Global Justice Feeder March!

Saturday, September 24, 2005.

11:00 am

Dupont Circle, Washington D.C.

Hit the streets for global justice and against the Iraq war! As the World Bank and International Monetary Fund (IMF) hold there annual meetings on September 24th and 25th, there will be hundreds of thousands of people in Washington in opposition to the war. Let's make Paul Wolfowitz, architect of the Iraq war and current president of the World Bank, know that we have not forgotten about him as he adds loans and grants to his arsenal.

Iraq was forced to privatize its economy at the barrel of a U.S. gun. The restructuring followed the same neoliberal “Washington Consensus” playbook that has disastrously guided the policies of the IMF and World Bank. Much like other countries, Iraq has effectively lost its economic sovereignty -- before they even have a constitution.

Mobilization for Global Justice (www.globalizethis.org) is organizing a feeder march to guarantee that the longstanding economic war doesn't get lost in the mix. The march will use puppets, props, theater and music to have a very visible, energetic and dramatic presence.

What is the World Bank?

Created at the Bretton Woods Conference in 1944, The World Bank Group is comprised of five agencies that make loans or guarantee credit to its 177 member countries. In addition to financing projects such as roads, power plants and schools, the Bank also makes loans to restructure a country's economic system by funding structural adjustment programs (SAPs). The Bank manages a loan portfolio totaling US$200 billion and last year loaned a record US$28.9 billion to over 80 countries. The current president of the Bank is Paul Wolfowitz.

What is the IMF?

Also created at the Bretton Woods Conference, the mission of the International Monetary Fund (IMF) is to supply member states with money to help them overcome short-term balance-of-payments difficulties. Such money is only made available, however, after the recipients have agreed to policy reforms in their economies-- in short, to implement a structural adjustment program.

Both the World Bank and IMF demand privatization and elimination of public services in exchange for loans. Their policies have aggravated rather than eliminate poverty and many development projects have resulted in environmental destruction and human rights abuses. Loans from these institutions account for a large part of current third world debt. The World Bank and IMF are rigged to favor the rich: votes are counted based on how much money a country gives the institutions.