The Financial Vassal

The CFA Franc created the playbook for financial imperialism. Now the Dollar has followed the same path.

In Confessions of an Economic Hitman, author John Perkins describes how he was tasked, allegedly by the CIA and other intelligence agencies, with convincing developing countries to accept massive loans from international organizations like the World Bank and the IMF. These loans, often used to fund large infrastructure projects, were designed to benefit American corporations while trapping these countries in a cycle of debt and dependence on the United States. His work with U.S. intelligence agencies began in the 1970s and continued until the early 2000s.

Confessions of an Economic Hitman, page 11:

“Claudine pulled no punches when describing what I would be called upon to do. My job, she said, was "to encourage world leaders to become part of a vast network that promotes U.S. commercial interests. In the end, those leaders become ensnared in a web of debt that ensures their loyalty. We can draw on them whenever we desire — to satisfy our political, economic, or military needs. In turn, they bolster their political positions by bringing industrial parks, power plants, and airports to their people. The owners of U.S. engineering/construction companies become fabulously wealthy ."

Perkins explains that the role of an economic hitman was to produce inflated economic forecasts to justify these large loans, knowing full well that the countries would struggle to repay them. This debt would give the U.S. significant leverage over the nation's policies, enabling American interests—political, economic, and military—to dominate. The collateral posted by the country was usually valuable natural resources, like key ports, oil fields, or timberland which were seized upon default of the loan. The country was also usually strong-armed into voting alongside America at the U.N., creating a coalition of yes-men who would agree to whatever Uncle Sam wanted. (Global “consensus” is therefore manufactured)