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07.19 Trump administration won't ban pesticide tied to childhood brain damage [There is no truth to the persistent rumor that chlorpyrifos pesticide was heavily used at Trump's childhood home in Queens]

07.19 'Unprecedented' Decline of Plants and Animals as Global 'Red List' Reveals Nearly One-Third of Assessed Species Under Threat

07.17 ‘Off-the-charts’ heat to affect millions in U.S. in coming decades

07.17 Planned Parenthood president Leana Wen forced out by board [Given that states have lost abortion rights on political grounds recently, Wen's philosophical approach to protect abortion rights based on ‘health care’ was smarter – therefore it was that smarter strategy that was killed at the secret meeting.]

07.17 Billions of air pollution particles found in hearts of city dwellers

07.17 What is happening in America's Cancertown is tragic, immoral and evil [Niggardly white government policies could change to produce better students, better jobs and net revenue instead of costs. But it seems they enjoy more cruelty—like Trump.]

07.16 US aid cuts to UN agency will hurt vulnerable women and children, critics say

07.16 Trump abortion restrictions in effect for taxpayer-funded clinics

07.15 The response to DRC’s Ebola crisis isn’t working. Here’s what we need to do

07.15 Extinction Rebellion protests block traffic in five UK cities [Non-corporate human animals make their annoying bleating sounds...]

07.14 A Glacier the Size of Florida Is Becoming Unstable. It Has Dire Implications for Global Sea Levels [The willfully ignorant needn't read more, Trump]

07.13 'Climate Despair' Is Making People Give Up on Life [Willfully ignorant governments—having fired many of their best scientists—have made themselves too stupid to despair]

07.13 Trump administration to approve pesticide that may harm bees [The worst government money can buy!]

07.12 These solar panels don’t just generate power—they produce drinking water

07.12 David Attenborough: polluting planet may become as reviled as slavery [1:34 video]

07.10 Plastic Has A Big Carbon Footprint — But That Isn't The Whole Story [Fixing our world begins by educating your consciousness with the best truth from trustworthy news sources—so you'll then insist truly bad things will get fixed. But if instead you are educated by untrustworthy news sources—then your consciousness could be warped to where you are hating and fighting with your best friends. Clue: untrustworthy news sources never seriously report news about the world's most critical emergency—Global warming.]

07.10 Molly Scott Cato: ‘It’s the wealthy who are causing climate change’

07.09 Judge reinstates Madrid's low emissions zone [Yeh!]

07.07 How Solar Panels Work (And Why They're Taking Over the World) [Hope they leave space between panels for wild flowers to grow so birds and butterflies can flourish!]

07.05 Tree planting 'has mind-blowing potential' to tackle climate crisis

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07.19 Fox News’s star names excuse the inexcusable after Trump's latest racist attack

07.18 In Sinclair's New 'Must-Run' Segment, Former Trump Adviser Tries to Defend Racist Attacks on 'the Squad'

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07.19 Are progressives working on a climate plan for 2021? You bet.

07.19 The 51 most outrageous lines from Donald Trump's repugnant North Carolina rally

07.19 The Real Meaning of ‘Send Her Back!’

07.18 Alexandria Ocasio-Cortez on Breaking up Homeland Security

07.18 Deadly Delays in Jail Construction Cost Lives and Dollars Across California

07.18 Inside Trump's DC hotel, where allies and lobbyists flock to peddle their interests [Also, too much ignored by media, the $millions "donated" corrupting moderate Democrats and Republicans every election cycle must stop]

07.18 This Republican's Case for Medicare for All [A well-informed Republican is rare, so let's hold him in the light so others may learn]

07.18 Trump rally crowd chants 'send her back' after president attacks Ilhan Omar [1:03 video shows Trump pandering to his ignorant idolaters, and together they're making America a greater shit-hole country]

07.18 "Can't Change a Corrupt System by Taking Its Money": Sanders Urges All 2020 Democrats to Reject Insurance, Big Pharma Cash [49:02 video w/ lousy sound]

07.17 Why Democrats’ oversight machine is moving so slowly against Trump

07.17 Here's the real reason Trump is attacking 'the squad': he's scared of their politics

07.17 'Good,' Says Elizabeth Warren, After Billionaire Right-Winger Peter Thiel Says She's 2020 Democrat He Is 'Most Scared By'

07.17 The American Right Defines Patriotism As Complacency About Racism

07.17 This is what today's America looks like. The squad is us

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07.19 UN urged to act over 'purge' of Turkey's lawyers by Erdogan

07.19 DOJ Releases Strong Evidence of Trump’s Campaign Finance Violations But No Explanation of No Charges [The statement]

07.16 Contempt [Variations of frequent loss & theft of property title by organized legal efforts against black owners]

07.15 Australia 'deeply concerned' about China's treatment of Uighur people [What are the reasons, exactly, that justify harsh imprisonment of a million people?]

07.15 Zuma tells South Africa corruption inquiry he is victim of foreign plot [Unaccountable corrupt governments are so in fashion these days...]

High Crimes vs. Human Rights

07.19 Conscientious objectors of first world war – their untold tales [The record proves they were morally right by avoiding violent early deaths of their cousins and themselves]

Economics & Corrupt Capitalism

07.18 Corporate tax cuts blocked at least 15,000 affordable homes in California. Here’s how

07.15 China’s Economic Growth Hits 27-Year Low as Trade War Stings

International & Futurism

07.19 U.N.'s Bachelet says Congresswomen opposing Trump are 'fantastic'

07.19 Iran makes 'substantial' nuclear offer in return for US lifting sanctions [Was barbaric Saudi Arabia—whose citizens were more involved in the 9-11 attacks—the wrong ally all along?]

07.19 “The Task Ahead Is Enormous, and There Is Not Much Time” [Read this and learn. Or read Donald J. Trump (@realDonaldTrump) | Twitter and/or President Trump (@POTUS) | Twitter. Are you serious? Or are you in hideously criminal denial?]

07.18 Foreign purchases of American homes plunge 36% as Chinese buyers flee the market

07.18 There are 16 million slaves around the world making our stuff

07.18 ‘No rioters, only a tyrannical regime’: Thousands of Hong Kong seniors march in support of young extradition law protesters [Most people around the world have more in common with these Hong Kong Chinese protestors than with the ignorant people at Trump rallies]

07.18 Dozens Arrested as Over 1,000 Jewish Activists and Allies Shut Down Entrances to ICE Headquarters Demanding Closure of Trump Detention Camps [Obviously these are not the immoral and less educated right-wing jews who support Netanyahu, Trump and ICE, and who slowly exterminate Palestinians when no one is looking]

07.17 Trump Murdered the Iran Deal—And Europe Isn’t Too Happy About It [Only psychopathic Saudi Arabia and Russia are U.S. ’allies’ now...]

07.17 Trump’s Unlawful Asylum Policy Is a Jab at Mexico

07.16 Trump’s race fantasy is clear: the US as home for whites fleeing Europe [1:09 video]

07.15 India’s Terrifying Water Crisis

07.15 Australia now has the highest minimum wage in the world [From 1960 to 2018 – the U.S. has fallen from 1st place to below the tenth place and off the chart]

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  The World Bank Needs Critical Reforms Before It's Allowed to Saddle the Developing World with more Debt
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OBSERVATIONS:

The World Bank Needs Critical Reforms Before It's Allowed to Saddle the Developing World with more Debt

by Brady Yauch

Since the early 90s the amount of loans from the World Bank to the developing world—particularly Africa—have either declined or stagnated.

The World Bank—down on its luck after years of neglect and criticism—is using the tag-team duo of the Great Recession and Global Warming to once again make its presence felt on the international development scene. The ramifications of such a revival should not be ignored, as billions of citizens in the developing world may once again find themselves straddled with crippling levels of debt—debt that their irresponsible leaders have taken upon themselves to graciously accept.

After decades of fierce criticism from opponents, the Bank was forced to watch as its reach and prestige in the developing world began to fade in the 90s and into this decade. In its place came private investment and new money from emerging powers in the Middle East and China. In fact, many believed the World Bank's decision two years ago to team up with China on infrastructure projects in Africa was merely a way to avoid competing with the Asian powerhouse for influence on the continent. A competition that most believe the Bank—with its abysmal track record—would lose.

With the World Bank's status in the developing world beginning to slip, so too did its ability to shovel money out of the door. Since the early 90s the amount of loans from the Bank to the developing world—particularly Africa—have either declined or stagnated, while at the same time many of the economies in the developing world have been able to post blistering economic gains.

In fact, some of the most destitute areas in the world, such as Sub-Sahara Africa, have posted stronger GDP growth over the past decade than the G7. And yet they were able to do so relying less on the help of the Bank, and instead, raising more revenue from taxation and other internal measures, as well as assistance from other aid agencies.

Take the African continent as an example.

Many economies on the continent have been posting GDP growth of 6% or 7% annually. And stock-market returns over the past three years have been, in some cases, astounding: 47% in Zambia, 67% in Mauritius and 155% in Malawi. Are donor countries aware that these countries were able to post such stunning economic growth figures, even as the amount of cash from multilateral institutions like the World Bank continued to fall?

Almost a decade of shrinking debt accumulation and strong economic growth by countries in Africa, particularly in Sub-Sahara Africa, may soon be for nothing if the countries are again saddled with an insurmountable level of debt. But this is exactly what is happening, as World Bank president Robert Zoellick embarks on fund-raising tours across the developed world. At meetings in Turkey he claimed that if donor countries don't increase their funding levels, the Bank may soon run out of money.

The catastrophes being used by Zoellick and company to excuse the Bank's new-found rigor are climate change and "the Great Recession." Gone are the days, it seems, when emerging economies would look to the private sector for money in order to finance development projects. With the billions of dollars of easy money being pumped out of the World Bank, why would they?

And the sum of money is staggering—even though it doesn't compare with the stimulus packages announced by governments in the developed world over the past year. For the 2009 fiscal year that ended in June, the World Bank said it doled out a record $13 billion through its International Development Association (IDA)—about $2 billion more than last year. Through its International Bank for Reconstruction and Development (IBRD), the bank expects to loan about $33 billion—almost triple last year's total.

This money is “good money” if you buy the Bank's PR campaign that the developing world will get the short end of the environmental and economic stick. But there is every reason to believe that both of these crises are being used to create an atmosphere of chaos, in which the Bank can step in and act as the knight in shining armor.

In its recent report, the Bank admitted that disasters can provide what it calls “focusing events” that can be used to implement rapid policy change. It cited examples such as the 2003 heat wave in Europe, Hurricane Katrina and this year's wildfires in Australia as the types of occurrences that can be used to increase climate change awareness. The kicker: in the developing world these events can be used to implement policy changes that would be unpopular in “normal times.”

And if these climate change policies are implemented, the Bank is going to need more money—astronomically more money. In the report, it said climate change mitigation measures for developing countries would cost $400 billion a year over the next 20 years. Current development assistance amounts to a (measly) $100 billion a year.

Pumping an additional $300 billion a year into the developing world will only lead to an insurmountable level of debt for its residents. It's only a matter of time until developing countries begin defaulting on these loans. Expect to hear cries of yet another debt crisis.

In the wake of the financial crisis, the language from the Bank was no different. Because of the crisis, the Bank claims, an additional 90 million residents in the developing world will be pushed into poverty. In order to deal with this problem, the Bank set up a crisis lending facility, which poured money into the coffers of governments across the developing world, yet did so without the strings-attached policy that has been forced on it after years of corruption and allegations of waste.

The World Bank helped create a massive debt crisis in the 1980s and 1990s. If it's left to its own devices, it will, yet again, pile a crippling level of debt on the developing world.

The World Bank helped create a massive debt crisis in the 1980s and 1990s. If it's left to its own devices, it will, yet again, pile a crippling level of debt on the developing world. The Bank is back on the radar—there's no doubt about that. Only this time it's using the twin crises of climate change and the Great Recession to bait governments to join its feeding frenzy.

But hopefully things won't be so easy this time around for the Bank. U.S. Treasury Secretary Tim Geithner recently said that the World Bank would have to pursue some “critical reforms," including greater public disclosure of its activities, before the United States would consider handing over the cash. That, at least, would be a start.


Brady Yauch is a research consultant for Probe International, an international aid watchdog. He holds a master's degree in cultural politics from the University of Edinburgh and has worked as a business reporter as well as a freelance writer. His work has been published in the Washington Post and China Daily, among others. Visit his blog.



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This story was published on October 15, 2009.
 

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