This mission is supported by the elitist neoclassical politicians and economists, and it is mostly preached and executed through the new priesthood of the universe: The World Trade Organization (WTO), The World Bank, The International Monetary Fund (IMF).

Now we know that the banking system is able to create money by pyramiding debts and ask for example for an annual interest return of $720 out of an initial new money injection of $1,000; therefore, we must not be flabbergasted when a large segment of our citizenry is asking for the cancellation of international debts borne by the least developed countries.

Also, we understand that for the "past five years, more than three-quarters foreign direct investments was actually cross-border mergers and acquisitions." That is our Transnational corporations take over businesses in the least developed countries as their sponsored policies of globalization weaken these same countries.

As an example of the disastrous policies of the International Monetary Fund we can refer to the recently approved international $22-billion loan to Argentina. As a condition for this loan program the Argentina Congress has passed the federal "zero-deficit law." Further, the Argentina government will take "steps to improve tax administration and strengthen tax compliance, reform of the revenue sharing arrangements between the federal government and the provinces, the streamlining of public administration, and overhauling the social security administration." And in addition, American banks and speculators will be charging a whopping 16 per cent risk premium above the normal return for the dollars needed to back this loan program. Today, in Argentina, one in six workers is unemployed and millions of people have lost their jobs as industrial production is down 25 per cent for the year. And I leave to my readers to figure out the consequences of this $22-billion loan program within the neoclassical gospel of globalization.

References

Confronting and Transforming the International Economic and Financial System: A Succinct User's Guide. INES [International Network of Engineers and Scientists for Global Responsibility], Susan George, Stockholm, 14 June 2000 http://www.tni.org/george/talks/ines.htm

The Global Financial Casino: While the Economy is Down Banks' Profits are Up, by Mario deSantis, September 6, 2001http://www.ftlcomm.com/ensign/desantisArticles/2001_400/desantis427/bankprofits.html

IMF Approves $8 Billion for Argentina, Anna Willard, I Won Money, September 7, 10:15 http://money.iwon.com

Time to cry for Argentina, Gregory Palast, August 12, 2001 http://www.observer.co.uk/business/story/0,6903,535462,00.html

IMF Augments Argentina Stand-By Credit to $21.57 Billion, and Completes Fourth Review, International Monetary Fund, Press Release No. 01/37, September 7, 2001 http://www.imf.org/external/np/sec/pr/2001/pr0137.htm