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Foreign Aid is a Money Laundering Scam for Banks and Major Corporations (Part 1)

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  • Reynolds
    Moderator
    • Oct 2018
    • 3414

    Foreign Aid is a Money Laundering Scam for Banks and Major Corporations (Part 1)


    Foreign Aid is a Money Laundering Scam for Banks and Major Corporations (Part 1 of 2)



    The term foreign aid has been defined as “poor people in rich countries giving money to rich people in poor countries."




    That’s only part of the story. The rest of the story is that foreign aid, by and large, is a money laundering scheme. If the money were taken directly from the taxpayers and handed to the bankers and corporations, there would be as big a protest, or bigger, as the one in 2008. Nonetheless, if what I’m saying was true then and is still true, the Internet must have some evidence of it, at least as far as current events are concerned. Here’s what I’ll do: I’ll cite some current problems in foreign aid programs in several countries and with the World Bank.



    Between July 1, 2007 and June 30, 2010, a whopping 63% of Australian foreign aid contracts went to corporations, and 22% went to individuals. Only 12% went to governmental and non-governmental development bodies. Measured by the value of the contracts, 84% went to corporations, 3% went to individuals, and only 11% went to governmental and non-governmental development bodies. The World Bank, which receives $450 billion a year (presumably Australian dollars) from Australian taxpayers, has come under fire for its perceived lack of transparency in how it handles the money and why so much of the money is going to corporations. In the United States, fully two thirds of “foreign aid” is actually military aid. Prior to George W. Bush’s second term of office, the State Department was the primary dispenser of U.S. foreign aid. Since then, the Pentagon has handled the lion’s share of “foreign aid.” If you think you voted for “hope” and “change” in 2008, don’t look for hope or change in the U.S. foreign aid budget. Don’t get the idea that the Pentagon’s interest in foreign aid has anything to do with assisting needy foreigners in Pakistan and other trouble spots. The only assistance the Pentagon is noted for giving people in other countries lies in helping them to find out if there really is life after death.

    For a 30-year mortgage at 10%, the borrower pays back 336% of the money he borrows. The principle, which was created from nothing, returns to nothing; but the remaining 226% (interest), which has value, is transferred from the general economy to the banker. Now consider how much interest the taxpayer pays on a loan that is never fully repaid. As I looked for illustrations to use in this post, I found credible accusations that the Burmese (a.k.a. Myanmar) military dictatorship is pocketing tens of millions of dollars in foreign aid for disaster victims. This aid was intended to be used for the relief of people who had lost everything in the wake of Cyclone Nargis. Never underestimate the ghoulishness of corrupt dictators.




    Much of the waste in foreign aid seems deliberate, and it benefits no one other than the corporations that supply unneeded products. In one program, a factory was built for the construction of glass windows in a country in which most houses didn’t have windows. The factory never became operational because it had no access to electricity. The finding of one study was that much foreign aid, as I suggested earlier, is designed to “stabilize” regimes that are friendly to the donor governments. I first became aware of foreign aid problems over thirty-seven years ago, when I took a college interim course based on a book called The Myth of Aid. As I accepted it all at face value, foreign aid programs throughout the world seemed random and chaotic.

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