In 'Confessions of an Economic Hit Man,' John Perkins tells us how the United States keeps poor countries down

The Capital Times: "The sinister side of U.S. biz | By Judie Kleinmaier | July 29, 2005

Confessions of an Economic Hit Man | By John Perkins | Berrett-Koehler | 250 pages, $24.95

The World Bank (or similar international agency controlled by the U.S.) lends a huge amount of money to Country X. (AP Photo/Lauren Burke)

In 'Confessions of an Economic Hit Man,' John Perkins tells us how the United States keeps poor countries down.

There's no conspiracy, but insiders know how the game is played: Country X needs infrastructure. Consultants do a study, overstating the need. The World Bank (or similar international agency controlled by the U.S.) lends a huge amount of money to Country X. Company Y, a U.S. firm, gets the contract. Company Y provides the infrastructure at a premium price, often with environmental degradation as a byproduct. Country X gets needed infrastructure and in the process its leaders wind up rich, but the huge interest on the loans means that instead of using its money to help its citizens, each year it must pay millions in interest on the loans. And Country X never gets ahead.

'In the end,' writes Perkins, 'those leaders become ensnared in a web of debt that ensures their loyalty. We can draw on them whenever we desire - to satisfy our political, economic, or military needs.'

This scenario is carried out by economic hit men - 'highly paid professionals who cheat countries around the globe out of trillions of dollars,' says Perkins. For a decade, he was one of them." ...