Looking into EX-Im’s recent activities, I realized it has had the ability to manipulate capitalism since its very creation by FDR in the 30’s, and has been used extensively by all presidents since then for this purpose. I felt so naïve after reading how powerful this export credit agency is, and it is a part of the Executive branch of Congress! My guess is that the majority of Americans don’t know anything about this credit agency and what a powerful role it has in determining national and global effects on the financial and economic sectors, and what products/services will benefit from their loan approvals. I should mention that many countries have their own Export/Import bank used for similar purposes.
In simple terms, the basics and fundamental role of the bank is to lend countries low-interest money so that they can purchase US products, producing jobs and revenue through exportation of materials and services. OK we can all get behind this concept. However, the criticism over the years is that they have allegedly favored special interests by subsidizing corporations such as Boeing and Enron. In 1996 the bank provided $120 million loan to the China National Nuclear Power Corporation.
Reading about these recent special interests that were provided internally by our government is very disturbing to me. In 1996, our president Clinton, whom I always believed was against building up nuclear power, evidently was OK with the China nuclear transaction. In addition, Enron who is the biggest thief of all time was subsidized by our executive branch.
Further investigation of Ex_Im bank revealed that approximately $243 million in fraudulent loans to companies doing business with Mexico, including companies with no verifiable address and to individuals who were known associates of Sinaloa and Jujarez drug trafficking cartels. This fact confirmed a documentary that I saw years ago, which I thought at the time had a slanted view of drug trafficking being supported and generated by our internal government. It’s hard to swallow such truths! Ugly, truly ugly.
The recent allocations of Obama lending 2.1 billion to Brazil for the purpose of deep-well oil drilling are true. The loan was already approved back in 2009, and US business will be launched in supplying piping, technology, oil rigs, etcetera, for assisting in Brazil’s oil exploration. But I thought that Obama was against fossil-fuel projects? His campaign specifically stated that we had to look toward alternative natural, green energy! I’m feeling more naïve now than ever before.
In February 2009, the Ex-Im Bank settled a 7-year long legal proceeding brought by Friends of the Earth, other non-governmental organizations (NGOs), and various American cities. The plaintiffs claimed that the Ex-Im Bank and the Overseas Private Investment Corporation (OPIC) provided financial assistance to oil and other fossil fuel projects without first evaluating the projects' global warming impacts.
Evidently, in the settlement agreement, Ex-Im agreed to evaluate future carbon dioxide emissions prior to lending for these specific types of projects. Liars! Since their agreement they lent 2.1 billion to Brazil.
Let it be known right now, I’m no longer affiliated with any political party! What a farce!
Further reading:
http://www.exim.gov/
http://projects.washingtonpost.com/2008-presidential-candidates/issues/candidates/barack-obama/
http://online.wsj.com/article/SB10001424052970203863204574346610120524166.html
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