The World Bank is now the largest lending institution on earth, and the power that comes with this is not used judiciously. Instead of the noble ends of development and ending poverty envisioned in its birth in 1944, the bank has become self-serving, profiteering, environmentally devastating, and horrifically undemocratic.
One of the greatest points of contention has been the use of .structural adjustment policies. (SAP) . conditions that must be met for poor countries to receive loans. These SAP typically involve Enronesque de-regulation, privatization of, or .user fees. attached to public utilities and programs, and financial adjustments much like those suffered by Argentina.
Most of these policies are fought vociferously by the population that suffers them, but how are they viewed overall? In the words of Harvard economist Jeffrey Sachs .The era of structural adjustment has failed." From the bank itself, taken out of a 1999 draft review: ''the majority of loans do not address poverty directly, the likely economic impact of proposed operations on the poor, or ways to mitigate negative effects of reform.'' Yet they still push SAP against countries.
This is, of course, just the tip of the iceberg.
By boycotting World Bank bonds we can send a strong message to the World Bank, and help to end their abusive policies. Inside there is much more information on this, on other World Bank policies and disasters, and a draft of the letter we plan to send to president Freeland asking that Northeastern join the boycott. If you are thinking of signing on keep in mind that there is no risk to the school or the student body. Northeastern will not lose any money if they choose to boycott World Bank bonds, nor will our level of education be affected. Only the World Bank stands to lose, even if the school does not currently engage in the purchase of the bonds the addition of the school to the boycott will help erode the image of the World Bank bonds and make it easier for other schools to do the same.
We hope you find this informative, and . at the very least . that you sign the petition and endorse the boycott. We would appreciate individual and group input and help at every level and encourage all to become as involved as possible.
Thank you,
NUPSA