[G. Edward Griffin] The Creature from Jekyll Islan(BookZZ.org) (1)
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[G. Edward Griffin] The Creature from Jekyll Islan(BookZZ.org) (1)

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By 1983, Third-World governments owed $300 billion to banks 
and $400 billion to the industrialized governments. Twenty-five 
nations were already behind in their payments. Brazil was in 
default a second time and asked for rescheduling, as did Rumania, 
Cuba, and Zambia. The IMF stepped in and made additional 
billions of dollars available to the delinquent countries. The Depart-
ment of Agriculture, through its Commodity Credit Corporation, 
paid $431 million to American banks to cover payments on loans 
from Brazil, Morocco, Peru, and Rumania. At the conclusion of 
these agreements, the April 20, 1983, Wall Street Journal editorial-
ized that "the international debt crisis ... is, for all practical 
purposes, over." 
Not quite. By 1987, Brazil was again in default on its monstrous 
$121 billion debt, this time for one and a-half years. In spite of the 
torrent of money that had passed through its hands, it was now so 
broke, it couldn't even buy gasoline for its police cars. In 1989, as a 
new round of bailout was being organized, President Bush(CFR) 
announced that the only real solution to the Third-World debt 
problem was debt forgiveness. 
Perhaps, through repetition, we are running this history into 
the ground, but here are just a few more examples before moving 
By 1982, Argentina was unable to make a $2.3 billion payment 
that was due in July and August. The banks extended their loans 
while the IMF prepared a new infusion in the amount of $2.15 
billion. This restored the interest payments and gave the 
Argentinian politicians a little extra spending money. Seven 
1. Chernow, P,' 644. 
months later, Argentina announced it could not make any more 
payments until the fall of 1983. The banks immediately began 
negotiations for rollovers, guarantees, and new IMP loans. 
Argentina then signed an agreement with 350 creditor banks to 
stretch out payments on nearly a fourth of its $13.4 billion debt, and 
the banks agreed to lend an extra $4.2 billion to cover interest 
payments and political incentives. The IMP gave $1.7 billion. The 
United States government gave an additional $500 million directly. 
Argentina then paid $850 million in overdue interest charges to the 
By 1988, Argentina had again stopped payment on its loans and 
was falling hopelessly behind as bankers and politicians went into 
a huddle to call the next bailout play. Somehow, the payments had 
to be passed on one more time to the taxpayers-which they were 
in the form of new loans, roll overs, and guarantees. As summa-
rized by Larry A. Sjaastad at the University of Chicago: 
There isn't a U.S. bank that would not sell its entire Latin 
American portfolio for 40 cents on the dollar were it not for the 
possibility that skillful political lobbying might tum up a sucker 
willing to pay 50 or ~O or even 90 cents on the dollar. And that sucker 
is the U.S. Taxpayer. 
As n:entioned previously, this history can become repetitious 
and bonng. It would be counterproductive to cover the same 
sor~d st~ry as it has unfolded in each country. Suffice it to say that 
the IdentIcal game has been played with teams from Bolivia, Peru, 
Venez~ela, Costa Rica, Morocco, the Philippines, the Dominican 
RepublIc, and almost every other less-developed country in the 
.This sets the stage for understanding the next phase of the game 
~hich. is unfolding as these words are being written. It is the 
inclUSIon of China and the former Soviet bloc into the Grand 
Design for global government. As with all the other countries in the 
World, the primary mechanism being used to accomplish this 
goal-at least in the field of economics-is the IMP/World Bank? 
The process is: (1) the transfer of money from the industrialized 
r--~U~A-------------i Ot~other Plan. to Mop .Up.the Mess," Insight, April 10, 1989, p. 31. 
nut. er mechamsms whIch Involve culture, education, political sovereignty, and 
Itary power are embodied in agencies of the United Nations. 
nations-which drags them down economically to a suitable 
common denominator-and (2) the acquisition of effective control 
over the political leaders of the recipient countries as they become 
dependent upon the money stream .. The thing that is. new and 
which sets this stage apart from preVIOUS developments IS that the 
apparent crumbling of Communism has created an . ac~eptable 
rationale for the industrialized nations to now allow theIr hfeblood 
to flow into the veins of their former enemies. It also creates the 
appearance of global, political "convergence," a condition which 
CFR theoretician, Richard Cooper, said was necessary before 
Americans would accept having their own destinies determined by 
governments other than their own. 
Red China joined the IMF/World Bank in 1980 and immedi-
ately began to receive billions of dollars in lo~ns, although it was 
well known that she was devoting a huge portion of her resources 
to military development. By 1987, China was the IMF's second 
largest borrower, next to India, and the transfusions have grown at 
a steady pace ever since. . 
The Bank has asserted that loans will encourage econOmIC 
reforms in favor of the private sector. Yet, none of the money has 
gone to the private sector. All of it is funneled into the government 
bureaucracy which, in tum, wages war against the free market. In 
1989, after small businesses and farms in the private sector had 
begun to flourish and surpass the performance of similar gov~n­
ment enterprises, Red China's leaders clamped down on them ":"I~h 
harsh controls and increased taxes. Vice Premier Yao Yllm 
announced that there was too much needless construction, too 
many private loans, and too much spending on "luxuries" such as 
cars and banquets. To stop these excesses, he said, it would be 
necessary to increase government controls over wages, prices, and 
business activities. 
Then there is the question of why China needs the money in. the 
first place. Is it to develop her industry or natural resources: ~s It ~ 
fight poverty and improve the living standard of her CItizenS. 
James Bovard answers: 
The Bank's defense of its China Policy is especially puzzling 
because China itself is going on a foreign investment binge. The World 
Bank gives China money at zero interest, and then China buyS 
property in Hong Kong, the United States, Australia, and elsewhere. 
An economist with Citibank estimated that China's" direct investment 
in property, manufacturing and services [in Hong Kong alone] topped 
$6 billion." In 1984, China had a net outflow of capital of $1 billion. 
Moreover, China has its own foreign aid program, which has given 
more than $6 billion in recent decades, largely to leftist governments.1 
It is the author's contention that the much heralded demise of 
Communism in the Soviet bloc is a mixture of fact and fantasy. It is 
fact at the bottom level of Communist society where the people, in 
truth, rejected it long ago. The only reason they appeared to 
embrace it for so many years was that they had no choice. As long 
as the Soviets held control of the weapons and the means of 
communication, the people had to accept their fate. 
But at the tip of the pyramid of state power, it is a different 
story. The top Communist leaders have never been as hostile to 
their counterparts in the West as the rhetoric suggests. They are 
quite friendly to the world's leading financiers and have worked 
closely with them when it suits their purposes. As we shall see in 
the following section, the Bolshevik revolution actually was 
financed by wealthy financiers in London and New York. Lenin 
and Trotsky were on the closest of terms with