Econintersect: A feature program from RT, “The Truth Seeker“, has an 11-minute program on activities of the IMF (International Monetary Fund) and the World Bank. The program theme for the episode covered in this report is that the two organizations really serve elite banking interests exclusively rather than the broader good. Among the guests on the program are John Jenkins (“Confessions of an Economic Hitman“), Nebojsa Malic (Columnist, Anti-War.com), Lloyd Blankfein (Goldman Sachs CEO) and four Global Economic Intersection contributors Bill Black, Ellen Brown, Mark Weisbrot and Yves Smith.
The graphic above was used in a discussion that maintained globalization has failed to create any additional wealth, but only to redistribute wealth.
Some of the contentious statements in the broadcast:
- “Globalization is a scam.”
- “Globalization is a wealth transfer from lower level factory workers to middle management and senior workers.”
- “Wall Street is engaged in piracy.”
- “Globalization is classic class warfare.”
- “North America is no longer the land of opportunity.”
- “The media in the U.S. is badly infected by bad economics.”
- “This will all end in catastrophic economic failure and defeat of democracy.”
- “International financial orgaizations like the IMF and the World Bank are not interested in the countries being ‘helped’, only interested in extracting as much wealth as possible.”
Even the U.S. Federal Reserve is attacked as a tool of the elite banks and under the control and ownership of Wall Street, as illustrated in the following graphic from the video.
Further discussion contained guests commenting on free trade. From Econned by Yves Smith:
One of the most widely cited factoids in defense of free trade is rubbish. Financial globalization has not generated increased investment or higher growth. The countries that have grown most rapidly rely least on capital inflows.
Yes, all of the above and much more was covered in this episode. Watch the 11 minute RT “The Truth Seeker” video at You Tube: