IMF & World Bank
1945 ... Financial globalization
The IMF provides policy advice and financing to members in economic difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty.
Voting rights on almost all issues are related to the size of the quota. The USA holds the largest quota (17.82%), hence it is able to exert a preponderant influence in the body. Other quotas include Germany 5.5%, Japan 5.5%, France 4.99% and the UK 4.99%. Between them, the G10 (the USA, the UK, Germany, Italy, Canada, Japan, the Netherlands, Belgium, Norway and Sweden) control over 50% of IMF resources. This means that the IMF is absolutely under their control.
In this study, we decided to identify in detail the people on the boards of directors of the top ten asset management firms and the top ten most centralized corporations in the world. Because of overlaps, there is a total of thirteen firms, which collectively have 161 directors on their boards. We think that this group of 161 individuals represents the financial core of the world's transnational capitalist class. They collectively manage $23.91 trillion in funds and operate in nearly every country in the world. They are the center of the financial capital that powers the global economic system. Western governments and international policy bodies work in the interests of this financial core to protect the free flow of capital investment anywhere in the world.
Mobutu Sese Seko, the former military dictator of Congo, at the Pentagon
Jakaya Kikwete at the World Economic Forum
Goodluck Jonathan at the World Economic Forum
From 1970 to 2003, over three trillion dollars — $3,000,000,000,000 — were loaned to developing countries by the West. Yet the gap between rich and poor is worse than ever. What happened? Where did all that money go?
Michael Hudson's in-depth and highly controversial study of U.S. financial diplomacy explores the faults built into the core of the World Bank and the IMF at their inception which -- he argues -- were intended to preserve the US's financial hegemony. Difficult to detect at the time, these problems have since become explicit as the failure of the international economic system has become apparent; the IMF and World Bank were set up to give aid to developing countries, but instead many of the world's poorest countries have been plunged into insurmountable debt crises.
To promote private foreign investment by means of guarantees or participations in loans and other investments made by private investors... To promote the long-range balanced growth of international trade... To conduct its operations with due regard to the effect of international investment on business conditions in the territories of members...