By James S. Henry
From 1970 to 2003, over 3 trillion dollars—$3,000,000,000,000—were loaned to constructing international locations through the West. but the space among wealthy and bad is worse than ever. What occurred? the place did all that money pass? A monetary insider, Jim Henry seems to be unsparingly on the snarl of transactions, frequently criminal yet frequently immoral, that ended in the wealthy getting richer and the negative, poorer. Like tentacles on an enormous octopus, the firsthand investigations within the Blood Bankers all bring about one center. A monetary detective of varieties, journalist Jim Henry analyzes various scandals, together with the looting of the Philippines by way of the Marcos family members, corrupt lending in South the USA, and the financing of Al Qaeda. A rogue's gallery of overseas criminals owes its life to the dramatic progress of the underground international economic climate during the last 20 years. Our global is being reshaped, usually in sinister type, by means of wide-open capital markets and a global banking community that exists to launder enormous quantities of billions of greenbacks in ill-gotten profits. here's globalization's darkish side—the new high-growth international markets for influence-peddling, capital flight, cash laundering, guns, medicinal drugs, tax evasion, baby exertions, unlawful immigration, and different kinds of transnational crime.
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Additional resources for The Blood Bankers: Tales from the Global Underground Economy
As of 2003 the government was still trying to figure out what to do with the plant. Meanwhile, largely because of the dearth of electricity caused by the Bataan nuclear fiasco, Manila experienced acute electricity shortages in the early 1990s. But in this new era of privatization, rather than build new plants, the National Power Corporation (Napacor) decided to rely on the private sector. Written “under the influence,” these turned out to be boondoggles for the IPPs and another disaster for the government.
As a result, fishing on the river has declined by eighty percent. It has also forced some of last remaining members of an Indian tribe, the Xavante, off their lands. 21 • The $600 million Transamazonica Highway was started in l970 by the Medici government and financed by the World Bank’s largest foreign loan up to that point. ” But the jungle soon overgrew the road, and it was also flooded by the Tucurui Dam’s lake—a case of debt elephants at war with each other. Interestingly, one key motivation for the construction of this and other roads in the Amazon was to gain access to uranium deposits that Brazil’s planning elite believed it might use in its own nuclear plants—or export to all the others built around the world.
13 Tucurui also proved to be another ecological disaster. The sea backed up because of the river’s reduced outflow, creating massive salinization damage. The dam also displaced twenty-four thousand people, including several indigenous groups that virtually disappeared. Like Balbina, Tucurui also submerged an entire forest. The resulting acid gases from the trees corroded the turbines. Capemi, a private company owned by Brazilian military officers and financed by a $100 million foreign loan from Lazard Frere, Banque Nacional de Paris, and American Express, had been set up to log the lake.