Who ever came up with the “World Bank” concept… was a fucking genious.
We do not know if the founding fathers of the “(US) World Bank” and the “(Washington)IMF” were, but those institutions failed in doing good.
“Neither Keynes nor White lived to see their visions of the IMF and the World Bank become reality. Both men died of heart attacks, Keynes in April 1946, shortly after returning from the first meeting of IMF and World Bank Boards of Governors in Savannah, Georgia, and Harry Dexter White in August 1948.
September 1, 1939 – World War II begins
Consideration of the post-war world financial system began in both the United Kingdom and the United States soon after the outbreak of war.
This was in stark contrast to the situation after World War I, when little thought had been given to ensuring international currency stability.
Post-war reconstruction and worldwide economic development were also anticipated.
Pre-eminent in the discussions were John Maynard Keynes for the United Kingdom and Harry Dexter White for the United States.
1942 – Keynes proposes an International Clearing Union
April 1942 – White proposes the United Nations Stabilization Fund and a Bank for Reconstruction and Development
January 1943 – Draft Bank Plan issued by United States Treasury
April 1944 – Joint Statement finalized
June 6, 1944 – Allied Invasion of Europe begins”
|Article I – Purposes of the International Monetary Fund
The purposes of the International Monetary Fund are:
|Article I – Purposes of the International Bank for Reconstruction and Development
The purposes of the Bank are:
- Over the last decade, projects funded by the World Bank have physically or economically displaced an estimated 3.4 million people, forcing them from their homes, taking their land or damaging their livelihoods.
- The World Bank has regularly failed to live up to its own policies for protecting people harmed by projects it finances.
- The World Bank and its private-sector lending arm, the International Finance Corporation, have financed governments and companies accused of human rights violations such as rape, murder and torture. In some cases the lenders have continued to bankroll these borrowers after evidence of abuses emerged.
- Ethiopian authorities diverted millions of dollars from a World Bank-supported project to fund a violent campaign of mass evictions, according to former officials who carried out the forced resettlement program.
- From 2009 to 2013, World Bank Group lenders pumped $50 billion into projects graded the highest risk for “irreversible or unprecedented” social or environmental impacts — more than twice as much as the previous five-year span.