O'Neill: "WB has driven poor countries into a ditch"

[Charles Jannuzi]

>The World Bank has driven poor countries >"into a ditch" by lending instead
>of donating funds to fight poverty, US >Treasury Secretary Paul H. O'Neill
>has said. Lending agencies have "driven them >into a ditch" by extending
loans that
>borrowing nations have trouble repaying, >O'Neill told the International
>Institute of Economics in Washington on >Wednesday. The heavy debt loads,
he
>added, frighten away global investors.

This from a country whose definition of 'foreign aid' is giving away tanks
and airplanes to both Israel and Egypt.

Still, he did let slip a little here: the key words are 'frighten away
global investors', which in O'Neill think really means 'currency speculators
and vulture buy-out funds'. Distressed currencies and distressed assets are
US!

Charles Jannuzi