James Corbett Last week we attempted to dispel some of the confusion surrounding the World Bank and the IMF, how the two are differentiated, and what the World Bank actually does. As you’ll recall, Bretton Woods architect John Maynard Keynes admitted that the confusion over the bodies was embedded in their names; the World Bank should rightly be referred to as a fund (for development projects) and the International Monetary Fund as a bank (to help countries cover balance of payment deficits and ensure financial stability). The World Bank itself is a body that ostensibly provides long-term low interest or no interest loans secured on the global bond market to fund sectoral reforms and infrastructure development projects in some of the poorest countries in the world. As we saw last week, however, the Bank is used as a weapon by the economic hitmen identified by John Perkins and others, directing infrastructure development funds to crony corporations and forcing countries into debt obli
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