Beyond Reform: It's Time to Shut Down the World Bank

[Judi Lynn]

Beyond Reform: It's Time to Shut Down the World Bank
Saturday, 25 January 2014 11:20
By Cyril Mychalejko, Toward Freedom | News Analysis

Recent conflicts surrounding World Bank-supported projects in Honduras demonstrate that the World Bank is beyond reform, and needs to be shut down.

The World Bank came under fire again last week when its ombudsman revealed that the bank’s investment in a palm oil project in Honduras worsened human rights abuses and violent conflicts.

The World Bank’s Compliance Advisor Ombudsman (CAO), the independent auditor for the International Finance Corporation (IFC), the bank’s private sector arm in charge of providing investments in developing countries in order to spur private sector growth, investigated a $30 million loan (half of which has been released thus far) to Corporación Dinant, a Honduran palm oil and snack food giant. The loan to Dinant was made just five months after a 2009 military coup in the country removed President Manuel Zelaya, a democratically-elected president seeking moderate labor and land reforms. Zelaya was replaced by a de-facto dictator who used the country’s military and security apparatuses to violently oppress social movements and political opposition.

Such investment on the part of the World Bank has further undermined democracy in the country and empowered Honduran elites profiting from recent political turmoil.

More:
http://www.truth-out.org/news/item/21440-beyond-reform-its-time-to-shut-down-the-world-bank

[Demeter]

1. In truth, ALL banks Larger than a small community's economy need to be shut down

Each US state should have a State Bank, like North Dakota, and there should be one Public Utility National bank, and the US Postal Service should reinstate its postal bank.

Credit unions can stay, and the local small banks, if they can compete against the public utility banks.

And then, there's the Shadow Banking System, beyond regulatory control. It should be driven out of existence by law and by better competition from Utility banking.