“The non-institutional elements of Bretton Woods, such as the gold-backed dollar standard, have gone by the wayside, but the World Bank and the IMF soldier on… Western governments tax their citizens to fund the World Bank, lend this money to corrupt Third World dictators who abscond with the funds, and then demand repayment which is extracted through taxation from poor Third World citizens, rather than from the government officials responsible for the embezzlement. It is in essence a global transfer of wealth from the poor to the rich. Taxpayers around the world are forced to subsidize the lavish lifestyles of Third World dictators and highly-paid World Bank bureaucrats who don't even pay income tax.”

— Ron Paul

World Bank Hearing, May 22, 2007 http://www.house.gov/paul/congrec/congrec2007/cr052307.htm http://www.youtube.com/watch?v=qNZdba8hDDY <br class="br">2000s, 2006-2009

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "The non-institutional elements of Bretton Woods, such as the gold-backed dollar standard, have gone by the wayside, but…" by Ron Paul?

Ron Paul148

American politician and physician 1935

Related quotes

“It is almost enough to make one's jaw drop to think that officials at the World Bank and the IMF would suggest that they have poverty alleviation in mind when they force governments to withdraw subsidies that enable poor people to get clean water to drink. If this is a policy aimed at helping the world's poor, it's interesting to imagine what a policy aimed at hurting the world's poor would look like.”

Linda McQuaig (1951) journalist and author

All You Can Eat: Greed, Lust and the New Capitalism (2001)

“I would suggest that we use 5% of the bailout money to endow the Banks of England, which would be established in the counties and cities of England and would be constrained to lend within the county or city. The principal of the endowment would be in trust to the people of that county or city, in perpetuity so that it could not be liquidated by its members, and the balance of power in its corporate governance will be held by a third being held by the Bank of England, a third by its workforce and a third by the civic institutions of the locality. These newly constituted ‘Banks of England’ are one of the essential feature of Blue Labour statecraft built upon endowment and institution building.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Blue Labour, An Ancient Polity For A New Economy? http://www.bluelabour.org/2012/06/19/an-ancient-polity-for-a-new-economy/

“Western social Darwinists, who include modernisation and development theorists and their kindred spirits (UN agencies, human rights organisations and activists, NGOs, the IMF, the World Bank, the US State Department, etc) would see the possible "advance" of the Arab world (as well as the rest of the "underdeveloped" world) toward a western-defined and sponsored modernity as part of a historical teleology wherein non-Europeans who are still at the stage of European childhood will eventually replicate European "progress" toward modern forms of organisation, sociality, economics, politics and sexual desires. What is emerging in the Arab (and the rest of the third) world is not some universal schema of the march of history but rather the imposition of these western modes by different forceful means and their adoption by third world elites, thus foreclosing and repressing myriad ways of movement and change and ensuring that only one way for transformation is made possible.”

Joseph Massad (1963) Associate Professor of Arab Studies

Ibid., pp. 49-50.
Desiring Arabs

“He was strongly opposed to getting loans from international financial institutions but the crisis during his time left the country with no choice but to fully embrace World Bank and IMF and the liberalisation policies.”

Chandra Shekhar (1927–2007) Indian politician

PM Chandrashekhar - A firebrand idealist

“Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other. If government spending is financed by borrowing from the commercial banks, it means credit expansion and inflation. If in the course of such an inflation the rise in commodity prices exceeds the rise in nominal wage rates, unemployment will drop. But what makes unemployment shrink is precisely the fact that real wage rates are falling.”

Ludwig von Mises book Socialism

Socialism (1922), Epilogue (1947)

“That’s why we’ve worked with other nations to create higher and clearer standards for banking and taxation -- because a society that asks less of oligarchs than ordinary citizens will rot from within. That’s why we’ve pushed for transparency and cooperation in rooting out corruption, and tracking illicit dollars, because markets create more jobs when they're fueled by hard work, and not the capacity to extort a bribe.”

Barack Obama (1961) 44th President of the United States of America

2016, United Nations Address (September 2016)

“Mankind’s problems can no longer be solved by national governments. What is needed is a World Government. This can best be achieved by strengthening the United Nations system. In some cases, this would mean changing the role of UN agencies from advice-giving to implementation. But some of the most important new institutions would be financial—a World Treasury and a World Central Bank. Just as each nation has a system of income redistribution, so there should be a corresponding ‘World Financial Policy’ to be implemented by the World Bank and the World Central Bank. Some of these proposals are, no doubt, far-fetched and beyond the horizon of today’s political possibilities. But the idealist of today often turns out to be the realists of tomorrow.”

Jan Tinbergen (1903–1994) Dutch economist

Source: United Nations, Human Development Report 1994 http://books.google.com/books?id=pSa5Zrg5TnEC&pg=PA88, (1994), p. 88

“Everything is discussed in this world, except for one thing: democracy. Democracy is not discussed. Democracy is there, as a kind of saint, from whom no miracles are expected, but that is there as a reference: "the democracy"; and we don’t notice that the democracy in which we live in is a kidnapped, conditioned and amputated one, because the power of the citizen, the power of each one of us, is limited, in the political sphere, I repeat, in the political sphere, to removing a government that we don’t like and replacing it by another one that we might come to like. Nothing else. But the important decisions are made in another sphere, and we all know which one it is. The great international financial organizations, the IMFs, the World Trade Organizations, the World Banks, the OECD, all of these… None of these institutions is democratic, so how can we continue to talk about democracy, if those who actually govern the world are not democratically elected by the people? Who chooses the countries' representatives in those institutions? Their respective peoples? No. So where is the democracy?”

José Saramago (1922–2010) Portuguese writer and recipient of the 1998 Nobel Prize in Literature

Conference http://www.youtube.com/watch?v=-aWFQRcdChk at Fórum Social Mundial, December 2007.

“I strongly believe that fundamental science cannot be driven by instructional, industrial and government or military pressures. This was the reason why I decided, as far as possible, not to accept money from the to run of grow a good institution without funds…. I therefore will not put it as a condition that no government funds should be accepted by the Institute.”

C. V. Raman (1888–1970) Indian physicist

His statement to his fellow scientist before his death in 1970. Quoted in**[Parameswaran, Uma, C.V. Raman: A Biography, http://books.google.com/books?id=RbgXRdnHkiAC, 2011, Penguin Books India, 978-0-14-306689-7, xix]

“If the Bank really has development at heart, it will change the conditionalities away from privatization, deregulation and lower corporate taxation and put the emphasis on reducing military expenditures, ensuring that progressive tax legislation is enacted and enforced, that tax havens are outlawed, and that a financial transactions tax is adopted and the revenues used to build “A World Free of Poverty” through international solidarity.”

Alfred de Zayas (1947) American United Nations official

Report of the Independent Expert on the adverse impact of World Bank policies on human rights and the realisation of a democratic and equitable international order
2017, Report submitted to the UN Human Rights Council

Help us to complete the source, original and additional information

Ron Paul148

Related quotes

Related topics