John Perkins with Max Keiser explaining the predatory Capitalism
John Perkins The Economic Hitman, who pointed toward predatory capitalism as the real cause of the current global financial meltdown. He outlined his former work as an “economic hit man” in which he helped convince third-world governments to accept huge loans for infrastructure projects that they ultimately wouldn’t be able to afford. When they couldn’t pay back the loans, the US govt./corporations would instead demand cheap oil/resources or political/military favours, he said.
This kind of stratagem has gone global with corporations, rather than governments, controlling human and natural resources around the world, he continued. Morality aside, the exploitative nature of predatory capitalism has left the world in a mess, and the planet is spiralling toward disaster, Perkins argued.
To change the situation, he suggested people work toward building a different economy– creating their own companies that make things the world actually needs like sustainable energy, and anti-pollution products. Also, consumers can also exert influence over corporations by complaining or not buying their goods or services if they don’t approve of their practices, such as making clothes in sweatshops. Further, he believes poverty is one of the root causes of terrorism, and by combating it we could help reduce the problem.
Businessman and author John Perkins discussed his work as a former ‘economic hit man.’ Perkins said his job was to convince governments of third world countries to accept enormous loans from the World Bank (and other institutions) for large-scale infrastructure projects he knew they could not afford.
Money did not actually go to the country taking the loan, Perkins said, explaining that U.S. corporations were guaranteed the contracts and thus received the loan money. When these countries failed to repay their loans, the U.S. government/companies could then demand from them cheap oil and other natural resources, or even U.N. votes, he noted. According to Perkins, this U.S.-led exploitation of foreign governments is a root cause of terrorism.
John Perkins(1), the founder of Dream Change Coalition, shared the story of the time he spent as an international ‘economic hit man’ after being recruited by the National Security Agency. He defined an ‘economic hit man’ as someone who assists in cheating developing countries and US taxpayers, by funnelling money from the World Bank to the wealthy in the private sector.
In his capacity as chief economist for the firm Chas. T. Main, Perkins said he traveled the world, arranging for developing countries to take out huge loans to pay for companies such as Bechtel and Halliburton to build infrastructure on their land. But then in order to pay off the debt, the countries were cajoled into signing away rights to their valuable resources, he detailed. The assets then became part of what Perkins termed the “corporatacracy,” a global empire, largely based in the United States, that encompasses the highest echelons of corporations, banking and government. In what could be considered an unethical but not illegal manner, such countries are taken over without any military action, he noted.
Perkins left this line of work and now strives to reform the system. After Sept. 11, 2001, he decided to ignore the bribes he’d been offered to keep silent, and publish his expose, Confessions of an Economic Hit Man, with the goal of raising consciousness about what is going on and bringing America back to its original goals.