imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Plundering Ukraine for Profit

by Stephen Lendman Friday, Mar. 28, 2014 at 12:57 AM
lendmanstephen@sbcglobal.net

Ukraine

Plundering Ukraine for Profit

by Stephen Lendman

On March 27, an IMF press release headlined "IMF Staff Level Agreement with Ukraine on US - 18 billion Stand-By Arrangement."

Nikolay Gueorguiev is IMF Mission Chief for Ukraine. He's loan shark chief in charge of plundering it for profit. He issued a statement, saying in part:

"The mission has reached a staff-level agreement with the authorities of Ukraine on an economic reform program that can be supported by a two-year Stand-By Arrangement (SBA) with the IMF."

"The financial support from the broader international community that the program will unlock amounts to US billion over the next two years."

"Of this, assistance from the IMF will range between US-18 billion, with the precise amount to be determined once all bilateral and multilateral support is accounted for."

Gueorguiev ludicrously said Ukraine "achieved some stability." It "faces difficult challenges," he added.

He lied claiming IMF's goal is "restor(ing) macroeconomic stability and put(ting) the country on the path of sound governance and sustainable economic growth while protecting the vulnerable in the society."

IMF policy is polar opposite. It's financial terrorism. In July 1944, it was established to stabilize exchange rates linked to the dollar.

It was to bridge temporary payment imbalances. It's hugely exploitive. It mandates debt entrapment. It does so to public wealth to Western bankers and other corporate predators.

It obligates indebted nations to obtain new loans to service old ones. Doing so assures greater indebtedness.

Structural adjustment harshness is mandated. Debtor nations have no choice. Previous articles explained. Dystopian measures include:

• paying bankers and other Major Western investors first;

• privatizing state enterprises;

• selling them at fire sale prices;

• mass layoffs;

• deregulation;

• deep social spending cuts;

• wage freezes or cuts;

• unrestricted free market access for Western corporations;

• corporate-friendly tax cuts;

• tax increases for working households;

• trade unionism crushed or marginalized; and

• harsh crackdowns against non-believers.

Doing the right thing is verboten. A race to the bottom follows. Economies are strip-mined for profit. Countries are transformed into zombies.

Human needs don't count. Workers are ruthlessly exploited. Debt service comes first.

Poverty, unemployment, underemployment, hunger, homelessness, untreated illnesses, loss of public services, and deprivation follow. Numerous examples explain.

Gerald Celente calls the IMF "the loan shark of last resort" for good  reason. It's an "international Mafia Federation," he explains. Reverse Robin Hoodism is policy.

Western people "live under the illusion of democracy," he said. None exists. "Political Mafia" bosses run things. "Whether raping a woman or a nation, that's what the IMF does."

They're "money junkies." They're "raping every country on earth" they can trap into debt bondage. It's longstanding IMF practice.

Nations are hollowed out into dystopian wastelands. Middle class societies are destroyed. Workers become serfs. Debt bondage crushes freedom.

Megalomaniacal money masters run things. What they say goes. An elite few alone benefit. Neoliberal harshness is enforced.

It's neo-Malthusianism writ large. It's hugely destructive. Its holy trinity mandates unrestrained corporate empowerment, using state resources for bottom line profits, and eroding social spending en route to eliminating it altogether.

In July 2011, Christine Lagarde replaced Dominique Strauss-Kahn as IMF managing director. Fraudulent rape allegations forced him out.

He was targeted for supporting more responsible lending policies. He endorsed employment and equity.

He called them building blocks of economic stability. They enhance prosperity, political stability and peace.

Bankers abhor these notions. Strauss-Kahn had to go. Largarde is a walking conflict of interests. She's a player. She's a neoliberal hardliner.

She puts bankers' interests above public ones. She's ideally suited to serve them. Her mandate is entrapping nations in debt bondage.

It's destroying nations to save them. It's strip-mining everything of worth. It's causing unconscionable human suffering. Money masters take no prisoners.

They demanded immediately ending Ukraine's gas subsidies. They did so after Kiev putschists announced 50% higher heating gas prices beginning May 1.

Ukraine's national oil and gas company Naftogaz announced 40% higher gas prices starting July 1. Expect more increases later on, it added.

Ukraine's central bank began limiting currency interventions. Since January 1, the state currency hryvnia lost over one-fourth of its dollar value. Expect more deterioration ahead.

Washington pledged billion in loan guarantees. Another 0 million in direct aid appears forthcoming.

Japan promised up to .5 billion. Illegitimate putschist prime minister Arseniy Yatsenyuk expects EU nations to supply about .2 billion.

Loans of course aren't giveaways. They come with strings. They do more harm than good. Amounts announced are short-term measures only.

A previous article explained. Economist Jack Rasmus was cited. He believes Ukraine's currency collapse is virtually certain. At least billion in aid may be needed "well before May 1," he said.

Ukraine's current debt is about billion. By summer, it'll top 0 billion." Capital flight compounds Ukraine's problems.

Its foreign exchange reserves are dwindling at the rate of about billion a week. Deepening black hole indebtedness entraps Ukraine. No end to its financial crisis looms.

Ukrainian aid won't come in amounts needed, said Rasmus. Nothing beyond short-term injections ahead of May elections.

He thinks billion minimum is needed. Mandating structural adjustment harshness with it does more harm than good.         

Longer term expect Ukraine's economy to be much worse off than now. Its currency may end up worthless. Rampant inflation alone will destroy it.

Western bankers "will have a field day," said Rasmus. Ukraine is low-hanging fruit. It's ripe for plundering.

Ukrainians are just beginning to learn they were conned. They're being left high and dry on their own. They losing pension and other social benefits.

They face skyrocketing food and energy prices. Most Ukrainians are deeply impoverished already. They struggle daily to get by.

The worst of all financial harshness awaits them. Fascist rule assures repressive governance. Western diktats assure harder than ever hard times.

Earlier IMF loans extended Ukraine included .6 billion on 2005 and another .1 billion in 2010. They didn't help. Ukraine's economy remained troubled.

After 2008 economic crisis conditions erupted, it declined 15% through 2009. Ukraine hoped 2010 aid would help generate recovery.

It didn't happen. Demand for its exports to Western Europe didn't materialize. It's been in recession since mid-2013. IMF diktats inflict more harm than good.

Getting in bed with loan sharks assures trouble. Not according to illegitimate putschist prime minister Yatsenyuk. "(W)e have no other choice but to accept the IMF offer," he claimed.

IMF aid won't help. It's economically destructive. It's not stimulative. It's not meant to be. Troubled EU economies have their own unresolved issues.

Expect most forthcoming IMF/EU/US aid going straight to bankers. Ukraine's troubled economy will get worse, not better.

Debt entrapment works that way. Ordinary Ukrainians will suffer most. Lost social benefits alone will crush them. Economic decline will follow.

Expect Greece 2.0. Zombie status reflects it. Official unemployment tops 28%. Real unemployment is much higher.

Around two-thirds of youths have no jobs. An entire generation has no future.

The more Athens borrows, the greater its debt burden. The harder it is to repay. The tougher to begin recovering. The way things are going, it may be light years away.

Expect Ukraine faring no better. Expect further political unrest. Expect deeper economic crisis.

Expect escalating East/West tensions. Expect potential conflict. Economic troubles will pale by comparison if it erupts.

Ukraine is a tinder box. Flashpoint conditions risk global war. Fascists in charge make it possible. Imagine the unthinkable. Imagine what hopefully won't happen.

A Final Comment

On March 27, General Assembly members voted on a March 24 dated "Territorial integrity of Ukraine" non-binding resolution. Washington bullied 100 to vote "yes."

They disgracefully called legitimate Crimean/Russian reunification illegal. Eleven voted responsibly.

They included Armenia, Belarus, Bolivia, Cuba, the Democratic People's Republic of Korea (DPRK), Nicaragua, Russia, Sudan, Syria, Venezuela and Zimbabwe.

They affirmed Crimea's legal choice. Another 58 abstained. They included Argentina, Brazil, China and India.

Russia reacted responsibly. It did so in the General Assembly. Its UN Ambassador Vitaly Churkin said:

"Russia opposes the proposed General Assembly draft resolution. It is of a confrontational character."

"The draft attempts to cast doubt on the significance of the referendum held in Crimea, which has already played a historical role. It is counter-productive to dispute this."

"At the same time, the draft resolution has 'some right provisions.' For instance, the appeal to refrain from unilateral action and seditious rhetoric, which could lead to tension escalations."

"We believe that it is not necessary to pass any resolutions in order to hear these appeals. It is just necessary to follow the interests of the Ukrainian people and the interests of the normal flow of international relations."

"We hope that this understanding will prevail during today's discussion as well and continuing dialog regarding Ukraine. Russia is participating in it in a most constructive way."

Russia recognizes UN Charter principles. They affirm the right of all people to self-determination. Crimeans legally proclaimed theirs. Nations are obligated to respect it.

Deputy Foreign Minister Gennady Gatilov said "Russia is extremely negative about" an irresponsible resolution. "We think (it's) politically motivated and detached from reality."

China's UN Ambassador Liu Jieyi said:

"In the context of the ongoing diplomatic mediation efforts by the parties concerned, an attempt to push ahead with the UNGA vote on the draft resolution on the question of Ukraine will only further complicate the situation."

"We believe that the actions taken by the United Nations on the question of Ukraine should reflect the consensus by all parties and should be conducive to the relaxation of tension and to the achievement of a political settlement of the crisis."

"The question of Ukraine involves the interests and concerns of various parties. There should be a balanced approach to address the question."

"All parties should exercise restraint and refrain from exacerbating the situation and continue the efforts to iron out their differences through political and diplomatic means and to solve the question of Ukraine within the framework of law and order."

The battle for Ukraine's soul continues. Crimeans chose to go home. It's their legal choice.

Stephen Lendman lives in Chicago. He can be reached at lendmanstephen@sbcglobal.net.

His new book is titled "Banker Occupation: Waging Financial War on Humanity."

http://www.claritypress.com/LendmanII.html

Visit his blog site at sjlendman.blogspot.com.

Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network.

It airs three times weekly: live on Sundays at 1PM Central time plus two prerecorded archived programs.

http://www.progressiveradionetwork.com/the-progressive-news-hour

Report this post as:

Local News

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A12 5:39PM

lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

Amy Goodman interview on cell phone safety A08 10:29PM

Mesa, Arizona police officer kills unarmed white man A08 9:50PM

Israeli leaders should be prosecuted for war crimes A08 9:48PM

Paraphysique de l'autorité A08 12:11AM

Two Podcasts on fbi corruption A06 10:13PM

Fbi assassins assault & try to kill DAVID ATKINS A06 7:29PM

EPA Head Scott Pruitt: Of Cages And Sirens A06 2:15PM

The Shortwave Report 04/06/18 Listen Globally! A05 4:25PM

Nicaraguas Conflic with native Peoples on the Caribbean Coast Near Bluefields in Decade80 A05 12:14PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy