The Blood Bankers : Tales From the Global Underground Economy

From 1970 to 2003, over three trillion dollars—$3,000,000,000,000—were loaned to developing countries by the West. Yet the gap between rich and poor is worse than ever. What happened? Where did all that money go? A financial insider, Jim Henry looks unsparingly at the snarl of transactions, often legal but usually immoral, that resulted in the rich getting richer and the poor, poorer. Like tentacles on a vast octopus, the firsthand investigations in The Blood Bankers all lead to one core. A financial detective of sorts, journalist Jim Henry analyzes a range of scandals, including the looting of the Philippines by the Marcos family, corrupt lending in South America, and the financing of Al Qaeda. A rogue's gallery of international criminals owes its existence to the dramatic growth of the underground global economy over the last two decades. Our world is being reshaped, often in sinister fashion, by wide-open capital markets and an international banking network that exists to launder hundreds of billions of dollars in ill-gotten gains. Here is globalization's dark side—the new high-growth global markets for influence-peddling, capital flight, money laundering, weapons, drugs, tax evasion, child labor, illegal immigration, and other forms of transnational crime. Like Tentacles On A Vast Octopus, The Firsthand Investigations In The Blood Bankers All Lead To One Core. A Financial Detective Of Sorts, Investigative Journalist Jim Henry Analyzes A Range Of Scandals, Including The Looting Of The Philippines By The Marcos Family And The Financial Collapse Of Nations Throughout The Developing World. A Rogues' Gallery Of International Criminals Owes Its Existence To The Dramatic Growth Of The Underground Global Economy Over The Last Two Decades. Our World Is Being Reshaped, Often In Sinister Fashion, By Wide Open Capital Markets And An International Banking Network That Exists To Launder Hundreds Of Billions Of Dollars In Ill-gotten Gains. Here Is An Inside Look At Globalization's Dark Sidethe New High Growth Global Markets For Influence-peddling, Capital Flight, Money Laundering, Weapons, Drugs, Tax Evasion, Child Labor, Illegal Immigration, And Other Forms Of Transnational Crime. --publisher Description. Debt Elephants -- Philippine Money Flies -- Funny Money -- Brazil's Fallen Angels -- Bleeding Nicaragua -- Argentina's Last Tango -- Banking On Dictatorship -- It's Not About The Oil. By James S. Henry. Includes Bibliographical References (p. [365]-398) And Index. Accounts of third world economic collapse, failed development, and mounting debt frequently hide the pernicious role of first world banks, corporations, and politicians, avers journalist Henry. He investigates a number of financial scandals in the Philippines, Brazil, Nicaragua, Argentina, Iraq, and elsewhere, disentangling the money paths in an effort to demonstrate the way first world elites encourage corruption and financial criminality in order to line their own pocketbooks at the expense of most of the world's citizens. Annotation (c) Book News, Inc., Portland, OR (booknews.com) "One major piece of the puzzle about where all the money loaned to developing countries went, in addition to capital flight, involved wasteful projects."