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|| * - RESEARCH - * - September 24, 1998 - * - RESEARCH - * ||
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RESEARCH SUPPLEMENT
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_________________________________________________________________
FINANCIAL WARFARE
_________________________________________________________________
By Michel Chossudovsky
Professor of Economics, University of Ottawa
- Monday, 21 September 1998 -
* * *
"Practices of the unscrupulous money changers stand indicted
in the court of public opinion, rejected by the hearts and
minds of men". (Franklin D. Roosevelt's First Inaugural
Address, 1933)
Humanity is undergoing in the post-Cold War era an economic
crisis of unprecedented scale leading to the rapid impoverishment
of large sectors of the World population. The plunge of national
currencies in virtually all major regions of the World has
contributed to destabilising national economies while
precipitating entire countries into abysmal poverty.
The crisis is not limited to Southeast Asia or the former
Soviet Union. The collapse in the standard of living is taking
place abruptly and simultaneously in a large number of countries.
This Worldwide crisis of the late twentieth century is more
devastating than the Great Depression of the 1930s. It has far-
reaching geo-political implications; economic dislocation has
also been accompanied by the outbreak of regional conflicts, the
fracturing of national societies and in some cases the
destruction of entire countries. This is by far the most serious
economic crisis in modern history.
The existence of a "global financial crisis" is casually
denied by the Western media, its social impacts are downplayed or
distorted; international institutions including the United
Nations deny the mounting tide of World poverty: "the progress in
reducing poverty over the [late] 20th century is remarkable and
unprecedented..."1. The "consensus" is that the Western economy
is "healthy" and that "market corrections" on Wall Street are
largely attributable to the "Asian flu" and to Russia's troubled
"transition to a free market economy".
EVOLUTION OF THE GLOBAL FINANCIAL CRISIS
The plunge of Asia's currency markets (initiated in
mid-1997) was followed in October 1997 by the dramatic meltdown
of major bourses around the World. In the uncertain wake of Wall
Street's temporary recovery in early 1998 -- largely spurred by
panic flight out of Japanese stocks -- financial markets
backslided a few months later to reach a new dramatic turning-
point in August with the spectacular nose-dive of the Russian
ruble. The Dow Jones plunged by 554 points on August 31st (its
second largest decline in the history of the New York stock
exchange) leading in the course of September to the dramatic
meltdown of stock markets around the World. In a matter of a few
weeks (from the Dow's 9337 peak in mid-July), 2300 billion
dollars of "paper profits" had evaporated from the U.S. stock
market.2
The ruble's free-fall had spurred Moscow's largest
commercial banks into bankruptcy leading to the potential take-
over of Russia's financial system by a handful of Western banks
and brokerage houses. In turn, the crisis has created the danger
of massive debt default to Moscow's Western creditors including
the Deutsche and Dresdner banks. Since the outset of Russia's
macro-economic reforms, following the first injection of IMF
"shock therapy" in 1992, some 500 billion dollars worth of
Russian assets -- including plants of the military industrial
complex, infrastructure and natural resources -- have been
confiscated (through the privatisation programmes and forced
bankruptcies) and transferred into the hands of Western
capitalists.3 In the brutal aftermath of the Cold War, an entire
economic and social system is being dismantled.
`FINANCIAL WARFARE'
The Worldwide scramble to appropriate wealth through
"financial manipulation" is the driving force behind this crisis.
It is also the source of economic turmoil and social devastation.
In the words of renowned currency speculator and billionaire
George Soros (who made 1.6 billion dollars of speculative gains
in the dramatic crash of the British pound in 1992) "extending
the market mechanism to all domains has the potential of
destroying society".4 This manipulation of market forces by
powerful actors constitutes a form of financial and economic
warfare. No need to recolonise lost territory or send in invading
armies. In the late twentieth century, the outright "conquest of
nations" meaning the control over productive assets, labour,
natural resources and institutions can be carried out in an
impersonal fashion from the corporate boardroom: commands are
dispatched from a computer terminal, or a cell phone. The
relevant data are instantly relayed to major financial markets --
often resulting in immediate disruptions in the functioning of
national economies. "Financial warfare" also applies complex
speculative instruments including the gamut of derivative trade,
forward foreign exchange transactions, currency options, hedge
funds, index funds, etc. Speculative instruments have been used
with the ultimate purpose of capturing financial wealth and
acquiring control over productive assets. In the words of
Malaysia's Prime Minister Mahathir Mohamad: "This deliberate
devaluation of the currency of a country by currency traders
purely for profit is a serious denial of the rights of
independent nations".5
The appropriation of global wealth through this manipulation
of market forces is routinely supported by the IMF's lethal
macro-economic interventions which act almost concurrently in
ruthlessly disrupting national economies all over the World.
"Financial warfare" knows no territorial boundaries; it does not
limit its actions to besieging former enemies of the Cold War
era. In Korea, Indonesia and Thailand, the vaults of the central
banks were pillaged by institutional speculators while the
monetary authorities sought in vain to prop up their ailing
currencies. In 1997, more than 100 billion dollars of Asia's hard
currency reserves had been confiscated and transferred (in a
matter of months) into private financial hands. In the wake of
the currency devaluations, real earnings and employment plummeted
virtually overnight leading to mass poverty in countries which
had in the post-War period registered significant economic and
social progress.
The financial scam in the foreign exchange market had
destabilised national economies, thereby creating the
preconditions for the subsequent plunder of the Asian countries'
productive assets by so-called "vulture foreign investors".6 In
Thailand, 56 domestic banks and financial institutions were
closed down on orders of the IMF, unemployment virtually doubled
overnight.7 Similarly in Korea, the IMF "rescue operation" has
unleashed a lethal chain of bankruptcies leading to the outright
liquidation of so-called "troubled merchant banks". In the wake
of the IMF's "mediation" (put in place in December 1997 after
high-level consultations with the World's largest commercial and
merchant banks), "an average of more than 200 companies [were]
shut down per day (...) 4,000 workers every day were driven out
onto streets as unemployed".8 Resulting from the credit freeze
and "the instantaneous bank shut-down", some 15,000 bankruptcies
are expected in 1998 including 90 percent of Korea's construction
companies (with combined debts of $20 billion dollars to domestic
financial institutions).9 South Korea's Parliament has been
transformed into a "rubber stamp". Enabling legislation is
enforced through "financial blackmail": if the legislation is not
speedily enacted according to IMF's deadlines, the disbursements
under the bail-out will be suspended with the danger of renewed
currency speculation.
In turn, the IMF sponsored "exit programme" (ie. forced
bankruptcy) has deliberately contributed to fracturing the
chaebols which are now invited to establish "strategic alliances
with foreign firms" (meaning their eventual control by Western
capital). With the devaluation, the cost of Korean labour had
also tumbled: "It's now cheaper to buy one of these [high tech]
companies than buy a factory -- and you get all the distribution,
brand-name recognition and trained labour force free in the
bargain"...10
THE DEMISE OF CENTRAL BANKING
In many regards, this Worldwide crisis marks the demise of
central banking meaning the derogation of national economic
sovereignty and the inability of the national State to control
money creation on behalf of society. In other words, privately
held money reserves in the hands of "institutional speculators"
far exceed the limited capabilities of the World's central banks.
The latter acting individually or collectively are no longer able
to fight the tide of speculative activity. Monetary policy is in
the hands of private creditors who have the ability to freeze
State budgets, paralyse the payments process, thwart the regular
disbursement of wages to millions of workers (as in the former
Soviet Union) and precipitate the collapse of production and
social programmes. As the crisis deepens, speculative raids on
central banks are extending into China, Latin America and the
Middle East with devastating economic and social consequences.
This ongoing pillage of central bank reserves, however, is
by no means limited to developing countries. It has also hit
several Western countries including Canada and Australia where
the monetary authorities have been incapable of stemming the
slide of their national currencies. In Canada, billions of
dollars were borrowed from private financiers to prop up central
bank reserves in the wake of speculative assaults. In Japan --
where the yen has tumbled to new lows -- "the Korean scenario" is
viewed (according to economist Michael Hudson), as a "dress
rehearsal" for the take over of Japan's financial sector by a
handful of Western investment banks. The big players are Goldman
Sachs, Morgan Stanley, Deutsche Morgan Gruenfell among others who
are buying up Japan's bad bank loans at less than ten percent of
their face value. In recent months both US Secretary of the
Treasury Robert Rubin and Secretary of State Madeleine K.
Albright have exerted political pressure on Tokyo insisting "on
nothing less than an immediate disposal of Japan's bad bank loans
-- preferably to US and other foreign "vulture investors" at
distress prices. To achieve their objectives they are even
pressuring Japan to rewrite its constitution, restructure its
political system and cabinet and redesign its financial system...
Once foreign investors gain control of Japanese banks, these
banks will move to take over Japanese industry..."11
CREDITORS AND SPECULATORS
The World's largest banks and brokerage houses are both
creditors and institutional speculators. In the present context,
they contribute (through their speculative assaults) to
destabilising national currencies thereby boosting the volume of
dollar denominated debts. They then reappear as creditors with a
view to collecting these debts. Finally, they are called in as
"policy advisors" or consultants in the IMF-World Bank sponsored
"bankruptcy programmes" of which they are the ultimate
beneficiaries. In Indonesia, for instance, amidst street rioting
and in the wake of Suharto's resignation, the privatisation of
key sectors of the Indonesian economy ordered by the IMF was
entrusted to eight of the World's largest merchant banks
including Lehman Brothers, Credit Suisse-First Boston, Goldman
Sachs and UBS/SBC Warburg Dillon Read.12 The World's largest
money managers set countries on fire and are then called in as
firemen (under the IMF "rescue plan") to extinguish the blaze.
They ultimately decide which enterprises are to be closed down
and which are to be auctioned off to foreign investors at bargain
prices.
WHO FUNDS THE IMF BAILOUTS?
Under repeated speculative assaults, Asian central banks had
entered into multi-billion dollar contracts (in the forward
foreign exchange market) in a vain attempt to protect their
currency. With the total depletion of their hard currency
reserves, the monetary authorities were forced to borrow large
amounts of money under the IMF bailout agreement. Following a
scheme devised during the Mexican crisis of 1994-95, the bailout
money, however, is not intended "to rescue the country"; in fact
the money never entered Korea, Thailand or Indonesia; it was
earmarked to reimburse the "institutional speculators", to ensure
that they would be able to collect their multi-billion dollar
loot. In turn, the Asian tigers have been tamed by their
financial masters. Transformed into lame ducks -- they have been
"locked up" into servicing these massive dollar denominated debts
well into the third millennium.
But "where did the money come from" to finance these multi-
billion dollar operations? Only a small portion of the money
comes from IMF resources: starting with the Mexican 1995
bail-out, G7 countries including the US Treasury were called upon
to make large lump-sum contributions to these IMF sponsored
rescue operations leading to significant hikes in the levels of
public debt.13 Yet in an ironic twist, the issuing of US public
debt to finance the bail-outs is underwritten and guaranteed by
the same group of Wall Street merchant banks involved in the
speculative assaults.
In other words, those who guarantee the issuing of public
debt (to finance the bailout) are those who will ultimately
appropriate the loot (eg. as creditors of Korea or Thailand) --
ie. they are the ultimate recipients of the bailout money (which
essentially constitutes a "safety net" for the institutional
speculator). The vast amounts of money granted under the rescue
packages are intended to enable the Asian countries meet their
debt obligations with those same financial institutions which
contributed to precipitating the breakdown of their national
currencies in the first place. As a result of this vicious
circle, a handful of commercial banks and brokerage houses have
enriched themselves beyond bounds; they have also increased their
stranglehold over governments and politicians around the World.
STRONG ECONOMIC MEDICINE
Since the 1994-95 Mexican crisis, the IMF has played a
crucial role in shaping the "financial environment" in which the
global banks and money managers wage their speculative raids. The
global banks are craving for access to inside information.
Successful speculative attacks require the concurrent
implementation on their behalf of "strong economic medicine"
under the IMF bail-out agreements. The "big six" Wall Street
commercial banks (including Chase, Bank America, Citicorp and J.
P. Morgan) and the "big five" merchant banks (Goldman Sachs,
Lehman Brothers, Morgan Stanley and Salomon Smith Barney) were
consulted on the clauses to be included in the bail-out
agreements. In the case of Korea's short-term debt, Wall Street's
largest financial institutions were called in on Christmas Eve
(24 December 1997), for high level talks at the Federal Reserve
Bank of New York.14
The global banks have a direct stake in the decline of
national currencies. In April 1997 barely two months before the
onslaught of the Asian currency crisis, the Institute of
International Finance (IIF), a Washington based think-tank
representing the interests of some 290 global banks and brokerage
houses had "urged authorities in emerging markets to counter
upward exchange rate pressures where needed...".15 This request
(communicated in a formal Letter to the IMF) hints in no
uncertain terms that the IMF should advocate an environment in
which national currencies are allowed to slide.16 Indonesia was
ordered by the IMF to unpeg its currency barely three months
before the rupiahs dramatic plunge. In the words of American
billionaire and presidential candidate Steve Forbes: "Did the IMF
help precipitate the crisis? This agency advocates openness and
transparency for national economies, yet it rivals the CIA in
cloaking its own operations. Did it, for instance, have secret
conversations with Thailand, advocating the devaluation that
instantly set off the catastrophic chain of events?" (...) Did
IMF prescriptions exacerbate the illness? These countries' moneys
were knocked down to absurdly low levels".17
DEREGULATING CAPITAL MOVEMENTS
The international rules regulating the movements of money
and capital (across international borders) contribute to shaping
the "financial battlefields" on which banks and speculators wage
their deadly assaults. In their Worldwide quest to appropriate
economic and financial wealth, global banks and multinational
corporations have actively pressured for the outright
deregulation of international capital flows including the
movement of "hot" and "dirty" money.18 Caving in to these demands
(after hasty consultations with G7 finance ministers), a formal
verdict to deregulate capital movements was taken by the IMF
Interim Committee in Washington in April 1998. The official
communique stated that the IMF will proceed with the Amendment of
its Articles with a view to "making the liberalization of capital
movements one of the purposes of the Fund and extending, as
needed, the Fund's jurisdiction for this purpose".19 The IMF
managing director, Mr. Michel Camdessus nonetheless conceded in a
dispassionate tone that "a number of developing countries may
come under speculative attacks after opening their capital
account" while reiterating (ad nauseam) that this can be avoided
by the adoption of "sound macroeconomic policies and strong
financial systems in member countries". (ie. the IMF's standard
"economic cure for disaster").20
The IMF's resolve to deregulate capital movements was taken
behind closed doors (conveniently removed from the public eye and
with very little press coverage) barely two weeks before
citizens' groups from around the World gathered in late April
1998 in mass demonstrations in Paris opposing the controversial
Multilateral Agreement on Investment (MAI) under OECD auspices.
This agreement would have granted entrenched rights to banks and
multinational corporations overriding national laws on foreign
investment as well derogating the fundamental rights of citizens.
The MAI constitutes an act of capitulation by democratic
government to banks and multinational corporations.
The timing was right on course: while the approval of the
MAI had been temporarily stalled, the proposed deregulation of
foreign investment through a more expedient avenue had been
officially launched: the Amendment of the Articles would for all
practical purposes derogate the powers of national governments to
regulate foreign investment. It would also nullify the efforts of
the Worldwide citizens' campaign against the MAI: the
deregulation of foreign investment would be achieved ("with a
stroke of a pen") without the need for a cumbersome multilateral
agreement under OECD or WTO auspices and without the legal hassle
of a global investment treaty entrenched in international law.
CREATING A GLOBAL FINANCIAL WATCHDOG
As the aggressive scramble for global wealth unfolds and the
financial crisis reaches dangerous heights, international banks
and speculators are anxious to play a more direct role in shaping
financial structures to their advantage as well as "policing"
country level economic reforms. Free market conservatives in the
United States (associated with the Republican Party) have blamed
the IMF for its reckless behaviour. Disregarding the IMF's
intergovernmental status, they are demanding greater US control
over the IMF. They have also hinted that the IMF should
henceforth perform a more placid role (similar to that of the
bond rate agencies such as Moody's or Standard and Poor) while
consigning the financing of the multi-billion dollar bail-outs to
the private banking sector.21
Discussed behind closed doors in April 1998, a more
perceptive initiative (couched in softer language) was put forth
by the World's largest banks and investment houses through their
Washington mouthpiece (the Institute of International Finance).
The banks proposal consists in the creation of a "Financial
Watchdog -- a so-called "Private Sector Advisory Council" -- with
a view to routinely supervising the activities of the IMF. "The
Institute [of International Finance], with its nearly universal
membership of leading private financial firms, stands ready to
work with the official community to advance this process."22
Responding to the global banks initiative, the IMF has called for
concrete "steps to strengthen private sector involvement" in
crisis management -- what might be interpreted as a "power
sharing arrangement" between the IMF and the global banks.23 The
international banking community has also set up it own high level
"Steering Committee on Emerging Markets Finance" integrated by
some of the World's most powerful financiers including William
Rhodes, Vice Chairman of Citibank and Sir David Walker, Chairman
of Morgan Stanley. The hidden agenda behind these various
initiatives is to gradually transform the IMF -- from its present
status as an inter-governmental body -- into a full fledged
bureaucracy which more effectively serves the interests of the
global banks. More importantly, the banks and speculators want
access to the details of IMF negotiations with member governments
which will enable them to carefully position their assaults in
financial markets both prior and in the wake of an IMF bailout
agreement. The global banks (pointing to the need for
"transparency") have called upon "the IMF to provide valuable
insights [on its dealings with national governments] without
revealing confidential information...". But what they really want
is privileged inside information.24
The ongoing financial crisis is not only conducive to the
demise of national State institutions all over the World, it also
consists in the step by step dismantling (and possible
privatisation) of the post War institutions established by the
founding fathers at the Bretton Woods Conference in 1944. In
striking contrast with the IMF's present-day destructive role,
these institutions were intended by their architects to safeguard
the stability of national economies. In the words of Henry
Morgenthau, US Secretary of the Treasury in his closing statement
to the Conference (22 July 1944): "We came here to work out
methods which would do away with economic evils -- the
competitive currency devaluation and destructive impediments to
trade -- which preceded the present war. We have succeeded in
this effort".25
NOTES
1. United Nations Development Program, Human Development Report,
1997, New York, 1997, p. 2.
2. Robert O'Harrow Jr., "Dow Dives 513 Points, or 6.4",
Washington Post, 1 September 1998, page A.
3. Bob Djurdjevic, Return looted Russian Assets, Aug. 30, Truth
in Media's Global Watch, Phoenix, 30 August 98.
4. See "Society under Threat - Soros", The Guardian, London, 31
October 1997.
5. Statement at the Meeting of the Group of 15, Malacca,
Malaysia, 3 November 1997, quoted in the South China Morning
Post, Hong Kong, 3 November 1997.
6. See Michael Hudson and Bill Totten, "Vulture speculators", Our
World, No. 197, Kawasaki, 12 August 1998.
7. Nicola Bullard, Walden Bello and Kamal Malhotra, "Taming the
Tigers: the IMF and the Asian Crisis", Special Issue on the IMF,
Focus on Trade No. 23, Focus on the Global South, Bangkok, March
1998.
8. Korean Federation of Trade Unions, "Unbridled Freedom to Sack
Workers Is No Solution At All", Seoul, 13 January 1998.
9. Song Jung tae, "Insolvency of Construction Firms rises in
1998", Korea Herald, 24 December 1997. Legislation (following IMF
directives) was approved which dismantles the extensive powers of
the Ministry of Finance while also stripping the Ministry of its
financial regulatory and supervisory functions. The financial
sector had been opened up, a Financial Supervisory Council under
the advice of Western merchant banks arbitrarily decides the fate
of Korean banks. Selected banks (the lucky ones) are to be "made
more attractive" by earmarking a significant chunk of the bail-
out money to finance (subsidise) their acquisition at depressed
prices by foreign buyers, -- ie. the shopping-spree by Western
financiers is funded by the government on borrowed money from
Western financiers.
10. Michael Hudson, Our World, Kawasaki, December 23, 1997.
11. Michael Hudson, "Big Bang is Culprit behind Yen's Fall", Our
World, No. 187, Kawasaki, 28 July 1998. See also Secretary of
State Madeleine K. Albright and Japanese Foreign Minister Keizo
Obuchi, Joint Press Conference, Ikura House, Tokyo, July 4, 1998
contained in Official Press Release, US Department of State,
Washington, 7 July, l998.
12. See Nicola Bullard, Walden Bello and Kamal Malhotra, op.
cit.
13. On 15 July 1998, the Republican dominated House of
Representatives slashed the Clinton Administration request of 18
billion dollar in additional US funding to the IMF to 3.5
billion. Part of the US contribution to the bail-outs would be
financed under the Foreign Exchange Stabilisation Fund of the
Treasury. The US Congress has estimated the increase in the US
public debt and the burden on taxpayers of the US contributions
to the Asian bail-outs.
14. Financial Times, London, 27-28 December 1997, p. 3).
15. Institute of International Finance, Report of the
Multilateral Agencies Group, IIF Annual Report, Washington, 1997.
16. Letter addressed by the Managing director of the Institute of
International Finance Mr. Charles Dallara to Mr. Philip Maystadt,
Chairman of the IMF Interim Committee, April 1997, quoted in
Institute of International Finance, 1997 Annual Report,
Washington, 1997.
17. Steven Forbes, "Why Reward Bad Behaviour, editorial, Forbes
Magazine, 4 May 1998.
18. "Hot money" is speculative capital, "dirty money" are the
proceeds of organised crime which are routinely laundered in the
international financial system.
19. International Monetary Fund, Communique of the Interim
Committee of the Board of Governors of the International Monetary
Fund, Press Release No. 98/14 Washington, April 16, 1998. The
controversial proposal to amend its articles on "capital account
liberalisation" had initially been put forth in April 1997.
20. See Communique of the IMF Interim Committee, Hong Kong, 21
September 1997.
21. See Steven Forbes, op cit.
22. Institute of International Finance, "East Asian Crises Calls
for New International Measures, Say Financial Leaders", Press
Release, 18 April 1998.
23. IMF, Communique of the Interim Committee of the Board of
Governors, April 16, 1998.
24. The IIF proposes that global banks and brokerage houses could
for this purpose "be rotated and selected through a neutral
process [to ensure confidentiality], and a regular exchange of
views [which] is unlikely to reveal dramatic surprises that turn
markets abruptly (...). In this era of globalization, both market
participants and multilateral institutions have crucial roles to
play; the more they understand each other, the greater the
prospects for better functioning of markets and financial
stability... ". See Letter of Charles Dallara, Managing Director
of the IIF to Mr. Philip Maystadt, Chairman of IMF Interim
Committee, IIF, Washington, 8 April 1998.
25. Closing Address, Bretton Woods Conference, Bretton Woods, New
Hampshire, 22 July 1944. The IMF's present role is in violation
of its Articles of Agreement.
Copyright by Michel Chossudovsky 1998. All rights reserved.
Michel Chossudovsky is a Professor of Economics, University
of Ottawa and author of "The Globalisation of Poverty,
Impacts of IMF and World Bank Reforms", Third World Network,
Penang and Zed Books, London, 1997. He is also the author of
"Dismantling Yugoslavia, Colonizing Bosnia," Covert Action
Quarterly, Washington, D.C., Spring 1996, Number 56 and "The
Business of Crime and the Crimes of Business: Globalization
and the Criminalization of Economic Activity," Covert Action
Quarterly, Washington, D.C., Fall 1996, Number 58. A
contributor to Antifa Info-Bulletin, this article appears
with the author's permission. To publish or reproduce this
text, contact the author at chossudovsky@sprint.ca or fax
1-514-425-6224.
Michel Chossudovsky, Department of Economics, University of
Ottawa, Ottawa, K1N6N5 Canada; Voice box: 1-613-562-5800,
ext. 1415; Fax: 1-514-425-6224; E-Mail:
chossudovsky@sprint.ca; Alternative fax: 1-613-562-5999
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