Global Power Project: Part 4 of 4 Part Series – Published on Dissident Voice, by Andrew Gavin Marshall, June 1, 2014.
(Read Part 1 here; Part 2 here; Part 3 here).
… At the 1992 International Monetary Conference in Toronto, there was a general consensus among private bankers and public officials that, as a result of enormous over-lending to Latin America and developing countries throughout the previous debt-crisis decade, the task of financing “the transformation of the former Soviet Union to a market economy” could not be left to bank loans alone. Hilmar Kopper, the CEO of Deutsche Bank, told the conference attendees that commercial banks would only engage in large-scale financing if there were “government-guaranteed credits” and “an agreement on the old debt,” implying that the banks would essentially need the guarantee of a government bailout scheme if things got bad. Continuer la lecture de « When Fat Cats Meet in Munich: Welcoming the International Monetary Confernce »