Uganda: How America Bullies the World
(Page 2 of 2) The success of EHM is measured by how much a country is economically messed up, especially in squandering its resources such as oil. In 1968, an American Oil Company discovered huge oil deposits in the Latin America Republic of Ecuador. Today oil accounts for nearly half of Ecuador's exports. A substandard Trans-Andean oil pipeline built at that time has since leaked more than 500,000 barrels of oil into the rain forest.
Today a new $1.3 billion, 300 hundred mile oil pipeline connecting Ecuador to USA, will make Ecuador one of the top ten countries supplying oil to USA. Despite past and future fortunes, the EHM have ensured that Ecuador is actually worse than before the oil bonanza. Since the oil boom of 1970, poverty levels have worsened from 50% in 1970 to 70% as
of now.
Unemployment rate worsened from 15% to 70%, public debt increased from $240 million to $16 billion and the resource envelop allocated to the poorest segment of the population decreased from 20% to a miserable 6% in the same period (1970 - 2005).
Mr. Perkins was a top official with an international American company called MAIN, which dealt in consultancy and huge construction work. Perkins main work involved two key roles: One was to justify reasons for lending huge sums of money to countries deemed suitable, and ensure that the huge loans were funneled back to huge USA corporations.
Secondly he formulated dubious economic projections, which would end up bankrupting borrowing countries. Specifically he would falsify figures showing that particular projects or programs would contribute to enormous GNP growth of a country covering say 20 to 25 years in future. Even when huge
economic development benefited only few people, it would be shown as if the whole country would grow richer.
In Indonesia, he was asked to project electricity power demand growth of between 17% and 20% annually even when the realistic rate was between 7% and 9%. How does USA manage to lend so much money, which is normally never paid back, and end up written off? Perkins explains that USA has managed to become new super imperialist power because it prints the dollars, which is not backed by any thing.
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The USA Mint has the right to print all those dollars. The current USA financial powers can last as long as the Saudis, the Japanese, Chinese and European Union continue to invest in the USA Government bonds and accept payment in printed dollars. If in
future the above economic power blocks withdraw their faith in the USA printed dollar that will be the end of the America's dominating financial powers. (page 212)
But not everything is moving on like a matter of clockwork. The CIA-backed Shah of Iran was overthrown. After reading the book one feels tempted to doubt the flowerily economic growth rate Bank of Uganda and other Government officials have been telling Ugandans to believe. With good reasons.
It is simple economics that economic growth rate which is far below interest rate lead to bankruptcy. How come for example, that while Uganda has been registering impressive economic growth, it has, at the same time become more indebted?
An American friend of mine, after reading the article above, commented: chief he says.one begins to what as to why this sort of Anti-American Articles are only now
coming out from NRM henchmen. Did Bush do an About-turn on the "visionary NRM leadership of Dictator Yoweri Museveni"..and that this sort of articles are only now coming up because of, if you like bitterness and sore grapes on th epart of the NRM which that President Bush..is about to remove the rag from down under?
MK
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