IMF Financial Terrorism

Saturday, June 11, 2011
By Paul Martin

Stephen Lendman, Contributing Writer
Activist Post

In July 1944, the IMF and Bank for Reconstruction and Development (now the World Bank) were established to integrate developing nations into the Global North-dominated world economy in ways other than initially mandated.

Under a new post-war monetary system, the IMF was created to stabilize exchange rates linked to the dollar and bridge temporary payment imbalances. The World Bank was to provide credit to war-torn developing countries. Both bodies, in fact, proved hugely exploitive, using debt entrapment to transfer public wealth to Western bankers and other corporate predators.

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