| World Bank
|Working for a World Free of Poverty
|Washington D.C., United States
|President of the World Bank Group
|Monetary International Financial Organization
|European Policy Centre
|TESEV, Center for Global Development, Abt Associates
|ClimateWorks, Omidyar Network, Rockefeller Foundation
•World Bank/Chief Economist
•World Bank/Managing Director
•World Bank/Vice President
The group has aims to relieve poverty. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organisations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference.
The fact that the group's president is a USA citizen reflects its dominated by the nations of the global north. Its track record is one of effectively promoting the neoconservative agenda of neocolonialism.
- Full article: “Debt crisis”
- Full article: “Debt crisis”
During the 1970s, the bank made huge loans to the countries of the global south, often with corrupt leaders, that had no real impact at improving the lives of the vast majority of the people there. In the 1980s opnwards, repayments were used as an excuse for external political interference in those countries. "Structural adjustment policies" were implemented that were designed to 'streamline the economies of developing nations' (i.e. to enrich the countries of the global north). UNICEF reported in the late 1980s that the World Bank's structural adjustment programs had "reduced health, nutritional and educational levels for tens of millions of children in Asia, Latin America and Africa".
The Summers Memo
An internal memo from the then World Bank Chief Economist, Lawrence Summers, is revealing about the bank's decision making process - as is the fact that its publication did not appear to have a negative impact on his career.
|“Maybrit Illner: Mr. Ackermann, you are also head of the International Banking Federation. Couldn't you just have made such a demand to all your colleagues who came out of this crisis really clean?
Josef Ackermann: I think the same would have happened to me as it did to Mr Herrhausen. [...]”
|13 May 2010
|“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.”
Employees on Wikispooks
|Chairman of Independent Advisory Board
|Pedro Pablo Kuczynski
|John J. McCloy
|17 March 1947
|1 July 1949
|Senior Vice President of External Affairs
|Mari Elka Pangestu
|Managing Director of Development Policy and Partnerships
|1 March 2020
|Bernard Snoy et d'Oppuers
|Represented Austria, Belarus, Belgium, Hungary, Kazakhstan, Luxembourg, Slovakia, Czech Republic and Turkey
|Large funder of projects intended to steer public opinion and take control over all government policy under the pretext of fighting climate change. Part of "a blob" of similar very wealthy interconnected foundations with opaque structures. Backers include Bill Gates and Michael Bloomberg.
|Foundation owned by the the deep state-connected billionaire Pierre Omidyar, financing preferred NGOs
- "US backs Ajay Banga to lead World Bank in climate fight"
- Adjustment with a Human Face: Protecting the Vulnerable and Promoting Growth, Giovanni Andrea Cornia, Richard Jolly, Frances Stewart, 1987, Oxford University Press USA, isbn: 978-0-19-828609-7