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Bankrupting the Third World (The Underground Knowledge Series, #6)
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BANKRUPTING THE THIRD WORLD > Banksters swindling the Congo

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message 1: by Lance, Group Founder (new) - rated it 5 stars

Lance Morcan | 2278 comments Exceprt from BANKRUPTING THE THIRD WORLD: How the Global Elite Drown Poor Nations in a Sea of Debt:

“This country will never gain emerging market status without electricity.” –Eustache Ouayoro, World Bank Country Director for the Democratic Republic of Congo and Republic of Congo

By now, you may not be surprised to learn that as one of those Third World nations that can, in the same breath, be described as “impoverished” and “mineral rich,” the DRC has received many World Bank/IMF/USAID loans over the years. And if you’ve taken on board the plight of other recipients of such aid, nor will you be surprised to learn the DRC remains as poor as ever.

In fact, by some estimates, the nation is getting poorer every year!

A 2012 article on the website Brentwoods Project, a watchdog site on corruption within the World Bank and the IMF, states, “As World Bank projects fail to reduce corruption in the mining sector in the Democratic Republic of Congo (DRC), International Finance Corporation (IFC) investments in extractive industries are provoking complaints and protests around the world”.

Meanwhile, a 2013 article on the Global Witness site, states, “The World Bank Board of Directors has blocked a call by independent evaluators to review the outcomes of the Bank’s support for industrial-scale logging in tropical rainforests”.

The writer advises that includes the DRC big-time.

The article continues, “Recent reports from a government-appointed independent observer in the Democratic Republic of Congo, for example, found that many international logging companies are carrying out illegal activities.

“After 10 years of World Bank-led reforms in the DRC, roughly 150,000 km2 of rainforest remain in the hands of poorly regulated international logging companies, while communities are once again being left behind,” said Susanne Breitkopf of Greenpeace International. “The reform process in the DRC has been marred with irregularities and widely criticized; meanwhile, a law that would support community management of forests has been stalled for years, and the Bank is financing a forest zoning process that is likely to earmark huge areas of rainforest for industrial logging”.

The wealth potential of the DRC was confirmed in a 2014 press release by the World Bank itself.

Headlined “DRC: A Giant in the Making,” the article quotes Eustache Ouayoro, World Bank Country Director for the DRC, as saying, “The Democratic Republic of Congo (DRC) has the potential to be one of Africa’s richest countries and a major driver of growth…The future of the DR Congo will be the future of Africa”.

And yet, World Bank representatives have been making such positive statements about the DRC and, indeed most of Africa, for decades.

“Poverty is the worst form of violence.” –Mahatma Gandhi

A February 2015 article in Bloomberg Business headlined “IMF Ready to Lend $1 Billion to Democratic Republic of Congo,” reveals the IMF is investing equally as heavily into the country. An excerpt from that article follows:

“Congo is preparing for provincial elections by December and a presidential vote in November 2016, which together will cost $1.1 billion, or more than 10 percent of its annual budget, according to electoral authorities. Holding the vote will be a logistical challenge in a country of 68 million people about the size of Western Europe, which has less than 3,000 kilometers (1,860 miles) of paved roads and is considered by the United Nations as the least-developed nation in the world”.

Our question to the World Bank and IMF would be: Given the billions of dollars being pumped into the DRC annually, why does it remain the least developed nation on Earth?

Of course, those organizations could cite all the infrastructure challenges the Bloomberg article alludes to. However, what the article fails to mention is that the DRC is teeming with mineral riches. The sort of mineral deposits that nearly every First World nation on Earth can only dream about…

So, again, factoring in the immense natural resources in the DRC, as well as the billions of dollars being loaned to the country every year, why does it remain in a constant state of war? And why do its citizens remain among the most destitute on Earth?

Is it a case that it’s just too difficult a region to create peace and prosperity in?

Or, is it a case that certain interests, both within the DRC and outside, are doing very well financially out of the current diabolical situation in this war-torn nation?

BANKRUPTING THE THIRD WORLD How the Global Elite Drown Poor Nations in a Sea of Debt (The Underground Knowledge Series, #6) by James Morcan

message 3: by Lance, Group Founder (new) - rated it 5 stars

Lance Morcan | 2278 comments The Guardian: Aid in reverse - how poor countries develop rich countries https://www.theguardian.com/global-de...
New research shows that developing countries send trillions of dollars more to the west than the other way around. Why?

message 4: by Ian (new)

Ian Miller | 946 comments Why? Easy. The leaders want to be on the Forbes rich list, so they pillage their country, then to repent themselves from being pillaged they ship the money out. The banksters are both accomplices and receivers of stolen property, and they know it. The real question is, why doesn't somebody bring these banksters to justice, because both of those actions are felonies.

message 5: by James, Group Founder (new) - rated it 5 stars

James Morcan | 9012 comments Agreed, Ian.

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