Confessions of an Economic Hit Man

"Confessions of an Economic Hit Man" is a personal memoir by John Perkins detailing his experiences as an economic hit man, which refers to a consultant who operates in developing countries on behalf of corporations and government agencies. Perkins describes how he was recruited by the National Security Agency (NSA) and later hired by international consulting firm MAIN to work as an economic hit man in developing countries like Indonesia, Panama, Saudi Arabia, and Ecuador.

The book highlights the unethical practices of these corporations and government agencies in exploiting developing countries for their own benefit. Perkins explains how he and his colleagues would manipulate economic data to persuade countries to accept large loans from international organizations like the World Bank and IMF. These loans, rather than improving the standard of living in these countries, would instead be used to finance large infrastructure projects that were designed to benefit multinational corporations.

Perkins explains that the ultimate goal of this process was to create a cycle of debt and dependency, giving the corporations and government agencies greater control over the developing countries' resources. However, he eventually became disillusioned with his work and became a whistleblower, exposing the dark secrets of economic hit men. The book serves as a call to action for readers, urging them to work towards a more equitable and just world economy.

1. Economic Hit Man: The book revolves around the concept of an "Economic Hit Man" (EHM), a highly paid professional who works to convince developing countries to take on large loans for infrastructural projects. The EHMs then create contracts for multinational companies, which end up making huge profits, while the countries are left in massive debt.

Example: John Perkins himself was an EHM, working for a company called Chas. T. Main. In one instance, he was sent to Indonesia and was able to secure a loan of $1 billion for the government to build a power plant. The project ended up causing significant environmental damage, displacing indigenous people, and ultimately failed, leaving the country in billions of dollars of debt.

2. Corrupt Elite: The book argues that EHMs are only able to convince developing countries to take on unsustainable loans by working with corrupt elites in those countries. These elites often have their own political or financial agendas and are more interested in enriching themselves than in the welfare of their own countries.

Example: Throughout the book, Perkins describes multiple instances where he and his colleagues had to bribe foreign officials in order to secure lucrative contracts for their companies. These officials often had no interest in the long-term consequences of the projects and were solely focused on lining their own pockets.

3. The role of the World Bank and IMF: Perkins argues that the World Bank and the International Monetary Fund (IMF) are also complicit in the EHM system. These organizations have been known to pressure developing countries to take on loans in order to fund large-scale projects, often with disastrous long-term consequences.

Example: Perkins describes how the World Bank and IMF pressured Ecuador to take on billions of dollars in loans to fund an oil pipeline that ultimately caused significant environmental damage and adversely affected indigenous communities. The country was left with a huge debt burden, and the World Bank and IMF continued to demand repayment despite the long-term effects on the country.

4. The consequences of Economic Hit Man practices: The last key idea of the book is that the EHM system has dire consequences for developing countries. These countries are left with huge debt burdens that often take decades to pay off, meaning that their limited resources are tied up in debt repayment rather than being invested in development or social programs.

Example: Perkins describes how many developing countries that have taken on large loans for infrastructural projects have been unable to pay back these loans and have had to cut social spending as a result. This has led to impoverished populations, lack of access to vital services such as healthcare and education, and a lack of economic development, perpetuating poverty and dependence on developed nations.

1. "We [economic hit men] were dreaming big. We didn't want to just influence the course of countries, we wanted to create empires."

2. "The fact is, despite all the rhetoric about democracy and freedom, the United States is really only interested in one thing: establishing and maintaining global economic dominance."

3. "My job was to encourage a foreign leader to do something that would benefit American corporations, while making it look like his or her own idea."

4. "Economic hit men are the equivalent of high-priced Mafia enforcers. We threaten countries with financial ruin if they don't cooperate with our demands."

5. "We use economic aid as a weapon. If a leader isn't willing to play ball, we cut off the money and watch their country crumble."

6. "The ultimate goal of the economic hit man is to turn a country into a vassal state, completely dependent on the United States for their economic survival."

7. "The truth is, the economic hit man game is rigged. We always win, and the people of the targeted countries always lose."

8. "The greatest weapon of the economic hit man is debt. We saddle a country with so much debt that they can never hope to repay it, and then we use that debt as leverage to extract whatever resources we want."

9. "The real tragedy of the economic hit man is that we don't see ourselves as villains. We see ourselves as heroes, bringing civilization to the barbarians and teaching them the ways of the modern world."

10. "The economic hit man system is built on lies, corruption, and exploitation. It's time to expose it for what it is and demand a better world for all."

1. Question the motives behind development projects: The book advises readers to question the motives behind large infrastructure and development projects in their communities. These projects may not always have the best interests of the local people at heart.

2. Research the true cost of development: Before supporting or opposing a development project, readers are encouraged to research the project's true cost. This involves looking beyond the immediate economic benefits and considering the impact on the local environment, community, and economy.

3. Speak out against corruption: The book highlights the role of corruption in large-scale development projects and encourages readers to speak out against corrupt practices. This includes reporting any suspected corruption to authorities and raising awareness about the issue in their communities.

4. Support local businesses and economies: To promote sustainable development, readers are advised to support local businesses and economies. This includes buying local products, supporting small businesses, and investing in community projects.

5. Embrace alternative economic models: The book suggests that readers explore alternative economic models, such as the circular economy, that prioritize sustainability and community well-being over short-term profits.

6. Be aware of the power of multinational corporations: Finally, readers are warned about the power that multinational corporations wield in the global economy. The book advises readers to be aware of corporate influence in their communities and to hold corporations accountable for their actions.