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Wolfowitz appointment – a victory for Israel and Wall Street

Kurt Nimmo | April 7 2005

It shouldn't come as a surprise that Israel is very much 'enamoured' with the idea of Paul Wolfowitz heading up the World Bank.

According to the neo-con Jerusalem Post, "Senior Israeli officials reacted with satisfaction Wednesday to news that U.S. President George W. Bush tapped Paul Wolfowitz as his choice to be the next head of the World Bank."

"Wolfowitz's appointment to head the World Bank will have significance for Israel since the World Bank is expected to play a key economic role in Gaza after Israel's withdrawal… The World Bank is expected to supervise the implementation of hundreds of million of dollars worth of projects to rebuild Gaza. One official said that Wolfowitz would likely ensure that the Palestinians fulfill strict conditions regarding reform and democratization in order to get the money."

What Wolfowitz's appointment means to Tel Aviv is that the World Bank will foot the bill and rebuild what the Israeli Defense Forces have destroyed over the years.

Of course, this rebuilding will not be in the interest of the Palestinians, but Wall Street bankers and multinational corporations.

The World Bank and the IMF are all about increasing poverty through so-called structural adjustment policies: decrease domestic consumption and shift scarce resources into production of cash crops for export-once the World Bank and the IMF sink their teeth into a country, state-owned companies and many state services are privatized, civil services are drastically downsized, and health and education expenditures are cut and restructured.

"The absolute number of people living in poverty rose in the 1990's in Eastern Europe, South Asia, Latin America the Caribbean, and sub-Saharan Africa-all areas that came under the sway of adjustment programs. What's more, the World Bank has an astounding 65-70 per cent failure rate of its projects in the poorest countries," writes CorpWatch.

In fact, the World Bank is a scam set up to enrich multinational corporations at the expense of poor people. "If the world's poor are the losers in World Bank/IMF programs-a fact recognized not only by critics but even some Bank officials-then corporations are the winners. Each year, the World Bank awards some 40,000 contracts to private firms. And the U.S. Treasury Department calculates that for every U.S. $1 Washington contributes to international development banks, U.S. corporations receive more than double that amount in bank-financed procurement contracts."

The people of Gaza are a prefect target for Wall Street bankers and multinational corporations, since the World Bank and the IMF pick on the most impoverished people in the world.

"The Palestinian recession is among the worst in modern history," writes Electronic Intifada. "Average personal incomes have declined by more than a third since September 2000, and nearly a half of Palestinians now live below the poverty line."

Imposing further "austerity measures" on Gazans-the hallmark of the World Bank and the IMF-would verge on institutional sadism.

Thus the Zionist Wolfowitz is a perfect choice to head up the World Bank.

For one minute analysts actually thought that the World Bank had lost its mind, actually musing over appointing the rock star Bono to the post, but now it is firmly back on track, delving the depths in search of the most ruthless individuals to impoverish even more people and thus enrich the already stinking rich.