Roseau, Dominica: World Bank President Robert Zoellick says there are various risks to the current economic recovery that the Caribbean and the world are facing.
Zoellick told a press briefing amid the intersessional CARICOM Heads of Government Summit at the Fort Young Hotel’s VIP room on Thursday, that while the world is trying to recover from the global financial crisis, unemployment is likely to remain very high.
“The good news is that we are in this economic recovery, but I don’t think it’s as strong as people would hope. The unemployment will have a lot of negative impacts for various financial institutions and it will limit their ability to address credit,” he said.
Zoellick also noted that stimulus programmes of various countries will also suffer as a result.
“What it comes back down to is that we as a financial institution have tried to support developing countries, but also recognize that they are now a source of demand and growth in the world.
He said since the crisis hit, the World Bank has done over 90 billion dollars of private sector financing.
“Given the uncertainty in the nature of the recovery, the World Bank will not be able to play certain roles like assisting countries in need,” he added.
DOMINICA NEWS ONLINE CORRESPONDENT.
Yep, the biggest risk to economic recovery is the World Bank.
They caused the whole mess with the help of their cohorts in the stock market industry.
And now are trying to pose as the saviors.
That was a great summit and to the rest of the world Dominica’s Prime Minister came out a SUPER STAR. Could anyone have ever imagined that Dominica would one day become a leading state in the caribbean and more so under the leadership of our young and now internationally recognised leader with a great team. We may not be big in the Economic sense but we sure LEAD in fiscal discipline and foreign relations and with high profiles like our Prime Minister, Charles Savarin and Julius Timothy our country has carved our a place in the region and dthe world as a leader in our Hemisphere. Opposition parties here tried unsuccessfully to ebarass our leaders but with the high profile delegations totally ignoring them they got the message that they did not embarass Skeritt or the government or the labour party – they embarassed the Commonwealth od Dominica but the eyes of the world and the majority of Dominican saw beyound that and it was koodoos, high five, congrates and compliments all the way to the NEXT LEVEL for our government and our people and our country.
European & American state aid is interlocked into the International Bank of Settlements, which is tied to World Bank, which is tied into the IMF, which is like all things: Tied into Goldman Sachs!
AIG (American International Group)which is bankrupt is run by Edley of Goldman Sachs!
All roads lead to: Goldman Sachs!
Goldman Sachs is a bunch of arbitrage wielding sycophants & sociopathic criminals who profit by destroying the system
There several new alternatives to the IMF-World Bank now! Why deal with the IMF?
The IMF (World Bank) admits it is bankrupt! So it has little or no real resources to act as lender very soon – In fact, even the IMF is scrambling to replace the US Dollar as the world currency because the Chinese are about to unfold their new alternative to the IMF! One CURRENT alternative permitted by the IMF is alternative currency swaps between Asian countries without the US Dollar, (google: Chiang Mai Initiative)
http://www.larouchepub.com/other/2001/2847imf_bankrpt.html
Joe Stiglitz is a leading critic of international development organizations — especially the International Monetary Fund, (IMF & World Bank). And yet, in his book, Globalization and its Discontents, he points to one country that got it right — Botswana. How did it succeed? By ignoring advice from Washington-based institutions, as Mr. Stiglitz explains. He also speaks how Botswana beat the criminal Diamond monopoly De Beers:
http://www.theglobalist.com/storyid.aspx?storyid=2507
Here is news on the developing Asian alternative to the IMF & World Bank:
http://www.globaleconomicgovernance.org/blog/2009/05/watch-out-imf-and-watch-out-washington-dc/
60 Questions about the World Bank debt scam:
http://www.cadtm.org/60-Questions-on-the-IMF-World-Bank
Actually, there are several excellent books on the World Bank debt scam here:
http://vakindia.org/shop-online-page4.html
How the World Bank caused America & European financial bankruptcy (free download):
http://vakindia.org/pdf/IE.pdf
How Malaysia dumped the World Bank (IMF) & thereby prevented economic and social chaos:
http://www.twnside.org.sg/title2/gtrends1.htm
Another interesting book on the topic – World Bank & IMF, Fifty Years is Enough:
http://www.alternativeradio.org/programs/KEND001.shtml
In summary, the IMF and World Bank will only extend loans if countries agree to accept ‘structural adjustment programmes’ (SAPs). SAPs are forced down the throats of the people of the former colonial world. To pay off the loans, the IMF and World Bank demand governments raise money by selling off public assets and companies (privatisation) and cutting state expenditure on social services like health care, education, and pensions. SAPs require countries de-regulate and “open up” their economies by cutting subsidies to local industries and slashing trade barriers and tariffs. Countries must open up their economies to the multinationals (usually based in Western countries), remove restrictions on foreign investments, and allow corporations access to the workers and natural resources of the country at bargain basement prices.
The vast majority of the profits made by the multinationals are taken out of the country and brought home (repatriated) to the West. SAPs encourage export-oriented growth (selling cheap raw materials or commodities on the world market, like cash crops, garments, or computer chips) to generate hard currency. All in all, the IMF and World Bank SAPs turn countries into loan repayment machines, generating easy profits for the world’s biggest companies and banks. IMF policies also both directly and indirectly impact on workers in, for example, Europe and the US. Because they are partially funded with public money, the IMF and World Bank redistribute wealth from working people in the West (through their taxes) and funnel it to programmes which benefit the multinationals.
The effects of IMF/World Bank programmes are to lower wages and working conditions worldwide, which exerts a downward pressure on workers’ living standards in the industrialised countries as well.
The IMF and World Bank loans have created a huge debt trap. This overwhelming debt has led to the poorest countries in the world allocating enormous portions of their national incomes towards paying interest. Debt is one of the most important weapons with which the big capitalist powers dominate poor countries. It is used as a means of blackmailing the poorest countries and tightening the screw on the vast majority of the people in Africa, Asia and Latin America.
However, due to the collapse of the US Dollar & all Central Bank controlled European nations, many alternatives to the World Bank have opened up! Dominica will be wise to use an alternative to the World Bank – Besides; even the World Bank admits it & the US Dollar are bankrupt!
The SUMMIT is over and what did we learn that according to Mr.Zoellick (President of the World Bank) they will not be able to play certain roles like assiting Countries in the Caribbean that are in need of finanacial help since the world crisis they have done over 90 billion dollars to private financing sector.
I am sure some of us are wondering what it all means well the time have come for us to start asking ourselves where do we go from here.
As DOMINICANS we have to start doing for ourselves the Purses of other larger COUNTRIES are getting tighter they are taking care of their Citizens that also include those in the Diaspora.
We have to understand that they cannot be the answer to our own down fall we have to learn how to survive on our own we have to return to planting all sort of food products protect our waters the farmers need the equipments to star growing their poducts, we need to hold on to what we have instead of giving it away we cannot be careless any more.
The time have come when our GOVERNMENT wouldnt be able to approach the larger COUNTRIES to ask for financial help to pay for the programes they have promised us, and if all of this is our own doing shouldn’t we be the ones to put it right again.
What Zoellick doesn’t say is where the World Bank got its $90 billion dollars plus.
By ripping off countries, getting them in debt, financing wars and taking their resources.
Be warned, Hurricane season is coming and the World Bank is saying it can not help any Caribbean country that gets hit. Haiti with its people out in the open will have a high death toll if hit. I can not believe this.
The only reason Haiti is in this mess, is because Europe and America forced Haiti in to a position to compensate France, when Haiti broke free from slavery. Now look who is back in Haiti’s backside.
Why is it that people,and Governments, are always looking out side themselves to find someone, something, some organization to save them when they are in a mess and expect a quick fix and magical solution to their problem. We always think these organizations and world bodies have a solution as is the case of Mr Robert Zoellick President of the world Bank coming to a Summit to address our leaders in the region and expect to solve the region financial problems. it is fancy, coincidentally look at that picture of Mr Zoellick in the above caption, is that an expression of someone showing that they going to help us in the region to solve our financial problem. hum mm,
talking in jargon language, people it would be interesting to find out who Mr Zoellick is and what he represents.
Last year President Obama came to Trinidad big fanfare, what happen to all those speeches and Promises. I can go back to President Regan coming to the region 1982 in Barbados addressing our leaders about Caribbean Basin Initiative, again speeches and hoopla. It is time people in the region wake up understand what is going on not only in the region but the world and stop being ignorant and sitting back saying nonsense, about world is coming to an end, doom and gloom and not seeing that we are all being sold lies and lied to every day, for how long, gosh, only God knows. When will it stop, well when we put on our thinking cap get out from this stupid doom and gloom thinking and stop buying all these lies we are being feed daily …remember if you tell
people a lie loud enough and long enough it will be accepted as truth.
We need to stop begging these institutions for so much help and encourage people to become more self-sufficient and productive.
To plant back yard gardens and ease up on the eating out every day.. wake up an hour earlier and prepare lunch, which of course you’ll do much healthier and save hundreds of dollars.
We have adopted a wasteful and lazy culture of talk, talk and more talk and we don’t see these things.
Dominica is so blessed but our poor mentality is just crippling everything.
This news was for coming , i envisioned that this would take place, I do not mean to sound scary but these things must come to pass ( we are leaving in the last days) If you notice America is trying to pull back from wars since a lot of resource is being spent fighting war. what that have to do with the post? Soon American will not be able to help others since they will have their own problems. People We Need to diversify and Farmers have to get back to the soil and Produce what wee need for food and people need to learn to eat what they grow.
This world is just full of vicious cycle but it will eventually boil down to one thing; all people are equal and according to Martin Luther King Jr, what affects one ultimately affects the other.
All this hocus pocus stuff is just another phase towards the diminishing of mankind.
I hope Dominicans realize that the United States of American is no better than our little island. Asked the diaspora and they will tell you.
Man let’s face it. Are not all these things the deeds of man themselves? Then if man is the cause of all these things why are they not able to fix it.