Akufo-Addo's position on IMF bailout

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IMORO 11 years ago

the wisemas has spoken let the popo head corrupt NDC Government come and say what?

the wisemas has spoken let the popo head corrupt NDC Government come and say what?
Kojo T 11 years ago

. Protect and create jobs, because we need to tackle the widespread unemployment, affecting primarily the youth that is bedevilling this nation.

2. Reduce the high cost of living that is affecting everybody.

3. Reduce t ...
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. Protect and create jobs, because we need to tackle the widespread unemployment, affecting primarily the youth that is bedevilling this nation.

2. Reduce the high cost of living that is affecting everybody.

3. Reduce the cost of doing business. At the moment, businesses are collapsing and the private sector is suffering. A booming private sector will mean a booming economy, which will, in its wake, create opportunities and employment for many in this country.

4. In the medium to long term, our main objective is the structural transformation of our economy. This IMF bailout should point in that direction, i.e. the modernisation of agriculture and the industrialisation of the country. HOW ? Bozo Yap , yap just like NPP . noise makers party
Pelicles 11 years ago

Whatever Nana said makes no sense because he is just an "ordinary Ghanaian" but what about the one in the driver's seat? He is clueless hence, the IMF bail out. Corruption and mismanagement had wreck havoc on our fragile eco ...
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Whatever Nana said makes no sense because he is just an "ordinary Ghanaian" but what about the one in the driver's seat? He is clueless hence, the IMF bail out. Corruption and mismanagement had wreck havoc on our fragile economy. Does it make sense to go IMF bail out that is going to add more suffering to what we already have?

Come on! I hope you remember what Ghanaians went through when JJ sought IMF bail out. As I said before whatever Nana said makes no sense and what is Mahama doing?
PRINCE KWASI ADADE (OFIE) 11 years ago

IMF WILL DICTATE HOW WE RUN THE ECONOMY. THERE COULD BE MASSIVE REDUNDANCIES AND FREEZE ON EMPLOYMENT. GHANAIANS MIGHT SUFFER AS A RESULT OF STRUCTURAL ADJUSTMENT. MAHAMA AND HIS INCOMPETENT NDC WILL FACE MASSIVE REVOLT AND W ...
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IMF WILL DICTATE HOW WE RUN THE ECONOMY. THERE COULD BE MASSIVE REDUNDANCIES AND FREEZE ON EMPLOYMENT. GHANAIANS MIGHT SUFFER AS A RESULT OF STRUCTURAL ADJUSTMENT. MAHAMA AND HIS INCOMPETENT NDC WILL FACE MASSIVE REVOLT AND WILL EVENTUALLY LOSE POWER.GOVERNMENTS GO TO IMF AS A LAST RESORT, THAT IS WHY DR. BAWUMIA INSISTED ON FISCAL DISCIPLINE ON THE PART OF MAHAMA & HIS CORRUPT NDC GOVERNMENT, TO AVOID THIS, BUT NDC CHOSE TO INSULT HIM. NOW MAHAMA'S HAND IS GOING TO BE PUT IN IMF MOUTH.
They Say They Say 11 years ago

Every country at one point or the other goes for some kind of bailout. Money business is always an unstable business so let's not make a big deal out of this. Some countries don't even qualify for IMF bailout. I just hate hyp ...
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Every country at one point or the other goes for some kind of bailout. Money business is always an unstable business so let's not make a big deal out of this. Some countries don't even qualify for IMF bailout. I just hate hypocrisy. Ghana has been through this before it came out strong. When a country spends 70% of its revenue on paying salaries for 10% of its people, something is definitely wrong. Maybe this IMF will be a useful tool to clean up this prevailing system which is unsustainable.
Omanhene 11 years ago

KOJO T IS A FOOOOOL

KOJO T IS A FOOOOOL
PEE 11 years ago

IMF BAIL OUT PUT GHANA INTO SLAVERY. GHANA IS GOING TO BE A SLAVE TO IMF. THIS IS NDC BETTER GHANA AGENDA..... OH MOTHER GHANA. Huuuuummmmmm.

IMF BAIL OUT PUT GHANA INTO SLAVERY. GHANA IS GOING TO BE A SLAVE TO IMF. THIS IS NDC BETTER GHANA AGENDA..... OH MOTHER GHANA. Huuuuummmmmm.
Sam Ad 11 years ago

nana should shut up and go and produce the evidence that he went to law school and stop pretending everything is cool.

nana should shut up and go and produce the evidence that he went to law school and stop pretending everything is cool.
Jona Akiti 11 years ago

Ghana did not need HIPICC at all.... The country was peaceful, safe, stable and the whole world was ready to help. HIPIC was design to enrich the few in NPP and it did just that! so NPP criminals give us a break! Now you need ...
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Ghana did not need HIPICC at all.... The country was peaceful, safe, stable and the whole world was ready to help. HIPIC was design to enrich the few in NPP and it did just that! so NPP criminals give us a break! Now you need Ghanaians to give your criminal in chief a pass to be a president? no way!! All presidents will need clearance! and we will make sure it happens.
ns3mfoo 11 years ago

Ur mad so called Ewe judge, that stupid fool dragged Nana to court and failed lost totally. think twice, nana is the only solution to ur clueless Mahama government

Ur mad so called Ewe judge, that stupid fool dragged Nana to court and failed lost totally. think twice, nana is the only solution to ur clueless Mahama government

They Say They Say 11 years ago

You are not making any sense at all. I hope you understand what slavery is.

You are not making any sense at all. I hope you understand what slavery is.
MENSAH. 11 years ago

The borrower is a slave to the lender.

IMF WILL DICTATE THE PACE OF OUR DEVELOPMENT AND HOW THE TOTAL COUNTRY IS RUN.
It is the last resort we can bank on,anyway,but the impact on our growth is very staggering.
Some sugg ...
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The borrower is a slave to the lender.

IMF WILL DICTATE THE PACE OF OUR DEVELOPMENT AND HOW THE TOTAL COUNTRY IS RUN.
It is the last resort we can bank on,anyway,but the impact on our growth is very staggering.
Some suggest,we have to seek their technical expertise but not the funds.
But MAHAMA and CO,need the funds badly,and will therefore go for it rather than the technical expertise.
THEY HAVE TO THINK TWICE BEFORE PLUNGING THE COUNTRY IN A MESS.
SGT ANANI FIADZOE 11 years ago

Nana was sacked from Oxford for wee smoking and poor performance (I'm sure you will like to know that Nana was only two years behind Mugabe). Then his father got him a place in Legon but he came out with a third class degree ...
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Nana was sacked from Oxford for wee smoking and poor performance (I'm sure you will like to know that Nana was only two years behind Mugabe). Then his father got him a place in Legon but he came out with a third class degree in economics. Now this is the idiot pretending to be all-knowing!
KAFU KAFU 11 years ago

CAN ANY GHANAIAN TELL ME HOW MUCH OIL
THEY DRILL FROM TAKORADI EVERY DAY??????????? IF YOU CAN, CALL ME FOR A GIFT 0243 576772

CAN ANY GHANAIAN TELL ME HOW MUCH OIL
THEY DRILL FROM TAKORADI EVERY DAY??????????? IF YOU CAN, CALL ME FOR A GIFT 0243 576772
Omanhene 11 years ago

KOJO YOU ARE IDIOT.

KOJO YOU ARE IDIOT.
moyo 11 years ago

Nana Addo is far from diagnosing the economy because he hasn't told us what went wrong with the status quo and support his argument with figures. NPP hates facts and figures and they Shakespearean english is the answer.

Nana Addo is far from diagnosing the economy because he hasn't told us what went wrong with the status quo and support his argument with figures. NPP hates facts and figures and they Shakespearean english is the answer.
SGT ANANI FIADZOE 11 years ago

Because of the excessive wee intake Nana always sees delusions. The wee turns their head and he sees imaginary things, e.g. like believing that if the courts annulled 4.6m votes from his opponent's strongholds then he would b ...
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Because of the excessive wee intake Nana always sees delusions. The wee turns their head and he sees imaginary things, e.g. like believing that if the courts annulled 4.6m votes from his opponent's strongholds then he would be declared winner!

Can any normal person even dream that Kufuor weaned Ghana of the Bretton Woods institutions? Even American continues to borrow from the public and China! All states borrow and no state is an island (Courtesy: John Don , 1762).

But don't blame Nana because it is the wee talking to him!
paa 11 years ago

the only foolish man

the only foolish man
Mimi 11 years ago

Akuffo Addo must hide his dentured teeth & shut his mouth. Was he not part of Kuffour's government when the IMF cancelled a total of $4.5B owed by Ghana as debt?.Why didn't they reject the offer?.What kind of hypocrisy is tha ...
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Akuffo Addo must hide his dentured teeth & shut his mouth. Was he not part of Kuffour's government when the IMF cancelled a total of $4.5B owed by Ghana as debt?.Why didn't they reject the offer?.What kind of hypocrisy is that!.
Joe 11 years ago

Obviously you are another NDC worm... You guys are in power now and can't even identify your left hands from your right hands because you are too damn busy stealing and looking for ways to cover your tracks... Until NDC does ...
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Obviously you are another NDC worm... You guys are in power now and can't even identify your left hands from your right hands because you are too damn busy stealing and looking for ways to cover your tracks... Until NDC does something productive and bring Ghana back to the way it was till they took over; they have no room to talk. Shut the fuck up, go figure out how to fix our country and shut the mother fucking fuck up. Till you do what you were "voted" in power to do, all you can do is sit there and take every shit thrown in your direction you incompetent simpletons!

Sam Ad 11 years ago

There can never be any party in the history of Ghana that can steal like NPP! sold Ghana to hipic and squander the money! lands gone! oil money gone!

There can never be any party in the history of Ghana that can steal like NPP! sold Ghana to hipic and squander the money! lands gone! oil money gone!
kwabena kwabena 11 years ago

Am sad pple are blinded by politics..wats hypocrisy is in wat Akuffu Addo presented? The cancelled debt at the time was created by same NDC thieves

Am sad pple are blinded by politics..wats hypocrisy is in wat Akuffu Addo presented? The cancelled debt at the time was created by same NDC thieves
STONER KOBYLYNTON 11 years ago

Under which political party and whose government did the country got to owe that $4.5B which did not make any impact in the society? The $4.5B debt was cancelled by what IMF demanded the Kuffour Regime to do hence Mr. Kuffour ...
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Under which political party and whose government did the country got to owe that $4.5B which did not make any impact in the society? The $4.5B debt was cancelled by what IMF demanded the Kuffour Regime to do hence Mr. Kuffour complied and steered the country to achieve the status of emerging economy when the oil-find was in exploration.

Mr. Kuffour left a solid ground for progress unlike what he inherited from NDC regime under Chairman Rawlings. These made it possible for late Mills to tame the inflation but illness could not help him to put his feet down hence the rogues in NDC seized upon his semi-blindness and incapacitated to sign documents to wreck the nation. E&OE.
Mimi 11 years ago

You people are just stupid & backward. Go back to 2002 & see what IMF said about the the government. Apart from this debt cancellation, an annual amount of $250m was given to this same govt for 8 good years to create jobs & a ...
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You people are just stupid & backward. Go back to 2002 & see what IMF said about the the government. Apart from this debt cancellation, an annual amount of $250m was given to this same govt for 8 good years to create jobs & alleviate poverty, the reason for which Kuffour senselessly declared Ghana hpic.If he used the money for that purpose, why are we crying about unemployment & poverty now?. NPP, after milking the nation & pocketing these monies,they run upstream, stir the waters into mud,then run downstream & start asking" who did that". Useless nation wreckers & saboteurs. Look at Kessben & Amoateng. It tells you the kind of illicit trade in which the NPP is involved in.Yet you people have the guts to point fingers. How dare you.
Paa Mu Ka 11 years ago

Kwasia, we can all list Kufuor's social and economic programmes here. Please tell us what Mahama did with $4.5bn in 6 months between August and December 2012, and about $17bn since the Mills/Mahama administration.

Kwasia, we can all list Kufuor's social and economic programmes here. Please tell us what Mahama did with $4.5bn in 6 months between August and December 2012, and about $17bn since the Mills/Mahama administration.
Jona 11 years ago

Aboa bi ba like you! Match those kufuor's social shit with the money they received and see if it makes sense! Why calling people kwasia? Uncouth criminal who wants a questionable character like nana to be a president of a cou ...
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Aboa bi ba like you! Match those kufuor's social shit with the money they received and see if it makes sense! Why calling people kwasia? Uncouth criminal who wants a questionable character like nana to be a president of a country. Kwasia tolo like you. ibi you alone got mouth. you fools are quick to insult!
Jona 11 years ago

ABOA1 who built those nasty roads your god father left? the dusty spintex road?

ABOA1 who built those nasty roads your god father left? the dusty spintex road?
Kojo 11 years ago

.how did Kuffour wean Ghana off IMF?

What nonsense?

.how did Kuffour wean Ghana off IMF?

What nonsense?
Pelicles 11 years ago

I think you are well educated enough to know the difference between HIPC and an IMF bail out. Kufuor did not go for a bail out. Under Kufuor, our debts were cancelled because Ghana was grouped among the "Highly Indebted Poo ...
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I think you are well educated enough to know the difference between HIPC and an IMF bail out. Kufuor did not go for a bail out. Under Kufuor, our debts were cancelled because Ghana was grouped among the "Highly Indebted Poor Countries" HIPC and it is entirely different from IMF bail out which comes as a result of "mismanagement".

Under Kufuor, there was no oil. What about now? Can you tell me why we should go for a bail out at this time in our history? Also, let me ask you one simple question. Imagine being appointed as a CEO or Chief Accountant of a large corporation. What will be you first action on the job after familiarizing yourself with all the workers etc?

Look, Ghana will pay a dear price with this bail out because I remember very well the difficulties that Ghanaians went through when JJ went for a bail out. There was massive lay off of workers with severe austerity measure. Why? Because the IMF will dictate what you should do and what you want to do. We are going to tighten our belt to the last hole.
Sam Ad 11 years ago

If you are educated enough you would understand that the whole world was flourishing and in a good shape between 200-2008. The world collapsed from 2009 till date. Even Spain was bailed out! We were lucky to be under the NDC ...
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If you are educated enough you would understand that the whole world was flourishing and in a good shape between 200-2008. The world collapsed from 2009 till date. Even Spain was bailed out! We were lucky to be under the NDC, the NPp would have had another reason to send Ghana for another HIPIC sharing booty. What is the percentage of oil money Ghana is recieving? the 10% that EO/Kufuor negotiated for and pocketed the rest? Even the rich oil countries could not get on their feet in 200-2008! Where the hell is your oil money! Go to th Kuffuor and the EO for it OK?

They Say They Say 11 years ago

IMF bailout is just a loan that comes with carefully planned management guidelines to revive the economy. What's wrong with that? Isn't that what we need in Ghana? Isn't ghana spending almost all its revenue on paying salari ...
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IMF bailout is just a loan that comes with carefully planned management guidelines to revive the economy. What's wrong with that? Isn't that what we need in Ghana? Isn't ghana spending almost all its revenue on paying salaries? Is that what the country of your residence does?
The Trucker 11 years ago

Since when has crippling IMF debt done any country any good?

Yes they have been "assisting " (robbing ) us for decades.
IMF World Bank and now even NASA!. The Jokers!

(1)TOP TEN REASONS TO OPPOSE THE IMF

from Globa ...
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Since when has crippling IMF debt done any country any good?

Yes they have been "assisting " (robbing ) us for decades.
IMF World Bank and now even NASA!. The Jokers!

(1)TOP TEN REASONS TO OPPOSE THE IMF

from Global Exchange

WHAT IS THE IMF?

The International Monetary Fund and the World Bank were created in 1994, shortly before the end of World War II, at a conference in Bretton Woods, New Hampshire. Both institutions are now based in Washington, DC. The IMF was designed to promote international economic cooperation and provide its member countries with short term loans in order to trade with other countries (achieve balance of payments). During the 1980's, the IMF took on an expanded role of lending money to "bailout" countries during financial crisis. This gave the IMF leverage to begin designing economic policies for over 60 countries. Countries have to follow these policies to get the IMF's "seal of approval" to get loans, international assistance, and even debt relief. Thus, the IMF has enormous influence not only in structuring the global economy, but also on real-life issues such as poverty, environmental sustainability and development. The IMF is one of the most powerful institutions on Earth--yet few know what it is. 1) The IMF has created a system of modern day colonialism that SAPs the poor to fatten the rich

The IMF, along with the WTO and the World Bank, is directing the global economy on a path of greater inequality and environmental destruction. The IMF's and World Bank's "structural adjustment policies" (SAPs) ensure debt repayment by requiring countries to cut spending on education and health; eliminate basic foods and transportation subsidies; devalue national currencies to make exports cheaper; privatize national assets; and freeze wages. These policies increase poverty, reduce countries' ability to develop strong domestic economies and allow multinational corporations to exploit workers and pollute the environment.

2) The IMF caters to wealthy countries and Wall Street

Although industrialized countries have not borrowed from the IMF in twenty years, rich countries dominate decision making. Voting power is determined by the amount of money that each country pays. The U.S. is the largest shareholder with a quota of 18%. U.S., Germany, Japan, France and Great Britain together hold about 38% of the vote. Each of these countries appoints their own representative to the executive board, while other groups of countries elect a representative. The U.S. Executive Director is Karin Lissakers, and she works closely with Lawrence Summers and the U.S. Treasury Department to design policy for the IMF. The disproportional amount of power held by wealthy countries translates into decisions that benefit wealthy bankers, investors and corporations from industrialized countries at the expense of sustainable development. Is it a surprise that the IMF then uses its leverage over cash-strapped developing countries to force them to open up to powerful transnational corporations?

3) The IMF is imposing a fundamentally flawed development model

Unlike the path followed by most industrialized countries, the IMF forces countries from the Global South to prioritize export production over the development of a diversified domestic economy. Nearly 80% of all malnourished children in the developing world live in countries where farmers have been forced to shift from food production for local consumption to the production of crops for export to the industrialized countries. The IMF also requires countries to eliminate tariffs and provide incentives for multinational corporations - such as reduced labor and environmental protections. Small businesses and farmers can't compete with large multinational corporations, resulting in sweatshop conditions where workers are paid starvation wages, live in inhumane conditions, and are unable to provide for their families. The cycle of poverty is perpetuated, not eliminated.

4) The IMF is a secretive institution with no accountability

The IMF is funded with taxpayer money, yet it operates from behind a veil of secrecy. For the most part, members of affected communities do not participate in designing loan packages. The IMF works with a select group of central bankers and finance ministry staff to decide polices without input from other government agencies such as health, education and environment departments. Furthermore, the IMF has resisted attempts to open up to public scrutiny and independent evaluation. The IMF has made elites from the Global South more accountable to First World elites than their own people.

5) IMF policies promote corporate welfare

To increase exports, countries are encouraged to give tax breaks and subsidies to export industries. Assets such as forestland and government utilities (phone, water and electricity companies) are sold off to foreign investors at rock bottom prices. Some examples: In Guyana, an Asian owned timber company called Barama received a logging concession that was 1.5 times the total amount of land all the indigenous communities were granted. Barama also received a five-year tax holiday. The IMF forced Haiti to open its market to imported, highly subsidized U.S. rice at the same time it prohibited Haiti from subsidizing its own farmers. A US corporation called Early Rice now sells nearly 50% of the rice consumed in Haiti. Haitian farmers have been forced off their land to seek work in sweatshops, and people are poorer than ever.

6) The IMF hurts workers

Many SAPs require changes in labor laws, such as eliminating collective bargaining laws and lowering wages in order to provide conditions favorable to attracting foreign investors. The IMF's mantra of "labor flexibility" permits corporations to fire at whim and move where wages are cheapest. According to the 1995 UN Trade and Development Report, employers are using this extra "flexibility" in labor laws to shed workers, rather than create jobs. In Haiti, the government was told to eliminate a statute in their labor code that mandated increases in the minimum wage when inflation exceeded 10%. By the end of 1997, Haiti's minimum wage was only $2.40 a day, just one-fifth of the minimum wage in 1971 in real terms. Workers in the U.S. are also hurt by IMF policies by having to compete with cheap, exploited labor. Two years ago, the IMF's mismanagement of the Asian financial crisis plunged South Korea, Indonesia, Thailand and other countries into deep depression that led to the creation of 200 million "newly poor." The IMF advised countries to "export their way out of the crisis." Consequently, the dumping of Asian steel in U.S. markets resulted in the layoffs of over 12,000 steelworkers.

7) The IMF's policies hurt women the most

SAPs make it much more difficult for women to meet their families' basic needs. When education costs rise due to user fees, girls are the first to be withdrawn from schools. User fees in public health facilities make it unaffordable to those who need it most. The shift to export agriculture also makes feeding one's family increasingly difficult. Women have also become more exploited in the private sector workforce as regulations are rolled back and sweatshops abound. The general lack of economic opportunity has meant an increase in prostitution and other black market jobs and indentured servitude.

8) IMF Policies hurt the environment

IMF loans and bailout packages are paving the way for natural resource exploitation on a staggering scale. The IMF does not consider environmental impacts of lending policies; and environmental ministries and groups are not included in policy making. The focus on export growth to earn hard currency to pay back loans means unsustainable liquidation of natural resources. Government cutbacks inevitably target the environmental ministry as one of the first agencies to come under the budget axe. This happened with the bailouts of Brazil, Indonesia, and Russia--countries that are renowned for their great biodiversity.

9) The IMF bails out rich bankers, creating a moral hazard and greater instability in the global economy

The IMF pushes countries to dismantle trade and investment rules, as well as raise interest rates in order to lower inflation. The removal of regulations that might limit speculation has greatly increased capital investment in developing country financial markets. More than $1.5 trillion crosses borders every day. This capital is short-term, unstable, and puts countries at the whim of financial speculators. The Mexican 1995 peso crisis was partly a result of these IMF policies. When the bubble popped, the IMF and US government stepped in to prop up interest and exchange rates, using taxpayer money to bailout Wall Street bankers for their high-risk investment. This encourages investors to continue making risky, speculative bets, increasing the instability of national economies. Furthermore, during the bailout of Asian countries, the IMF restored rich people's profits while implementing policies that threw people out of work and increased poverty. Asian governments were required to assume the bad debts of private banks, thus making the public pay the costs and draining yet more resources away from social programs and real development.

10) IMF bailouts deepen, rather then solve, economic crisis

During financial crises, such as with Mexico in 1995 and South Korea, Indonesia, Thailand, Brazil, and Russia in 1997, the IMF stepped in as the lender of last resort to "bail out" countries with huge loan packages. Yet the IMF bailouts in the Asian financial crisis did not stop the financial panic--instead, the crisis deepened and spread to more countries. The policies imposed as conditions of these loans were bad medicine, causing layoffs in the short run and undermining development in the long run. In South Korea, the IMF sparked a recession by raising interest rates and lowering the currency, resulting in more bankruptcies, increased unemployment, and government spending cuts. Under the IMF-imposed economic reforms after the peso bailout in 1995, the number of Mexicans living in extreme poverty increased more than 50% and the national average minimum wage fell 20%.

(2) 2)FOR THOSE WHO HAVE THE TIME PLEASE READ BELOW

In his book Confessions of an Economic Hit Man JOHN PERKINS describes how as a highly paid professional, he helped the U.S. cheat poor countries around the globe out of trillions of dollars by lending them more money than they could possibly repay and then take over their economies. [includes rush transcript]

John Perkins describes himself as a former economic hit man–a highly paid professional who cheated countries around the globe out of trillions of dollars.

20 years ago Perkins began writing a book with the working title, "Conscience of an Economic Hit Men."

Perkins writes, "The book was to be dedicated to the presidents of two countries, men who had been his clients whom I respected and thought of as kindred spirits–Jaime Roldós, president of Ecuador, and Omar Torrijos, president of Panama. Both had just died in fiery crashes. Their deaths were not accidental. They were assassinated because they opposed that fraternity of corporate, government, and banking heads whose goal is global empire. We Economic Hit Men failed to bring Roldós and Torrijos around, and the other type of hit men, the CIA-sanctioned jackals who were always right behind us, stepped in.

John Perkins goes on to write: "I was persuaded to stop writing that book. I started it four more times during the next twenty years. On each occasion, my decision to begin again was influenced by current world events: the U.S. invasion of Panama in 1980, the first Gulf War, Somalia, and the rise of Osama bin Laden. However, threats or bribes always convinced me to stop."

But now Perkins has finally published his story. The book is titled Confessions of an Economic Hit Man. John Perkins joins us now in our Firehouse studios.

John Perkins, from 1971 to 1981 he worked for the international consulting firm of Chas T. Main where he was a self-described "economic hit man." He is the author of the new book Confessions of an Economic Hit Man.
TRANSCRIPT

This is a rush transcript. Copy may not be in its final form.

AMY GOODMAN: John Perkins joins us now in our firehouse studio. Welcome to Democracy Now!

JOHN PERKINS: Thank you, Amy. It’s great to be here.

AMY GOODMAN: It’s good to have you with us. Okay, explain this term, "economic hit man," e.h.m., as you call it.

JOHN PERKINS: Basically what we were trained to do and what our job is to do is to build up the American empire. To bring — to create situations where as many resources as possible flow into this country, to our corporations, and our government, and in fact we’ve been very successful. We’ve built the largest empire in the history of the world. It’s been done over the last 50 years since World War II with very little military might, actually. It’s only in rare instances like Iraq where the military comes in as a last resort. This empire, unlike any other in the history of the world, has been built primarily through economic manipulation, through cheating, through fraud, through seducing people into our way of life, through the economic hit men. I was very much a part of that.

AMY GOODMAN: How did you become one? Who did you work for?

JOHN PERKINS: Well, I was initially recruited while I was in business school back in the late sixties by the National Security Agency, the nation’s largest and least understood spy organization; but ultimately I worked for private corporations. The first real economic hit man was back in the early 1950’s, Kermit Roosevelt, the grandson of Teddy, who overthrew of government of Iran, a democratically elected government, Mossadegh’s government who was _Time_’s magazine person of the year; and he was so successful at doing this without any bloodshed — well, there was a little bloodshed, but no military intervention, just spending millions of dollars and replaced Mossadegh with the Shah of Iran. At that point, we understood that this idea of economic hit man was an extremely good one. We didn’t have to worry about the threat of war with Russia when we did it this way. The problem with that was that Roosevelt was a C.I.A. agent. He was a government employee. Had he been caught, we would have been in a lot of trouble. It would have been very embarrassing. So, at that point, the decision was made to use organizations like the C.I.A. and the N.S.A. to recruit potential economic hit men like me and then send us to work for private consulting companies, engineering firms, construction companies, so that if we were caught, there would be no connection with the government.

AMY GOODMAN: Okay. Explain the company you worked for.

JOHN PERKINS: Well, the company I worked for was a company named Chas. T. Main in Boston, Massachusetts. We were about 2,000 employees, and I became its chief economist. I ended up having fifty people working for me. But my real job was deal-making. It was giving loans to other countries, huge loans, much bigger than they could possibly repay. One of the conditions of the loan — let’s say a $1 billion to a country like Indonesia or Ecuador — and this country would then have to give ninety percent of that loan back to a U.S. company, or U.S. companies, to build the infrastructure — a Halliburton or a Bechtel. These were big ones. Those companies would then go in and build an electrical system or ports or highways, and these would basically serve just a few of the very wealthiest families in those countries. The poor people in those countries would be stuck ultimately with this amazing debt that they couldn’t possibly repay. A country today like Ecuador owes over fifty percent of its national budget just to pay down its debt. And it really can’t do it. So, we literally have them over a barrel. So, when we want more oil, we go to Ecuador and say, "Look, you’re not able to repay your debts, therefore give our oil companies your Amazon rain forest, which are filled with oil." And today we’re going in and destroying Amazonian rain forests, forcing Ecuador to give them to us because they’ve accumulated all this debt. So we make this big loan, most of it comes back to the United States, the country is left with the debt plus lots of interest, and they basically become our servants, our slaves. It’s an empire. There’s no two ways about it. It’s a huge empire. It’s been extremely successful.

AMY GOODMAN: We’re talking to John Perkins, author of Confessions of an Economic Hit Man. You say because of bribes and other reason you didn’t write this book for a long time. What do you mean? Who tried to bribe you, or who — what are the bribes you accepted?

JOHN PERKINS: Well, I accepted a half a million dollar bribe in the nineties not to write the book.

AMY GOODMAN: From?

JOHN PERKINS: From a major construction engineering company.

AMY GOODMAN: Which one?

JOHN PERKINS: Legally speaking, it wasn’t — Stoner-Webster. Legally speaking it wasn’t a bribe, it was — I was being paid as a consultant. This is all very legal. But I essentially did nothing. It was a very understood, as I explained in Confessions of an Economic Hit Man, that it was — I was — it was understood when I accepted this money as a consultant to them I wouldn’t have to do much work, but I mustn’t write any books about the subject, which they were aware that I was in the process of writing this book, which at the time I called "Conscience of an Economic Hit Man." And I have to tell you, Amy, that, you know, it’s an extraordinary story from the standpoint of —- It’s almost James Bondish, truly, and I mean—-

AMY GOODMAN: Well that’s certainly how the book reads.

JOHN PERKINS: Yeah, and it was, you know? And when the National Security Agency recruited me, they put me through a day of lie detector tests. They found out all my weaknesses and immediately seduced me. They used the strongest drugs in our culture, sex, power and money, to win me over. I come from a very old New England family, Calvinist, steeped in amazingly strong moral values. I think I, you know, I’m a good person overall, and I think my story really shows how this system and these powerful drugs of sex, money and power can seduce people, because I certainly was seduced. And if I hadn’t lived this life as an economic hit man, I think I’d have a hard time believing that anybody does these things. And that’s why I wrote the book, because our country really needs to understand, if people in this nation understood what our foreign policy is really about, what foreign aid is about, how our corporations work, where our tax money goes, I know we will demand change.

AMY GOODMAN: We’re talking to John Perkins. In your book, you talk about how you helped to implement a secret scheme that funneled billions of dollars of Saudi Arabian petrol dollars back into the U.S. economy, and that further cemented the intimate relationship between the House of Saud and successive U.S. administrations. Explain.

JOHN PERKINS: Yes, it was a fascinating time. I remember well, you’re probably too young to remember, but I remember well in the early seventies how OPEC exercised this power it had, and cut back on oil supplies. We had cars lined up at gas stations. The country was afraid that it was facing another 1929-type of crash — depression; and this was unacceptable. So, they —- the Treasury Department hired me and a few other economic hit men. We went to Saudi Arabia. We -—

AMY GOODMAN: You’re actually called economic hit men —e.h.m.’s?

JOHN PERKINS: Yeah, it was a tongue-in-cheek term that we called ourselves. Officially, I was a chief economist. We called ourselves e.h.m.'s. It was tongue-in-cheek. It was like, nobody will believe us if we say this, you know? And, so, we went to Saudi Arabia in the early seventies. We knew Saudi Arabia was the key to dropping our dependency, or to controlling the situation. And we worked out this deal whereby the Royal House of Saud agreed to send most of their petro-dollars back to the United States and invest them in U.S. government securities. The Treasury Department would use the interest from these securities to hire U.S. companies to build Saudi Arabia — new cities, new infrastructure — which we've done. And the House of Saud would agree to maintain the price of oil within acceptable limits to us, which they’ve done all of these years, and we would agree to keep the House of Saud in power as long as they did this, which we’ve done, which is one of the reasons we went to war with Iraq in the first place. And in Iraq we tried to implement the same policy that was so successful in Saudi Arabia, but Saddam Hussein didn’t buy. When the economic hit men fail in this scenario, the next step is what we call the jackals. Jackals are C.I.A.-sanctioned people that come in and try to foment a coup or revolution. If that doesn’t work, they perform assassinations. or try to. In the case of Iraq, they weren’t able to get through to Saddam Hussein. He had — His bodyguards were too good. He had doubles. They couldn’t get through to him. So the third line of defense, if the economic hit men and the jackals fail, the next line of defense is our young men and women, who are sent in to die and kill, which is what we’ve obviously done in Iraq.

AMY GOODMAN: Can you explain how Torrijos died?

JOHN PERKINS: Omar Torrijos, the President of Panama. Omar Torrijos had signed the Canal Treaty with Carter much — and, you know, it passed our congress by only one vote. It was a highly contended issue. And Torrijos then also went ahead and negotiated with the Japanese to build a sea-level canal. The Japanese wanted to finance and construct a sea-level canal in Panama. Torrijos talked to them about this which very much upset Bechtel Corporation, whose president was George Schultz and senior council was Casper Weinberger. When Carter was thrown out (and that’s an interesting story — how that actually happened), when he lost the election, and Reagan came in and Schultz came in as Secretary of State from Bechtel, and Weinberger came from Bechtel to be Secretary of Defense, they were extremely angry at Torrijos — tried to get him to renegotiate the Canal Treaty and not to talk to the Japanese. He adamantly refused. He was a very principled man. He had his problem, but he was a very principled man. He was an amazing man, Torrijos. And so, he died in a fiery airplane crash, which was connected to a tape recorder with explosives in it, which — I was there. I had been working with him. I knew that we economic hit men had failed. I knew the jackals were closing in on him, and the next thing, his plane exploded with a tape recorder with a bomb in it. There’s no question in my mind that it was C.I.A. sanctioned, and most — many Latin American investigators have come to the same conclusion. Of course, we never heard about that in our country.

AMY GOODMAN: So, where — when did your change your heart happen?

JOHN PERKINS: I felt guilty throughout the whole time, but I was seduced. The power of these drugs, sex, power, and money, was extremely strong for me. And, of course, I was doing things I was being patted on the back for. I was chief economist. I was doing things that Robert McNamara liked and so on.

AMY GOODMAN: How closely did you work with the World Bank?

JOHN PERKINS: Very, very closely with the World Bank. The World Bank provides most of the money that’s used by economic hit men, it and the I.M.F. But when 9/11 struck, I had a change of heart. I knew the story had to be told because what happened at 9/11 is a direct result of what the economic hit men are doing. And the only way that we’re going to feel secure in this country again and that we’re going to feel good about ourselves is if we use these systems we’ve put into place to create positive change around the world. I really believe we can do that. I believe the World Bank and other institutions can be turned around and do what they were originally intended to do, which is help reconstruct devastated parts of the world. Help — genuinely help poor people. There are twenty-four thousand people starving to death every day. We can change that.

AMY GOODMAN: John Perkins, I want to thank you very much for being with us. John Perkins’ book is called, Confessions of an Economic Hit Man.
Asea Ho 11 years ago

Those of us who experienced the 1981-85 economic crises, where we queued for uncooked kenkey, petrol, traveled in cargo and articulator trucks, walked from Legon to Mamprobi because of long queue at bus terminals, will apprec ...
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Those of us who experienced the 1981-85 economic crises, where we queued for uncooked kenkey, petrol, traveled in cargo and articulator trucks, walked from Legon to Mamprobi because of long queue at bus terminals, will appreciate the IMF bailout.
Of course some politicians will not appreciate it because they saw the leaders of the PNDC government as riff raffs who are not fit to rule the country. Thank God, the then economic team led by Kwesi Botwey, P.V. Obeng, Joshua Alabi, Prof. Benneh, Joyce Aryee, the Ahois and others took Ghana to the IMF. The gains of the Structural Adjustment between 1985 and 1992 are a record for people to see. The queues vanished; there was a free flow of vehicles.
Ghana started sinking when we opt to democratic rule and JJ (and NDC gurus) and Kwesi B (and his financial team) could not agree on some issues.
Kwesi B not comfortable with economics of convenience resigned. The structural adjustment programme was not followed. Donors (IMF Breton Wood Groups) stopped pumping money into the economy. The exchange rate crisis started and the government became unpopular. We hit a crisis in 1999 and NPP won the election. What did we see?
NPP knowing that they cannot turn the economy around as the PNDC did in the early 1980's, with IMF support, quickly went to the IMF for bailout. A policy they have criticized the PNDC as they are doing mow. We declared ourselves HIPC and said we cannot pay our debts. The bailout was given to NPP government in the form of debt cancellation. Which means Ghana will not get loan from the Breton Woods Groups for infracsture development but grants for poverty alleviation. Hence the dependent on the Chinese loans, even for the Flagstaff House. A conditionality of the HIPC initiative is for the government to generate internal revenue for infracsture development. How did the NPP administration do that? Two examples will do;
1. The increase of Petroleum products, sometimes 100%.
2. The increase of VAT from 12½ % to 15½ %.
Two economic interventions the NPP in opposition opposed and demonstrated against. As to what they used the income generated from these and other taxes for, it is a record to play.
Today what is Akuffo Addo telling us? That high taxes that cripple businesses and creates unemployment, is good under his NPP government not good under NDC?
Did I hear Mr. Addo say; “In the medium to long term, our main objective is the structural transformation of our economy.” Is he by this agreeing with the finance minister that there is the need for structural adjustment? Is the finance Minister not already in that gear when started removing the subsidy on fuel, increase the VAT rate, stop some governmental spending (which is not creating government jobs), placed embargo on MMDAs hiring and other intervention? The sad thing is that like Kwesi B, the NDC is calling for the head of Terper while the NPP is using the interim hardship economic situation the adjustment as a campaign tool.
Did I hear Nana again say: “This IMF bailout should point in that direction, i.e. the modernization of agriculture and the industrialization of the country?” Is Nana endorsing Mahama going to IMF? Is he not deviating from his party’s position?
In fact Nana is disputing his party official’s position that Mahama is clueless. For some of us who live in Teshie-Nungua we are witnessing some good road construction work going on and providing job for some jobless youth. What Mahama is working towards “I be Keke” (it is Better). But now it is in the “I de be eke” stage” (is getting better) by 2016 we will be in the “I be KEKE” (We are Better).
miRamara 11 years ago

So what is your point sir

So what is your point sir
fredsaid 11 years ago

Some writers here cannot distinguish between HIPIC and IMF Bailout. They argue here with distorted facts because of their confusion in understanding that they are two different issues; one is getting us into debt and asking I ...
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Some writers here cannot distinguish between HIPIC and IMF Bailout. They argue here with distorted facts because of their confusion in understanding that they are two different issues; one is getting us into debt and asking IMF to lend us money to sort our problems.
The second is negotiating (which Kuffour did) to get our NDC created debts cancelled altogether.

Some of you footsoldiers have believed for too long, calling cows goats that your brains can no longer rationalise any truth; you sound like Solomon nkansah, the official propaganda spokesperson
Obournana 11 years ago

Who is Akuffo Addo? An ordinary citizen. He was a NPP presidential candidate and lost miserably. That is all. He behave as if Ghana belongs to him and his NPP. Kuffour took Ghana to HIPC but Mahama and Mills made Ghana to bec ...
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Who is Akuffo Addo? An ordinary citizen. He was a NPP presidential candidate and lost miserably. That is all. He behave as if Ghana belongs to him and his NPP. Kuffour took Ghana to HIPC but Mahama and Mills made Ghana to become a middle income. A lot of incentive don't come so Akuffo Addo should spare us the noise. Does Akuffo Addo and followers understand "Middle Income" status and it's implications? It's a shame that some block-headed people just talk without thinking. There are a vast difference between HIPC status and Middle income status. Ghana don't receive freebies like the HIPC that gave Kuffour administration all the freebies and loan forbearance. We have intellectuals who can think and reason before they talk. World bank is there for countries to go for help. The noise is just a noise without any alternative. Nation wreckers, please spare us this nonsense. The country will be governable.
Adams 11 years ago

For Ghana to be ruled by a character like Akuffo Addo,a drug addict with so many questions hanging around his personality, Ghana must rather go to war.

For Ghana to be ruled by a character like Akuffo Addo,a drug addict with so many questions hanging around his personality, Ghana must rather go to war.
Sam 11 years ago

A CRIMINAL WAS A FREE PASS! ONLY IN GHANA

A CRIMINAL WAS A FREE PASS! ONLY IN GHANA
Otoo 11 years ago

Nana stop all this thrash and show us your Law Certificate. Also tell us the name of the Law school you attended. This FAKE and QUACK lawyer should just shut up. Nana is not only a crook but a criminal.

Nana stop all this thrash and show us your Law Certificate. Also tell us the name of the Law school you attended. This FAKE and QUACK lawyer should just shut up. Nana is not only a crook but a criminal.
Kofi PAUL 11 years ago

AKUFO ADDO HAS NO SOLUTIONS TO OUR PROBLEMS APART FROM EMPTY CRITICISMS OF GOVERNMENT. CAN'T HE TELL US WHAT HE HAS DONE BEFORE AND WHAT HE CAN STILL DO FOR GHANA? WE DON'T NEED A COMPLAINING PRESIDENT; WE NEED A CARING PRESI ...
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AKUFO ADDO HAS NO SOLUTIONS TO OUR PROBLEMS APART FROM EMPTY CRITICISMS OF GOVERNMENT. CAN'T HE TELL US WHAT HE HAS DONE BEFORE AND WHAT HE CAN STILL DO FOR GHANA? WE DON'T NEED A COMPLAINING PRESIDENT; WE NEED A CARING PRESIDENT.
Asea Ho 11 years ago

I taught he would add prosecute all banks/officials who aid people in money (foreign exchange) laundering, and people who are found guilty of such.

Is Akuffo Addo silent on this because one of his financiers is involved?

I taught he would add prosecute all banks/officials who aid people in money (foreign exchange) laundering, and people who are found guilty of such.

Is Akuffo Addo silent on this because one of his financiers is involved?
KAFU KAFU 11 years ago

HOW MUCH OIL DO WE GET FROM TAKORADI EVERYDAY AND WHERE IS THE MONEY???????????????????????

HOW MUCH OIL DO WE GET FROM TAKORADI EVERYDAY AND WHERE IS THE MONEY???????????????????????
Bernard 11 years ago

(1) WHEN AKUFO ADDO LOST 2012, ELECTION WHAT HE DO?

He refused to accept defeat. Instead, he assembled his thugish supporters at Obra Spot who attacked, beaten, destroyed properties, put fear into the citizenry and held ...
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(1) WHEN AKUFO ADDO LOST 2012, ELECTION WHAT HE DO?

He refused to accept defeat. Instead, he assembled his thugish supporters at Obra Spot who attacked, beaten, destroyed properties, put fear into the citizenry and held back on productivity and investment.

(2) WHEN THE ABOVE FAILED, WHAT DID HE DO NEXT

He gathered illiterate party activits to file a bogus petition and asked the Supreme Court to annul votes from the stronghold of Mahama so he becomes an appointed President who has not been elected by the poeple. Or foolishly asking SC to re-run election in Mahama's stronghold as if his (Mahama's) supporters are so daft as the NPP to vote for Nana. And when this nonsense was going on for eight(8) good unproductive months, did Nana bother to ask himself what will happen to the economy?

(3) NOW LISTEN TO NANA WHEN ECONOMY BEGUN TO FACE CHALLENGES

He sheepishly asked Ghanaians from far away London to pray for the economy to grow. This is the most absurd economic theory i've heard from the so-called seasoned politician and economic student from Legon. Hahahaaaaaa.. And this the man who wants to become President. Even when his knowledge in the legal profession was needed at the opportune time, Nana 'chickened' out for fear of facing Tsikata. Instead, he sent an economist Bawumia, the wrong person for the wrong job. This is incompetence beyond belief and Nana should know that running a country is not the same as playing truancy by organising 'Kume Preko'. This is a different ball game which is not made for Akufo Addo's weak heart.

Thank you.
K. K Padio 11 years ago

Nana, you are intelligent. Your idea on the modernisation of agriculture and industrialsation indicate that you can govern this country very well

Nana, you are intelligent. Your idea on the modernisation of agriculture and industrialsation indicate that you can govern this country very well
Cocoakraachi 11 years ago

This man continue day-dreaming! Who really deceived Nana that he can be a president? Forget it. He is done. If he says he loves democracy, why cant he at least let it prevail in NPP? Talking about weaning Ghana off IMF is lau ...
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This man continue day-dreaming! Who really deceived Nana that he can be a president? Forget it. He is done. If he says he loves democracy, why cant he at least let it prevail in NPP? Talking about weaning Ghana off IMF is laughable. What is the difference between HIPC and IMF bail out? They are both bail-outs in the long run. But what is important is that what the government is that what Ghanaians are experiencing now is the impact of the chains of poor management right from Kuffour, through Mills down the lane. I don't know who have the skills and the acumen to fix all this shit but I am 100% sure it is not Nana. He can go to hell and burn himself. He can never be a president.
Jato .P 11 years ago

Very good suggestions indeed. I hope the government is listening

Very good suggestions indeed. I hope the government is listening
TEE 11 years ago

MAHAMA THE LIAR

MAHAMA THE LIAR

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Akufo-Addo's position on IMF bailout

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