chile, Haiti (even before the earthquake) Libya, and many others as proof of that. The destabilization of these places, and the endorsement and support of corrupt but "business friendly" regimes actively keeps these countries in chains. For Capitalism to work, it needs others to exploit. That's just as true an observation between rich and poor countries on the macro scale as it is between capitalist and worker on the micro scale.
Spot on analysis
Interesting
Isn’t it?
what's the source of '0.8 cents of every dollar' ?
I think he means for 1 dollar given they (US ?) only get 0.80 cents back, losing 0.20 cents.
World Bank don’t have to make returns for the investors, but for its own capital to keep its ability to make more loans.
Viewer game:
Find the dog having a shit in this video.