LaRouche Supports Efforts of South American Governments to Create a 'Bank of the South' | LaRouche Political Action Committee

LaRouche Supports Efforts of South American Governments to Create a 'Bank of the South'



LaRouche Supports Efforts of South American Governments to Create a `Bank of the South'

May 2 (LPAC)--In discussions with associates earlier this week, U.S. economist and former Presidential candidate Lyndon LaRouche supported the efforts in South America to create a "Bank of the South" as a new regional financial institution run by the area's governments.

The Finance Ministers of Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela will meet May 3 in Quito, Ecuador to discuss the formation of the Bank of the South.

"I support their efforts in dealing with this challenge," LaRouche stated, "as well as the recent steps by many of these countries to break with the International Monetary Fund and its policies."

LaRouche elaborated: "Argentine President Nestor Kirchner has taken leadership, both in dumping the IMF and in elaborating the Bank of the South proposal, and there are also interesting things coming out of Ecuador, Venezuela, Bolivia and elsewhere on these points. Brazil has yet to define itself on the matter.

The point is that only an institution which is controlled by sovereign governments should be allowed a role in credit generation, and in financing great infrastructure projects," LaRouche said.

"You need to invest in long-term high-technology projects that will produce physical economic benefits over a 25-50 year lifespan, to benefit the whole continent--high speed rail, water management, nuclear energy, and so on. My associates and I have detailed these proposals over the years and decades. It is now time to act!"

LaRouche added: "The nations of the region know how to do things better than the IMF and the World Bank. The World Bank should be shut down: it's projects are designed to fail, and to leave countries saddled with unpayable debt," LaRouche elaborated. George Shultz, the man who brought you Chilean Nazi dictator Augusto Pinochet, is a specialist in these operations, LaRouche noted. John Perkins's book, Confessions of an Economic Hit Man , is relevant on this subject.

"The IMF and the World Bank should be thrown off the premises anywhere in Ibero-America where they are still operating," LaRouche stated. "Their method is to steal. You don't want a thief in your house, so why would you want the IMF and World Bank in your country?"