-Caveat Lector-
So, who IS this guy Wolfensohn, and why does he dare to "lecture"
America?
He's the permanent "American/International" representative to the
Bilderbergers (one of whose avowed goals is "American and British solidarity
in economic matters") and one of the 39 members of the Bilderberg Group's
"inner circle," which includes David Rockefeller, Britain's Lord Roll (S. G.
Warburg bank), Henry Kissinger, and George Ball and William Bundy, American
Anglophiles from New England's "old money" elite.
Alongside Rockefeller, Kissinger, Lloyd Bentsen (remember BCCI?), and
George Soros (front man for the Rothschilds), Wolfensohn was one of the
heavyweights at the Bilderberg conference of 1996.
(http://www7.tripnet.se/~esa/home/eng/bblist.html)
As president of the World Bank, he has worked tirelessly to entice Red
China into the "global economy," so that western investors (especially in the
Bilderberg circle) can reap undreamed-of profits from eventually bringing the
sole surviving Communist giant --with its huge slave labor pool-- under the
control of these international bankers.
And you wonder why Bill Clinton has practically sold his soul to woo Red
China?
When Wolfensohn speaks, Clinton listens; when the Bilderbergers
command--
World Bank Head Criticizes Congress
WASHINGTON (AP) - World Bank President James Wolfensohn denounced Congress
Tuesday for slashing spending on foreign operations, calling the move a
``disgrace'' that could endanger lending to many poor nations.
Wolfensohn said Congress has cut the proposed U.S. contribution to the World
Bank's low interest lending program to $620 million from the $800 million
originally requested by the Clinton administration.
``It would be just devastating - devastating to American leadership and
devastating to people in development,'' if the full amount is not provided,
Wolfensohn told reporters after a speech to the Center for Strategic and
International Studies.
Wolfensohn joined Secretary of State Madeleine Albright and Treasury
Secretary Lawrence Summers, who recently protested Congress' action on
foreign operations spending. But it was unusual for the head of an
international organization to criticize the legislature of a member nation.
Wolfensohn is an Australian-born American.
The World Bank has budgeted $6 billion a year over the next three years to be
provided to the International Development Association, the bank's window for
developing countries to receive loans at advantageous terms.
However, Wolfensohn said the Congress' decision to cut the U.S contribution
to IDA may encourage other donor nations to reduce their contributions,
endangering the entire program.
``The U.S. spends less than one-tenth of one percent of our gross domestic
product on foreign assistance, and in the current state of legislation that
is proposed in the House, the minimum amount - $800 million - that had been
promised for IDA is on the books now as $620 million,'' the World Bank chief
said in his speech.
``It is a disgrace,'' he said.
Last month Congress cut the Clinton administration's foreign operations
spending request, which includes the World Bank allocation, to $12.7 billion,
and President Clinton vetoed the bill. The administration now must negotiate
with Congress on the spending request.
Wolfensohn said that the current push to bring meaningful debt relief to poor
countries must be linked with continuing development lending to be effective.
He said U.S. congressional resistance to providing the funds to support such
efforts seems based on the misunderstanding - as reflected in some surveys -
that the United States already allocates 10 percent to 15 percent of gross
domestic product to foreign assistance programs, when the figure is actually
below 0.1 percent.
As a share of GDP, Sweden and Denmark provide 10 times as much foreign aid as
the United States, the World Bank president added.
HEADLINE: World Bank may back China loan despite US vote.
Blair to hold talks with World Bank chief
LONDON, Oct 26 (Reuters) - Prime Minister Tony Blair is due to hold talks
with World Bank President James Wolfensohn later on Tuesday, the premier's
spokesman said.
Blair is expected to discuss World Bank priorities and objectives for the
next five years, the premier's spokesman said.
The two will also discuss discuss China, Pakistan, and Nigeria, as well as
heavily indebted poor countries.
No further details were available. A statement is not expected after the
meeting.
World Bank to Lend Mexico $1.1 Bln to Shore Up Finance Industry
Mexico City, Oct. 26 (Bloomberg) -- The World Bank said it is close to
signing and beginning to disburse $1.1 billion in loans to Mexico to help it
shore its financial industry and boost the efforts to promote state economic
activity.
The funds, which are part of the $5.2 billion in loans the World Bank has
agreed to grant Mexico in the next two years, are intended to help Mexico
improve its banking oversight. For that the World Bank has earmarked $500
million.
The rest of the funds, two thirds of which are expected to be disbursed
before the end of the year, will be used to help government-sponsored
decentralization efforts, said James D. Wolfensohn, the World Bank's
president, during a news conference.
In addition, the World Bank is also reviewing a $400 million loan to help
Mexico cope with the damage brought to several southern and central states by
torrential rains. Part of those funds are also expected to be used to prevent
future natural disasters.
The World Bank also has in the pipeline a $200 million loan to improve
Mexico's infrastructure, $200 million more for highway construction and about
$120 million for environmental projects.
The World Bank has about $12 billion in outstanding loans to Mexico and could
disburse an additional $4 billion more in coming months.
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