Michel Chossudovsky
Michel Chossudovsky is a Canadian economist.
Modern capitalism appears totally incapable of mobilizing these untapped human and resources.
The budget targets imposed by the Bretton Woods institutions, combined with the effects of the devaluation, trigger the collapse of public investment.
For the West, the enemy was not "socialism" but capitalism. How to tame and subdue the polar bear, how to take over the talent, the science, the technology, how to buy out the human capital, how to acquire the intellectual property rights?
America had come to the rescue of Korea's "troubled banks". The auction of commercial bank assets was an obvious fraud.
Humanity is undergoing, in the post-Cold War era, an economic and social crisis of unprecedented scale leading to the rapid impoverishment of large sectors of the world population.
Relentlessly feeding on poverty and economic dislocation, a New World Order was taking shape.
The WTO was put in place following the signing of a "technical agreement" negotiated behind closed doors by bureaucrats. Even the heads of country-level delegations to Marrakech in 1994 were not informed regarding the statutes of the WTO, which were drafted in separate clossed sessions by technocrats.
Global poverty is an "input" on the supply side; the global economic system feeds on cheap labor.
The collapse of the standard of living, engineered as result of macro-economic policy, is without precedent in Russian history: " We had more to eat during the Second World War."
The experience of Somalia shows that famine in the late 20th century is not a consequence of a shortage of food. On the contrary, famines are spurred on as result of a global oversupply of grain staples.
A new global financial environment has unfolded in several stages since the collapse of the Bretton Woods system of fixed exchange rates in 1971.
Legal and illegal activities had become inextricably intertwined.
In return, US surpluses of genetically engineered maize (banned in the European Union) were being dumped on the horn of Africa, in the form of emergency aid.
Lost in the barrage of images and self-serving analysis are the economic and social causes of the conflict.
The civil war in Rwanda and other ethnic massacres were an integral part of US foreign policy, carefully staged in accordance with precise strategic and economic objectives.
In a cruel irony, speculators - rather then elected politicians - are the shots on crisis management. In an absurd logic, those who foster financial turbulence have been invited by the G7 Finance ministers to identify policies which attenuate financial turbulence.
Macro-economic reform undermined the legal economy, reinforced illicit trade and contributed to the recycling of "dirty money" towards Peru's official and commercial creditors.
While Financier George Soros was investing money in Kosovo's reconstruction, the George Soros Foundation for an Open Society had opened a branch office in Pristina establishing the Kosovo Foundation for an Open Society (KFOS) as part of the Soros' network of "non-profit foundations" in the Balkans.
Moreover, the entire international trading system is prone (from the lower echelons to top state officials) to corruption and bribery by foreign contractors.
Both Hindu, as well as Islamic fundamentalism, feed on the poverty of the masses.