A sibling of the IMF, the World Bank was born out of the U.N. Monetary and Financial Conference at Bretton Woods, New Hampshire in July, 1944 by Soviet communist agent Harry Dexter White and the British globalist ideologue John Maynard Keynes. The World Bank also lends money to governments and has 184 member countries. Within the World Bank are two separate entities: (1) the International Bank for Reconstruction and Development (IBRD), (2) the International Development Association (IDA). The IBRD focuses on middle income and credit-worthy poor countries, while the IDA focuses on the poorest of nations. The World Bank is self-sufficient for internal operations, borrowing money by direct lending from banks and by floating bond issues, and then loaning this money through IBRD and IDA to troubled countries. The cry of “poverty reduction” is a sham to conceal the recycling of billions of taxpayer dollars, if not trillions, into private hands and defuse critics of the Bank as being anti-poor and pro-poverty.
According to The World Bank, it is, “a vital source of financial and technical assistance to developing countries around the world. We are not a bank in the common sense. We are made up of two unique development institutions owned by 184 member countries—the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Each institution plays a different but supportive role in our mission of global poverty reduction and the improvement of living standards. The IBRD focuses on middle income and creditworthy poor countries, while IDA focuses on the poorest countries in the world. Together we provide low-interest loans, interest-free credit and grants to developing countries for education, health, infrastructure, communications and many other purposes.”