Suggests More Crippling IMF loans for third world in the name of saving the planet
Friday, Dec 11, 2009
Billionaire George Soros has suggested that poorer nations be persuaded to take on what he describes as “green loans” in the name of combating climate change, a policy that would land the already cripplingly poor third world with even more debt, payable to globalist institutions such as the IMF.
Speaking yesterday at the climate summit in Copenhagen, the financier said that $100 billion should be provided in loans to poorer nations to help slow global warming.
The proposal would entail third world countries paying back interest to the governments of the richer nations to stem a perceived crisis that they have had little or no direct involvement in manufacturing.
Soros suggested that the loans could be backed with “special drawing rights” – a synthetic international paper currency issued by the International Monetary Fund.
SDRs have recently been touted as a new global reserve currency, outside the control of any sovereign body, with the IMF overseeing it in a “bank of the world” role.
“Money must come from somewhere, not just from a printing machine,” Artur Runge-Metzger, head of the European Commission delegation, said when asked about Soros’ proposal.
Of course, it is no surprise that Soros would espouse such a proposal given that he has made billions speculating against currencies on the casino of the financial markets. Real and tangible assets mean nothing to the man.
Soros added that other proposals for funding, including a suggested $10bn emergency fund for developing nations, are insufficient.
“The $10bn fund is more than nothing but not much more because of the magnitude of the problem,” Soros said.
“It’s already becoming apparent that there’s a gap between the developed and developing worlds on this issue that could actually wreck the conference.” he added.
The IMF and the World Bank are organizations that have made a habit out of looting poorer countries with crippling loans that cannot be paid back, forcing such countries to hand over their entire infrastructure to globalist loan sharks.
Two men who have exposed this monumental scam for what it is are former World Bank chief economists John Perkins and Joseph Stiglitz in their respective works Confessions of an Economic Hit Man and Globalization and Its Discontents.
In what amounts to little more than modern day colonialism, debt forgiveness requires countries to sell their health, education, electric, water and other public services to globalist corporations. Such “structural adjustment conditionalities” have led to massive cuts to health and education budgets in the third world.
Poorer countries have also had to discontinue subsidies and trade restrictions that support local business and development.
The long and short of it is that poorer countries continue to be politically neutralized and socially and economically dismembered by such policies.
Soros’ latest proposal ties the whole sorry state of affairs up with a large green ribbon.
As we reported earlier this week, the implementation of policies arising out of fraudulent fearmongering and biased studies on global warming is already devastating the third world.
In addition, the leaked Copenhagen text that emerged earlier this week highlighted the fact that developed nations are planning to take on less of a burden than anticipated and that more would be demanded of poorer countries despite the fact that any further cuts in CO2 emissions will further cripple their flimsy economies and poverty-stricken people.
The leaked paper revealed that funds from climate financing, originally allocated to go to the UN and then be doled out piecemeal to third world nations, would instead be paid directly into the coffers of the World Bank and IMF.
The draft agreement would allow people in developed countries to emit twice as much carbon per head than those in poorer countries, who have not caused the rise in emissions said to be threatening our existence on the planet. The revelations have led third world leaders to accuse the developed world of “climate colonialism”.
Another revelation from the summit reveals that under a plan tabled by Britain, money earmarked for education or health in poorer countries would be diverted into projects such as solar panels and wind farms, again diverting much needed aid away from efforts to increase the standard of living.
This article was posted: Friday, December 11, 2009 at 11:17 am