IMF To Third World: Your Money or Your Life!
by John Maxwell
This article originally appeared in Jamaica Observer.“We should default, divert the interest payments from Cayman and Zurich to the Consolidated Fund and start making ourselves economically autonomous.”
Like an eighteenth century highwayman the world financial system has leveled a gun at Jamaica's head and told us to "Stand and Deliver" – “hand over your valuables or else!”
The Fitch Ratings Agency has told the government: Accept whatever conditionalities the IMF imposes or we will make it impossible for you to borrow money and you will default on your debts.
Since there is no Chapter 11 bankruptcy protection for countries it is my view and has been for years that we should default, divert the interest payments from Cayman and Zurich to the Consolidated Fund and start making ourselves economically autonomous. At a stroke we could double or triple the money available for government expenditure.
What will the usurers do? Seize Kings House?
In the old uncensored versions of the highwayman stories, the first bandit stops the stage coach, instructs the women to tie up the men and then each other. Then, at his leisure, he and his band would go through everyone's pockets and purses. In the old tales sometimes the highwayman would ride off with his loot, leaving his victims helpless until a second highwayman – a confederate – would come upon the scene and “realizing” there was no loot to be had, would avail himself of the pleasures offered by the helpless women and girls while their husbands or brothers or fathers watched, helpless to intervene.
“The criminal consequences of globalization are beginning to be felt.”
Something very like that is now happening in Haiti and will soon begin to happen here. The criminal consequences of globalization are beginning to be feltand not the least of them is loss of autonomy and sovereignty, the enslavement of the economy and the expropriation of the country's wealth.
Over the last forty years the decolonization of Empires has left hundreds of millions of people exposed to new, sophisticated buccaneers and freebooters, sporting Thatcher/Reagan/Ayn Rand letters of marque, giving them the authority to loot and plunder using techniques which would have astonished Sir Henry Morgan, Blackbeard and Lollonais, not to mention King Leopold of Belgium, Sir Basil Zaharoff and even J.P. Morgan and John D Rockefeller.
In one of the strange paradoxes of capitalist development it is the most resource-rich of the former colonies that are the deepest in misery. Africa, particularly Nigeria, the Congo, Angola and South Africa are producing rivers of wealth for a few people in Zurich, New York and London. As in Brazil, Mexico, Venezuela, Bolivia and Colombia, and as in Iraq, Saudi Arabia and that neighborhood, the native populations watch open-mouthed as learned theoreticians attempt to develop theories to explain their poverty and misery as money is exported by the tanker load from their countries and sympathetic statesmen confide that, next year, or the year after, they will be in a position to help with a little alms. The World Bank says it is dedicated to eradicating poverty and the IMF is supposedly a collaborator in that effort. Yet, it seems fairly clear that Third World poverty will end only when Third World resources are exhausted and the globalizers go home, sometime late in the next millennium.
As Fidel Castro pointed out to the Group of 77 summit in Havana in 2000:
"Economic failure is evident. Under the neoliberal policies, the world experienced a global growth between 1975 and 1998 which hardly amounted to half of that attained between 1945 and 1975 with Keynesian market policies and the state's active participation in the economy."
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