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By James Turnage
Thomas Jefferson wrote in a letter to John Taylor in 1816: “And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
The World Bank was constructed to lend money to the developing countries of the world. It was designed to help put an end to world poverty. A whistleblower by the name of Karen Hudes, former Chief Council for the World Bank for 12 years, claims the organization is filled with corruption, deceit, and greed.
Ms. Hudes says that the World Bank, in collusion with major banking institutions all over the world, is funneling the money to unscrupulous individuals, as well as to the executives of the bank itself. The bulk of funds never reaches the people for which it is intended.
Ms. Hudes, a lawyer herself, witnessed securities fraud. Full disclosure of 180 billion dollars-worth of bonds was never made to investors. It was her job to ensure financial statements for investors were accurate. She followed the corporate ladder, and reported her findings to the audit committee. When she received no response, she took her information to the U.S. Treasury Department. Once again, she was ignored. When she went to the United States Congress, Senator Richard Luger, Republican from Indiana, sent three letters to the World Bank, asking them not to fire her. The promptly fired her.
She says that it became obvious to her that Congress had no knowledge of the World Bank’s operations. Three additional Congressmen asked the General Accounting Office, the GAO, to investigate.
Ms. Hudes claimed the money was ‘going everywhere,’ because when anyone reported the misappropriation of funds, they were fired. She cited one instance when 900 million dollars was supposed to go to the poor in the Philippines, and instead it was diverted to a man by the name of “Lucio Tonn,” who was behind on his loan payments. The Philippine National Bank, which never received the money, eventually went bankrupt, and a 500 million dollar bailout ensued.
She says she was attempting to unveil a massive cover-up, that went all the way to Congress, and included 188 ministers of finance around the world. She claims the result of all the corruption will be a currency war.
Ms. Hudes says there are several World Bank whistleblowers, including the United Kingdom, Mexico, India, and Ethiopia, and that they are all reporting the same information. The institution is corrupt from top to bottom.
She was asked by Abby Martin of ‘RT’ if she had gone to the financial publications. Ms. Hudes said she had, but she discovered they were owned by one major conglomerate, which includes nearly all the financial institutions in the world. She stated that the aim of the Banking community is to control the people of the world and their finances.
She told of the ‘Federal Institute of Technology, in Zurich, Switzerland, where three mathematicians looked at corporate data from 43,000 trans-national companies. Through complicated maneuvers, they increased their financial power 10 fold, and own 40 percent of the assets of all companies traded on the financial markets of the world, and 60 percent of the earnings yearly. In many countries, the money being printed has no value.
Ms. Martin said these institutions are obviously laundering money, and hiding much of it in ‘offshore’ accounts. There is no oversight for most of the institutions, including the World Bank, and that they control geopolitics by controlling many of the world’s governments.
Ms. Hudes said that during the 2012 presidential election, she went to CBS news with information regarding Robert Zellig. Zellig was the man who would have headed Mitt Romney’s transition team. He was allegedly part of the Bank’s corrupted management. CBS declined, saying that “the American people don’t need to know.” She said that in this way, they were also controlling voters.
When Ms. Martin asked her for names, Hudes said that they were the owners of institutions such as ‘Goldman-Sachs,’ and the ‘Bank of America.’ She further stated that they were all one enormous financial entity, dominating the economic future of the world.
Ms. Martin asked why she hasn’t been singled out, as were Edward Snowden or Bradley Manning. Ms. Hudes said it may be because all the whistleblowers are working together. She is surprised that Snowden has received so much attention, because the media is controlled by the government. The mainstream media is not trusted by the American people, which was shown in a survey. 70 percent of the country said they did not believe what was reported in the news.
The World Bank was created at the 1944 Bretton Woods Conference, along with three other institutions, including the International Monetary Fund (IMF). The World Bank and the IMF are both based in Washington DC, and work closely with each other.
Traditionally, the World Bank has been headed by a citizen of the United States, while the IMF has been led by a European citizen.
The World Bank has two primary divisions. The International Bank for Reconstruction and Development (IBRD) has 188 member countries, while the International Development Association (IDA) has 172 members. Each member state of IBRD should be also a member of the International Monetary Fund (IMF) and only members of IBRD are allowed to join other institutions within the Bank (such as IDA).
The World Bank requires sovereign immunity from countries it deals with. Sovereign immunity waives a holder from all legal liability for their actions. It is proposed that this immunity from responsibility is a “shield which The World Bank wants to resort to, for escaping accountability and security by the people.” As the United States has veto power, it can prevent the World Bank from taking action against its interests.
With no accountability, it’s easy for the World Bank to be filled with corruption, deceit, and greed.
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