Monetary and fiscal austerity are designed to implement privatization and so-called “liberalization,” a nice word for removing restrictions on the inflow and outflow of international capital as well as restrictions on what transnational corporations and banks are allowed to buy, own, and operate in foreign countries. Banksters accomplish this by stacking up debt and then demanding “structural readjustment” that results in fire sales and the selling off of national treasures and assets to the bankster vulture class. In June, the Greek government put some of its 6,000 islands on the market.
“Debt is an efficient tool. It ensures access to other peoples’ raw materials and infrastructure on the cheapest possible terms,” writes Susan George in A Fate Worse Than Debt.
“The huge multinational banks and corporations in particular love the IMF,” writes Ron Paul. “Big corporations obtain lucrative contracts for a wide variety of construction projects funded with IMF loans. It’s a familiar game in Washington, where corporate welfare is disguised as compassion for the poor.” Most “recipient nations face huge debts they cannot service, which only adds to their poverty and instability,” Paul adds.
Now the IMF has set its sights on the Big Kahuna, the United States, and its analysts have “estimated a series of probabilities regarding the amount of increased debt a country might be able to sustain without hitting its projected point of no return,” the Washington Post reported in September. “In the case of the U.S., the fund said the odds were roughly three out of four that the country could increase its total debt to some degree without being penalized by investors.”
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