Wolfowitz about to fund Iraq with WORLD BANK Funds (NOT WB policy)

[Gloria]

http://www.ipsnews.net/news.asp?idnews=36690


1//Inter Press Service News Agency, Italy
WOLFOWITZ MAY BRING BANK BACK TO IRAQ

World Bank President Paul Wolfowitz may appoint a new resident director for Iraq soon, a move that sources inside the Bank say could contradict the institution's policies on engagement in conflict-stricken areas and put his role in the 2003 U.S. invasion back into the limelight. The move by Wolfowitz, the former number two official at the Pentagon and a main architect of the U.S.-led war, likely means the Bank would release new loans to the occupied Arab nation, despite the deteriorating security situation and recent disclosures of massive corruption in reconstruction efforts. "This is exactly what he shouldn't be doing and what the board was initially afraid that he would do, which is to use the financial resources of the World Bank to take some of the heat off the U.S. Treasury and U.S. policy," Bea Edwards of the Washington-based watchdog group Government Accountability Project told IPS. In a previous statement, Edwards argued that "Wolfowitz's apparent determination to use the World Bank to further questionable American military goals in the Middle East is a fundamental distortion of the Bank's mission, a violation of its founding Articles of Agreement, and a reckless waste of donor resources." The Bank has a policy called Procedure 2.30 ("Development Cooperation and Conflict"), which states that to operate in a country emerging from a conflict, the Bank must first prepare a "watching brief," develop a transitional support strategy, begin transitional reconstruction, then begin post-conflict reconstruction, and finally return to normal lending. ... Anticipating that Iraq could eventually take a more prominent role at the Bank, the board has periodically issued official statements -- a highly unusual measure -- telling Wolfowitz that they want to be updated on any plans for Iraq. The news that he is discussing a contract with a new country director has caused those concerns to resurface.

(AN EXPANDED EXCERPT OF THIS FEATURED ARTICLE FOLLOWS THE SUMMARIES)




More stuff at the current World Media Watch up at:


http://www.buzzflash.com/articles/lalumia/168

[tk2kewl]

1. Well, the US treasury is bankrupt...

The war profiteers need to get their money from somewhere.

[Gloria]

2. That's exactly it...

[tk2kewl]

3. recommended BTW

[Cerridwen]

4. K & R for all those who wondered why the hell he was put there

in the first place.

Now we know.

[Lerkfish]

6. yup, just what I was thinking: finally we know how that piece fits in.

[rodeodance]

5. this says it all.

........Edwards argued that "Wolfowitz's apparent determination to use the World Bank to further questionable American military goals in the Middle East

[Gloria]

9. Props to Edwards.....bet no one else will mention it....

[anitar1]

14. Edwards is one smart cookie. n/t

[Eugene]

7. K & Rec #5 - Now the pieces all fit together.

:( :grr:

I expected the neocons to subvert the World Bank,
but I didn't expect them to be so brazen about it.

[WiseButAngrySara]

17. Same here! ...n/t

[LSK]

8. so thats where the money will come from once Congress defunds the war

[w4rma]

10. Fine with me. I hope that they bankrupt that institution. (nt)

[The Backlash Cometh]

11. Well, judging by the holes in his socks, Wolfowitz could use some of that

money himself.

[file83]

12. And now we know the rest....of the story.

I've been waiting for Wolfy to "do his part" for Bushy over at the World Bank.

[mmonk]

13. Yes, his purpose there is to channel

debt funds through multinational corporations. That in essence is part of the plan of empire with its chrony capitalism on the world stage.

[Rex]

15. They need a new source of income to fund their PNAC war.

Why else would they stick Wolve in there? They been planning this shit for a long time now.

[formercia]

16. Selling off the Gold Reserves as well

Many countries including the US lent gold to the World Bank to back up the resources of the Bank. The Gold that the US lent, which belong to the taxpayer may be sold off by Wolfie and company.
The Elites are in the process of buying up Gold reserves in anticipation of a World financial collapse and Wolfie is helping them out, leaving the bank's reserves nothing but flat currency reserves for their operations.


http://en.wikipedia.org/wiki/Official_gold_reserves

IMF gold reserves

IMF gold reserves refers to 3,217 tonnes of gold held by the International Monetary Fund. It is currently priced at a range of $40 and $50 a troy ounce ($1,300 to $1,600/kg), a price that was fixed in the 1970s before the Nixon government stopped pegging the U.S. dollar to the gold and instead allowed market forces to set the dollar's worth. An attempt to revalue the gold reserve to today's value has met resistance for different reasons. Canada, a major gold producer, is against the idea of revaluing the reserve, as it would flood the market with gold and therefore depress its price. <5> It is also not clear whether the gold reserve is the property of the IMF or of member countries.

Three quarters of the gold reserve was contributed by G5 members, namely France, Germany, Japan, United States and United Kingdom.





About 16,000 Tons of Gold is estimated to be missing from Cental Bank reserves and was used to keep the price low so that it could be bought up at a lower price:

http://www.kitco.com/ind/Murphy/nov172005.html

The Manipulation Of The Gold Market


By Bill Murphy Printer Friendly Version
November 17, 2005


www.LeMetropoleCafe.com

The key to understanding the manipulation of the gold market, this enormous scandal and fraud, is that it can be compared to a murder trial. In the United States a murderer can be put to death if he is found guilty beyond a reasonable doubt. Many times murder defendants are convicted based solely on "circumstantial" evidence because a reasonable person could reach no conclusion other than guilty.

For seven years GATA has discovered one piece of evidence after another supporting our long-held contention that the gold market is managed by certain central banks and their agents, the bullion banks. It is a price-fixing case involving some very powerful people and institutions … in fact it is a Gold Cartel. The U.S. attorney handling the Samsung conspiracy conviction said in an interview this fall that the United States had experienced an "epidemic" of price-fixing cases in the late 1990s. All GATA has done is uncovered one of them, the grandest of all.

For one to appreciate how this can go on and on and not be brought to the attention of the public, one need only to reflect on Enron and Refco. Before its initial public offering of stock, Refco was audited by the most highly regarded firms on Wall Street and nothing wrong was discovered. Yet look at what was really transpiring behind the scenes. Now the company is bankrupt and under criminal investigation.


FDR was right. He understood the dangers of the Elites controlling the Gold Reserves:

http://www.the-privateer.com/1933-gold-confiscation.html

The Gold Confiscation Of April 5, 1933
From: President of the United States Franklin Delano Roosevelt
To: The United States Congress
Dated: 5 April, 1933
Presidential Executive Order 6102

Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled

An Act to provide relief in the existing national emergency in banking, and for other purposes~',

in which amendatory Act Congress declared that a serious emergency exists,

I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order:

[WiseButAngrySara]

18. KNR. ....n/t