Wednesday, February 1, 2012

"What I called 'The Great Global Asset Swindle', when writing about it in Z Magazine in the aftermath of the Asian financial crisis, works like this: international investors lose confidence in a third world economy -- dumping its currency, bonds and stocks. At the insistence of the IMF, the central bank in the third world country tightens the money supply to boost interest rates to prevent further capital outflows in an unsuccessful attempt to protect the currency. Even healthy domestic companies can no longer afford or maintain loans so they join the ranks of bankrupted domestic businesses available for purchase. As a precondition for receiving the IMF bailout the government abolishes any remaining restrictions on foreign ownership of corporations, banks and land. With a depreciated local currency, and a long list of bankrupt local businesses, the economy is ready for the acquisition experts from Western multinational corporations and banks who come to the fire sale with a thick wad of almighty dollars in their pockets."

That's paragon con co conspirator harness ham

But it gets across a big point