1992

The third world debtor nations who had borrowed from the World Bank, pay 198 million dollars more to the central banks of the developed nations for World Bank funded purposes than they receive from the World Bank. This only goes to increase their permanent debt in exchange for temporary relief from poverty which is caused by the payments on prior loans, the repayments of which already exceed the amount of the new loans.This year Africa's external debt had reached 290 billion dollars, which is two and a half times greater than its level in 1980, which has resulted in deterioration of schools, deterioration of housing, sky-rocketing infant mortality rates, a drastic downturn in the general health of the people, and mass unemployment.

The Washington Times reports that Russian President, Boris Yeltsin, was upset that most of the incoming foreign aid was being siphoned off, and he stated,

"Straight back into the coffers of Western Banks in debt service."

This year American taxpayers pay the Federal Reserve 286 billion dollars in interest on debt the Federal Reserve purchased by printing money virtually cost free.