Wake-up Call

Resist the Corporate State

Posts Tagged ‘World Bank

Water Liberty: How Innovation Trumps Privatization

leave a comment »

??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

By Rady Ananda
COTO Report     May 2, 2014

The World Bank joins Nestlé in wanting to privatize water, deeming it “extremist” to suggest that those born on this planet have a natural right to clean, potable water. Meanwhile, RT’s Abby Martin reports that the watchdog group Corporate Accountability International recently released a new analysis showing that:

“Investing in private water does not extend access and is also counterproductive for economic development. By contrast, infrastructure investment, abandoned by the corporate sector, is where real benefit can be achieved: the World Health Organization estimates more than $10 of economic benefit from every $1 invested in water infrastructure systems.”

continue reading this article

The Egyptian Uprising Is a Direct Response to Ruthless Global Capitalism

with one comment

AlterNet / By Nomi Prins
Economic decline at the hands of ‘hot’ money has driven Egyptians’ discontent.
February 4, 2011 |

The revolution in Egypt is as much a rebellion against the painful deterioration of economic conditions as it is about opposing a dictator, though they are linked. That’s why President Hosni Mubarak’s announcement that he intends to stick around until September was met with an outpouring of rage.

When people are facing a dim future, in a country hijacked by a corrupt regime that destabilized its economy through what the CIA termed, “aggressively pursuing economic reforms to attract foreign investment” (in other words, the privatization and sale of its country’s financial system to international sharks), waiting doesn’t cut it.

Mohamed Bouazizi, the 26-year-old Tunisian who catalyzed this revolution, didn’t set himself on fire in protest of his inability to vote, but because of anguish over his job status in a country with 15.7 percent unemployment. The six other men in Algeria, Egypt and Mauritania who followed suit were also unemployed.

Tunisia’s dismal economic environment was a direct result of its increasingly “liberal” policy toward foreign speculators. Of the five countries covered by the World Bank’s, Investment Across Sectors Indicator, Tunisia had the fewest limits on foreign investment. It had opened all areas of its economy to foreign equity ownership, except the electricity sector.

Egypt adopted a similar come-and-get-it policy, on steroids. From 2004 to 2008, as the world economic crisis was being stoked by the U.S. banking system and its rapacious toxic asset machine, Mubarak’s regime was participating in a different way. Mubarak wasn’t pushing subprime loans onto Egyptians; instead, he was embarking on an economic strategy that entailed selling large pieces of Egypt’s banks to the highest international bidder.

The result was a veritable grab-fest of foreign bank takeovers in the heart of Cairo. The raid began with Greek bank, Piraeus, taking a 70 percent stake in the Egyptian Commercial Bank in 2005, and included the sale of Bank of Alexandria, one of the four largest state-run banks, to the Italian bank, Gruppo Sanpaolo IMI in 2006. For the next two years, “hot” money poured into Egypt, as international banks muscled into Egypt and its financial system, before the intensity leveled off in 2008.

Read the rest of this entry »

World Bank’s Carbon Trade Fiasco

leave a comment »

Because of a myopic focus on greenhouse gas reduction only, and a lack of accountability to local communities, many projects are producing other environmental and social ills that are diametrically opposed to the program’s stated objectives.

Project Censored

In the name of environmental protection, the World Bank is brokering carbon emission trading arrangements that destroy indigenous farmlands around the world.

The effort to coordinate global action to reduce greenhouse gas (GHG) emissions began with the Kyoto Protocol, which was adopted in 1997 and now has been ratified by 183 nations. While many of the strategies established in the protocol are encouraging, some are proving to have fatal flaws. One such program, known as Clean Development Mechanism (CDM) investment, has become a means by which industrialized countries avoid reducing their own emissions through the implementation of “emissions reduction” projects in developing nations.

Read the rest of this entry »

Questioning World Bank Palm Oil Funding and Forest Carbon Finance in Indonesia

with 4 comments

indonesia forestRainforest Portal: Action Alert

Ombudsman report on 20 years of corrupt IFC, World Bank Group lending to the Indonesian oil palm industry casts doubt on Bank’s fitness to manage international forest carbon funds that may emerge at Copenhagen climate talks.

The World Bank Group’s International Finance Corporation (IFC) ignored its own environmental and social protection standards when it approved over a twenty year period nearly $200 million in loan guarantees for palm oil production in Indonesia. The IFC has temporarily frozen new investments in oil palm projects and is reviewing all current oil palm projects. The message must be conveyed to the World Bank that oil palm and any finance of industrial development that deforests or diminishes primary tropical rainforest must permanently end. And certainly oil palm — or any logging of primary forests, or replacement of primary forests with plantations — is not worthy of REDD forest carbon funding.

Read the rest of this entry »