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The Soon Coming Judgment Of God Upon America and How To Escape It 139
eliminated incentives are often required to be given for farmers to produce cash crops for
export. For example coffee and cotton. The manufacturing sector is oriented towards “simple
assembly (often clothing) for export rather than manufacturing” to meet the needs of the
country. And the extraction of valuable mineral resources is encouraged.
454
“None of the [third world] countries has emerged from their debt problems; indeed most
countries now have much higher levels of debt than when they first accepted IMF/World Bank
'assistance.'”
455
“Between 1980 and 1992, Third World debt more than doubled, from half a
trillion dollars to $1.2 trillion. More significantly, in virtually every developing country, external
debt was a much greater proportion of GDP in 1992 than it had been in 1980. In Chile it rose
from 45 to 49 percent; in Indonesia from 29 to 67 percent; in Mexico from 30 to 35 percent; in
Morocco from 53 to 77 percent; in Jamaica from 78 to 153 percent; and in Guyana from 147 to a
staggering 768 percent. The only significant decrease occurred in Argentina, Bolivia, and South
Korea.”
456
“One hundred and forty countries are eligible to borrow from the [World] Bank, and
more than one-third of them are severely indebted. That is the Bank's term for any country whose
outstanding debt is greater than 220 percent of the value of its exports. Many severely indebted
countries have a ratio of debt to exports much higher than 220 percent: Guyana's is 407 percent,
Madagascar's 659 percent, Nicaragua's 2,610 percent, and Somalia's 3,000 percent.”
457
Norm Franz, former monetary economist, investment company president and author of
Money & Wealth In The New Millennium, says that SAPs are essentially debt for equity swaps.
Under the SAP arrangements, the IMF and/or World Bank effectively take control of a nations
assets and economy. When Mexico experienced its financial crisis during the late 1990s, it was
required to pledge its oil resources as collateral for its $52 billion bail-out. In addition to this, it
was required to “deposit all revenues from its global oil sales into an account in the New York
Federal Reserve Bank.” “Through its ‘structural adjustment programs’ the IMF and the [World]
bank now effectively oversee and supervise the economies of some 30 countries in sub-Saharan
Africa.” Franz states that: “Almost everyone acknowledges that Africa has become a bankrupt
slave of the United Nation’s system.”
458
This United Nations System, which the people of Africa
and others around the world have become slaves of or will become slaves of, is the creation of
the United States.
Grameen Bank
It is possible to help the poor without exploiting them or saddling them with huge
amounts of debt and it is being done by Grameen Bank in Bangladesh. The bank was founded by
Professor Muhammad Yunus, PhD. Grameen makes development and housing loans to the poor.
It operates in 34,000 villages, which is half of the villages in Bangladesh. In 1994 the bank had
1.7 million borrowers and lent out $30 million each month. Development loans averaged less
than $100 and have a 98 percent repayment rate. The typical housing loan in 1994 was about
$300. By 1994, 22,000 housing loans had been made by the bank with a perfect repayment
record according to Dr.Yunus. The Grameen Bank “reminds its staff that no borrower should, at
any time, get a feeling that she has added to her misery by joining the Grameen group.” They
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