It seems the leaders of South America are finally getting out from under the oppression of the World Bank and the IMF. If you have read the book Confessions of An Economic Hit Man then you'll know that these organizations are basically a means to funnel huge sums of money to large multi-national corporations such as Bechtel and Halliburton. South America has been one of the areas worst hit by these oppressive organizations so it's good to see that they are finally freeing themselves from bondage.
It's also interesting how the media refers to any leader who cuts the ties with the World Bank and IMF as "leftist" and "socialist." I guess the owners of the media outlets don't like to see countries gaining their independence, probably because these same media owners were sharing in the profits from the pillaged of those countries.
Chavez: Venezuela to exit IMF, World Bank
President Hugo Chavez announced Monday he would pull Venezuela out of the World Bank and the International Monetary Fund, a largely symbolic move because the nation has already paid off its debts to the lending institutions.
Venezuela is not the only country in the region distancing itself from international lenders. Nicaraguan President Daniel Ortega said Sunday that he hopes to "get out of that prison" of IMF debt and that "we are negotiating with the Fund to leave the Fund." Ecuador's leftist president, Rafael Correa, recently asked the World Bank's representative there to leave and said the country paid off its debt to the IMF. Argentina also has paid back billions of dollars to the IMF.