The Money Tree

A Five Part Series: Part Four, Round Up The Usual Suspects

by J. Walter Diamond

Before we plunge into the depth, despair and quagmire of the 12 Billion dollars of American taxpayer money that is now missing in action, I would like to finish up a few thoughts regarding the World Bank.

Like the International Monetary Fund, the World Bank is largely funded by U.S. Tax dollars, 75% surprised. Both groups are headquartered in Washington D.C. Both groups are supported by over 180 nations worldwide (mostly the third world needy nations) and the bigger countries have a seat on the board of governors. France, Germany Japan and the United Kingdom and the United States each appoint an Executive Director. 19 Directors whom are elected by groups of countries called (constituencies) represent other countries. Theses groups can be single countries or smaller groups of countries. To be sure the Washington elite play a exceedingly broad-based role in the policy making within the greater body.

In 1960 the IDA The Industrial Development Association was formed as an associate arm of the World Bank. The IDA sells AAA rated bonds in world markets to augment their funding base. Nations who borrow, pay a 1% administrative fee. Repayment is required in 35 or 40 years with 10-year grace periods. Currently there is a drum- beat to widely forgive these third world debtor nations because they can't even pay a modest interest payment. They can not repay their obligation, because much of the money was ill spent or outright stolen by corrupt national leaders. In all, there are 6 distinct agencies affiliated with this monster branch of the Money Tree and one mysterious man is charge of it all.

Like the recently retired Michael Camdessus, Director of the International Monetary Fund, Donald Wolfson is president of all divisions of the World Bank, is accountable to no one except the Executive Directors, who are flawed by great possibilities of conflicts of interests.

The same gentlemen lobby for loans and grants for a variety of third world programs for their individual countries. Unfortunately, these are the very same directors who approve the requests. The system is severely flawed because there are no oversight or checks or balances. Billions of U.S TAX dollars have poured into a myriad of other wise seemingly good humanitarian projects around the world, The most astute economists would be hard pressed to prove that these funding agencies are anything more than large hidden Rat Holes, where colossal stealing has been taking place for since the agencies were born.

Most recently 1 Billion dollars was sent to Haiti, like the Russian theft of more like 20 billion dollars, that we know about, this money also evaporated before the ink was dry. A local Haitian police chief was interviewed by a secondary news source and complained he could not even buy tires for his cruiser because the money was not available! It does not take a rocket scientist to track down the missing money. Follow the money trail!! The thieves are usually presidents and their unprincipled IMF/ WORLD BANK contacts conspiring with international bankers, like the owner of the Bank of New York who was mysteriously killed "hit man style" in his cozy Monaco villa late last year.

So who are the usual suspects in this dark tale of greed and corruption? Of course we know who they are, however in this case, the information is so sensitive and so damaging that the entire affair is being quietly swept under the carpet. These agencies do not want to have to report to anyone; therefore they do not want the truth to come out about the corruption and misallocation of enormous mountains of stolen capital!

If you're upset about this news, write your local congressman and demand these two cash cows be brought back on the farm. They know very well what's going on and in many cases are benefiting in direct and indirect ways at yours and my expense.

The true story may never be fully known or completely examined in the Western press. Those willing to hack their way through a barrage of smoke and mirrors may find a moment of truth. A plot so energized, masqueraded at the highest levels to steal into the palace and suck the guts out of an odd plan to privatize Mother Russia.

An international robbery at the top, steeped in the dark side of government graft and greed that would soon give an odd birth to an irreverent scheme, which was spotted only as a minor blip on the radar screen of international geo-political corruptness. Tending this fire, a set of cold plotting hands wearing one hundred-dollar gloves, a half dozen executioners drafted a brazen plan. Hands so secure and entrenched in muffled power of high offices of state, guarded by the whims of madmen, hungry to pull off the crime of the century. So they began to fashion their high-styled robbery.

A man that deserves honorable mention is one Knostantin Kagalovsky, known in Russia as an opportunist. Small potatoes in the long view, but central, none the less, as one of Russia's first representatives to the International Monetary Fund, he laid the early foundation for this colossal theft.

His inner circle connection to the very corrupt Bank of New York was outlined by both the New York Times and the Washington Post, in steamy articles touching on money laundering scandals, (then thought to be $15 billion dollars) which landed for a mili-second as front page headlines on those publications. This is only dwarfed by the lack of hard -hitting follow up reporting by these establishment news services.

Underneath the scandal and at the heart of this ill-conceived foreign policy toward Russia and many other third world countries is a governmental policy which looks to tame deep corruption by turning a blind eye to it in the hopes that sober, sane democratic high ideals will ultimately prevail.

For decades many in our governing body suggested that the only way to defeat communism was to give generously to our sworn enemies. After billions of squandered tax -payers dollars, not one communist country traded their ungodly system for the American way. It was not until Ronald Reagan stood up to Russia, using the office of his Presidency that they folded like a bad deck of bent cards. He was right then and his tough styled diplomacy is still correct today. We would be a lot better off to revisit the strength of his leadership.

The one world government people cry long and hard, an old and tired tune; that unless we help Russia stabilize their bankrupt, godless, nation we may force them to push the big red ugly nuclear button. Yet few Americans understand that a good portion of this stolen IMF loot may actually be headed into deep pockets of tough Soviet military generals, whose main focus is to strengthen their failing government with newer and better tools of world destruction.

Certainly not even the most corrupt of Soviet criminals would be allowed to keep such an enormous world class treasure, without paying a large tax dividend to the government that looked the other way and allowed the theft in the first place. Think about that one for a moment. A steelworker in Pittsburgh working hard for overtime now involuntarily gets to help his sworn enemy rebuild their nuclear arsenal in the new Soviet Union.

This is the mania of the so-called New World Order and their wacky sense of globalism. Want more political reality?

Al Gore, so called father of the internet and presidential candidate, blocked CIA reports detailing serious deep corruption in Russia. Why? Because two of his long term friends and comrades; Viktor Chernomyrdin and Anatole Chubais were fingered, in the CIA report, as two of the most corrupt politician's in Russia, stealing vast sums of U.S. aide with their personal agendas. Their bravado set the concept of theft from the west at new all time levels; kind of a new social security from your family to their family Vern.

To help meet failing Clinton Gore policies, and maintain a positive image, all this skull -dupery was pronounced by the administration as a grand success to the world press. It was called helping the little people of Russia privatize their weary economy. A new show place for Capitalism, designed by the Clinton west. Little did the President from Arkansas know that before the ink was dry, the money- box would be raped and pillaged by these corrupt Russians officials.

This has been one of the great failings of the Clinton Administration: the meaning of what "is" is and their willingness to do anything and everything to make huge blunders and failed policies seem like they were brilliant. When these many aggrieves criminal acts should have been not just an argument for true impeachment, but even a better argument for real jail time. And I am not even a Clinton hater, like some of you profess to be.

Clinton's fail-safe was to always make sure all the dissenters got a piece of the action. So everyone took their piece and a lot more, hence no rational official here or in the Soviet Union really wants to turn up too much mud, they may just find a shoe full of stolen dollars with their name on it. This ploy was taken to new highs in the Clinton Gore administration and used in a wide variety of creative ways throughout the term of their administration.

Often the One World Group, promote their aberrant policies by anointing the most far-fetched schemes with a touch of soiled "crafting" from the most Ivy of the Ivy League Universities; Harvard. All the big players on the world scene are heavily weighted down with blue blood types from Harvard. As if you hail from one of these big East Coast schools your half- cocked ideas will be more real than common sense. The IMF and World Bank employ literally thousands of these moss back IQ's.

Its no surprise then that Jeffery Sachs, Harvard economists, par excellent, with critical input from Russia's Anatole Chubais in early 1992, drew on both talent and greed to fashion the now defunct, but famous, nevertheless "voucher privatization".

In a large secondary windfall, the elite criminals in Russia concocted a second tier effort of privatization called; loans for shares. Along with these fantasies, Russia sold millions of GKO government backed bonds, which helped to siphon off millions more in Western assets. The bonds are another example of IMF astute mishandling of U.S. back tax dollars! Returns as high as 290% brought in investors far and wide, including the Russian Central Bank.

The list of the high flying organizations, many now answering to serious conflicts of interest include, but are not limited to the following; the Harvard Institute of International Developments, The Harvard Management Corporation, which invests the university's endowment, World Banks Moscow's office, Ford Foundation Moscow's office and many upper management types, violating a variety of conflict of interests.

One of the many fundamental problems that should have been foreseen by Professor Sachs and his little band of Harvard elite were that Russia now as then had no clue as to exactly what individual property rights mean. The right to own and convey rights and title and interest in real property is taken for granted here in the U.S. and in Western Europe. In Russian, all property is owned by the state.

What was conferred in the rush of the mayhem and madness back in the early part of 1991 and 1992 were rights to streams of income developed from specific business' and industry.

The Russian Mafia, early on, quickly ceased an opportunity of a lifetime by buying up millions of dollar of potential incomes at pennies on the dollar, when the privatization scheme went up in smoke. Hence when a fledgling attempt to introduce to the Soviet people Western style capitalism, they would forever have a bad taste in their mouth.

What was meant for good turned ugly in a hurry. The IMF, and their cousin, the Industrial Development Agency poured in millions upon billions into Russia's sick economy to make an effort to save this wild experiment in Western capitalism. Huge ego's were at risk around the globe. It was not long before the most corrupt elements of the Russian mob convinced a broad spectrum of Soviet leadership that this truly was a golden, once in a lifetime opportunity to steal billions in new found wealth from the dirty capitalists pigs, who controlled the world from the West. And so with little effort, they all let their hair down and had a giant party at the expense of the U.S.. In the last disheartening three-years of Boris Yeltsin and his two wayward daughters walked away with huge bundles of stolen cash, laughing all the way to the bank.

It is no wonder that in Yeltsin's surprise departure December 31,1999 as Russian commander in chief, part of a negotiated agreement with the new administration was that he and his family would be totally immune from any future prosecution or repercussion that would surface from his many financial misdeeds. He, like so many of his Russian bureaucrats, where spreading the looted booty far and wide as insurance; they were all very happy to take the money and run. And so goes the sad story of the Russian pilfering of $20 Billion in Western dollars that were positioned to keep the world safe and secure from the ugliness of defeated communism.

The story encompasses 10 years of greed, theft and failed Clinton Gore polices and cover-ups. No one at higher levels of the administration at the; Treasury, State Department, the Executive branch, the World Bank or the International Monetary Fund are exempt from this moral failing to stop or cut short what everyone in the "know" knew what was happening, almost from the very beginning.

Michael Camdessus, quietly retired after presiding over the biggest theft in the history of the IMF. The owner of the Bank of New York was assassinated because he knew too much. Robert Ruben, Secretary of the Treasury, returned to the private sector, Yelstin left office with a boatload of western cash.

Mr. Grigore Loutchansky, original founder of Nordex and personal friend and large contributor of Bill Clinton has disappeared from the landscape. Nordex, after all routed all the IMF money. Gone are suspect companies; Mabetx, Benetx, Forex, Ostex, Torfinex and Dimalex all a string of companies related to Nordex.

Left behind, millions of Russian families who have been defrauded and lay by the wayside. Defrauded by a system, which clearly failed them, once again. Broken in spirit and once again in great need of hope. American Tax payers have been taken once again, by their elected officials, on a ride they did not sign up for. Once again billions ring the cash register of additional long -term obligations, some future hope lost in a rising national debt.

In our final installment, we will offer some thoughts on this disgrace, which like yesterday's news has been quickly swept under the carpet. As a nation, we must start by electing officials we can trust. People of integrity and honesty who love our country as much as we do. Then we must, above all things, make our elected officials responsible and judge them, making them accountable to the fullest extent of the law, if they choose corruption over honesty.

--J. Walter Diamond

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