Debt crisis
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| Date | 1980s - Present |
|---|---|
| Type | financial |
| Exposed by | John Perkins, Joseph Stiglitz |
| Interest of | Jean Ziegler |
Official Narrative
Wikipedia states that "Debt crisis is the general term for a proliferation of massive public debt relative to tax revenues, especially in reference to Latin American countries during the 1980s, and the United States and the European Union since the mid-2000s."
Problems
John Perkins has exposed the debt 'crisis' was in fact orchestrated by key institutions such as the International Monetary Fund and the World Bank.
Economics
The issue of money creation is shrouded in miseducation.
Related Quotations
| Page | Quote | Author | Date |
|---|---|---|---|
| IGO | “Well after Argentina went bust in 1991 it offered most of its creditors about thirty-five cents on the dollar. About ninety percent of these people accepted that but some of them didn't and they tried to sue the bank In Switzerland because that's where its headquarters, but the Swiss courts and I think also the Swiss Federal Council have said that the bank is founded by an international treaty. It is inviolable: it cannot be sued.” | 2018 | |
| John Perkins | “My job was to convince heads of state of countries with resources our corporations covet, like oil, to accept huge loans from the World Bank and its sister organizations. The stipulation was that these loans would be used to hire our engineering and construction companies, such as Bechtel, Halliburton, and Stone and Webster, to build electric power systems, ports, airports, highways and other infrastructure projects that would bring large profits to those companies and also benefit a few wealthy families in the country, the ones that owned the industries and commercial establishments. Everyone else in the country would suffer because funds were diverted from education, healthcare and other social services to pay interest on the debt. In the end, when the country could not buy down the principal, we would go back and, with the help of the International Monetary Fund (IMF), “restructure” the loans. This included demands that the country sell its resources cheap to our corporations with minimal environmental and social regulations and that it privatize its utility companies and other public service businesses and offer them to our companies at cut-rate prices.” | John Perkins |
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