confessions of an economic hit man

confessions of an economic hit man - Economic Hit Man: to...

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Economic Hit Man: to convince countries that are strategically important to the United States to accept enormous loans for infrastructure development and to make sure that the lucrative projects were contracted to U.S. corporations. “highly paid professionals who cheat countries around the globe out of trillions of dollars. They funnel money from the World Bank, the U.S. Agency for International Development (USAID), and other foreign ‘aid’ organizations into the coffers of huge corporations and the pockets of a few wealthy families who control the planet’s natural resources. Schemes: fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder. They play a game as old as empire, but one that has taken on new and terrifying dimensions during this time of “globalization.” Perkins: hired as an economist for the international consulting firm of Chas. T. Main, Inc. (MAIN). He was told in confidential meetings with “special consultant” to the company Claudine Martin. In the company: 1. He was supposed to justify huge loans for countries. These loans would be for major engineering and construction projects, which were to be carried out by MAIN and other U.S. 2. He was supposed to help bankrupt the countries that received these loans after the U.S. companies involved had been paid. This would make sure that these countries would remain in debt to their creditors and would then be easy targets when the U.S. needed favors such as military bases, UN votes and access to natural resources like oil. Perkins’ job was to produce economic growth projections that would make the case for a variety of major projects. If the U.S. decided to lend a country money, Perkins would compare the economic benefits of different projects such as power plants or telecommunications systems. He would then produce reports that showed the economic growth the country would experience due to these projects. These economic growth projections needed to be high enough to justify the loans. Otherwise, the loans would be denied. The gross national product (GNP) was always the most important factor in these economic projections. The project expected to increase the GNP the most would be chosen. In the cases where there was only one project under consideration, it needed to be shown that the project would greatly benefit the GNP. Luckily for the economic hit man, GNP figures can be quite deceptive. “For instance, the growth of GNP may result even when it profits only one person,
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such as an individual who owns a utility company, while the majority of the population is burdened with debt.” All of these projects were meant to make huge profits for the contractors. The U.S. engineering and construction companies involved would be assured of great wealth. At the same time, a few wealthy families and influential leaders in the receiving countries would become very happy and very rich thanks to these loans. The leaders of these countries would also have bolstered political
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This note was uploaded on 12/09/2010 for the course SS IR242 taught by Professor Eckstein during the Fall '10 term at BU.

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confessions of an economic hit man - Economic Hit Man: to...

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