Confessions of an Economic Hit Man [Review]

I picked up John Perkin's latest book Confessions of an Economic Hit Man in Hong Kong this week. It was a hefty sum - 115 HK dollars(!) - but I needed more books. I'd seen this one referenced around MetaFilter and picked it up when the bookstore we were visiting failed to produce any substantial modern fiction.

Perkin writes a cloak-and-dagger account of being an obviously underqualified "Yes Man" economist for one of the original multi-national construction and energy companies called MAIN. He outlines a clear and systematic approach of trapping developing nations like Indonesia and Columbia with massive loans to develop their economies in the early 1970's. His company specialized in energy so his job was to invent electricity demand forecasts, tie them in with potential GDP growth, and use the reports to justify massive loans.

The loans themselves were too massive to be repaid. That much is obvious today when countries like Argentina and Ecuador are spending half of their national budgets supporting ancient loans. Furthermore, the loan money never made it down to those most in need because it circulated amongst the corrupt government officials and the American contractors who planned and built the power stations and electrical grids.

Anyone who follows current events closely should know this. There's not much of a confession yet, at least not a useful one. So what we get out of the book are two contentions he makes from this. The first is that this was on purpose, the second is that the NSA was involved.

I think the first contention is very plausible. American companies and the US government colluded to shackle developing countries in massive debt so they could be easily manipulated later for UN votes, military bases, and other services. His first boss at MAIN pretty much verified this when he said that, "what John's book says is, there was a conspiracy to put all these countries on the hook, and that happened."

The NSA contention is sketchy at best. He draws as his only source for NSA intrigue was that he was profiled and offered a job by them before he decided to join the Peace Corp. Someone in his wife's family sets him up with the interview and tells him it's OK that he's going to go into the Peace Corp because there will likely be a lucrative job at the end of his service. When he gets offered the lucrative job, he assumes it's an NSA front. He wavers in his own belief that this was the case, but ultimately he sides with it when he outright calls his first MAIN boss and recruiter an NSA liaison. Furthemore, a State Department rebuttal of the book is correct in saying that the NSA is a cryptographic [codes] and SigInt [tracking telecommunications] intelligence agency and isn't involved in the same kind of intrigue as the CIA.

I just wished he'd leave his NSA hunches as just hunchs and stuck with the facts. Perkin delivers in showing what happens when the "jackals" come out when politicians don't play the game: air crashes, riots, and coups. These aren't mere conspiracies, but documented practices of the corporocracy in action. He demonstrates vividly the links between government and the companies that get massive rebuilding contracts. Cheney being CEO of Haliburton is just the latest in a long history of tainted dealings in "development" and "aid." Americans need to know what's been done by their government and business leaders in the name of altruism and modernity.

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