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Econo.War!


Economic Welfare
?
Economic Warfare




Humanity is undergoing in the post-Cold War era an economic crisis of unprecedented scale leading to the rapid impoverishment of large sectors of the World population. The plunge of national currencies in virtually all major regions of the World has contributed to destabilising national economies while precipitating entire countries into abysmal poverty.




Essays by Economist, Professor Michel Chossudovsky

The Global Financial Crisis

Black Monday October 19, 1987 will be remembered as the largest one day drop in the history of the New York Stock Exchange overshooting the collapse of October 28, 1929, which prompted the Wall Street crash and the beginning of the Great Depression. In the 1987 meltdown, 22.6 percent of the value of US stocks was wiped out largely during the first hour of trading on Monday morning... The plunge on Wall Street sent a cold shiver through the entire financial system leading to the tumble of the European and Asian stock markets...



The Asian Currency Crisis

On August 21st barely one week after the dramatic mid-August plunge of the New York Stock Exchange, a consortium of international banks and governments gave their approval (under the stewardship of the IMF) to a 17.2 billion dollars rescue operation to prop up the Thai baht. This was the largest bail-out since the Mexican crisis of 1994-95. On the 31st of October, barely four days after "Black Monday" October 27th, a similar 23 billion dollars emergency loan was announced for Indonesia.



Destroying National Currencies

Since the onslaught of the debt crisis in the early 1980s, the IMF has played a central role in exchange rate policy often requiring indebted Third World countries to devalue their currency by 50 percent as a "pre-condition" for the subsequent negotiation of a loan agreement. IMF sponsored currency devaluations have invariably resulted in abrupt price hikes and a dramatic compression of real earnings.



The IMF Korea Bailout

In late November 1997 following the dramatic plunge of the Korean won on the foreign exchange market, an IMF team of economists led by Mr. Hubert Neiss was rushed to Seoul. Its mandate: negotiate the terms of a "Mexican-style bail-out" with a view to "restoring economic health and stability".



Financial Warfare

Humanity is undergoing in the post-Cold War era an economic crisis of unprecedented scale leading to the rapid impoverishment of large sectors of the World population. The plunge of national currencies in virtually all major regions of the World has contributed to destabilising national economies while precipitating entire countries into abysmal poverty.



The Legal Challenge Against
the Multilateral Agreement on Investment (MAI)

An important citizens' initiative is underway in Canada which challenges the legitimacy of the Canadian government to negotiate the Multilateral Agreement on Investment (MAI). The initiative questions the authority of the federal government to negotiate an international treaty which derogates fundamental rights as contained in Canada's Constitution.



Seattle and Beyond: Disarming the New World Order

In preparing the Seattle Millennium meetings, Washington in consultation with Brussels and the WTO in Geneva, is set on weakening and dividing social movements and citizens' groups which have converged on Seattle from all over the World. Meanwhile, local organisers are busy --together with the FBI and the Seattle Police Department (SPD)-- in carefully planning "security arrangements" for the official venue. An extensive police apparatus has been set motion. Special Forces from the FBI, the CIA and other federal agencies will be on the scene. "Trouble-makers" are to be held at bay, well equipped riot police are on hand including Gang Squads and SWAT teams of the Tactical Operations Divisions which constitute the "more militarized components" of the police force.1 Everything has been put in place to keep the Citizens' Summit physically removed from the Ministerial Conference. As in previous counter-summits (Rio de Janeiro, Madrid, Copenhagen, Beijing, etc.), the intent is to ensure that the numerous protest meetings, teach-ins and mass rallies do not obstruct or in any way threaten the legitimacy of the official venue. In Seattle, the holding of parallel sessions by NGOs requires formal "accreditation" with the Seattle Host Committee chaired by Microsoft's Bill Gates and Philip Condit of The Boeing Company.






  

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