One of these countries, is the Philippines. The Philippines, like every nation on Earth, is being hit with the full impact of hyperinflation, driven by the past three years of money printing in the U.S. and Europe to bail out the trillions of dollars in worthless gambling debts, known as derivatives, held by the major Western financial institutions. The Philippines, however, unlike the other nations of Southeast Asia, was already at a point of social and economic breakdown, brought on by 25 years of leaderless submission to dictates from precisely these international financial institutions.
Before 1986, the Philippines was emerging as one of the rare success stories among former colonies, transforming itself into a modern nation-state, with self-sufficiency in agriculture, nuclear-power-driven industrialization, and the development of education and health care capable of transforming a poverty-stricken population. Most of that potential had been guided by Ferdinand Marcos, who served as President from 1965, until he was overthrown in a military coup in 1986, orchestrated from Washington by Secretary of State George Shultz and his Deputy Paul Wolfowitz—one of the early cases of “regime change” run by the neoconservative imperial interests in London and their allies in the U.S. The destitution of the Philippines today must be viewed primarily as the intentional result of that coup.
The country was an early trial-run of what became known as the “color revolutions” in the past decade— popular demonstrations against “authoritarian governments,” openly sponsored and financed by London and Washington, with the support of the Western press whores, who serve as a cover for “regime change” dictated from abroad. The “crime” for which Marcos was overthrown was not the corruption and human rights offenses which filled the world’s headlines, but the crime of freeing his nation through development, from the control of the London-centered financial oligarchy.
Ever since the Philippines became an American colony in 1899, the Philippine government has always placed first its obligations to U.S. business over and above its social responsibility to the Filipino people. A neo-colonial state, though it is not directly governed by another country like the Philippines under American rule from 1899 to 1946, is, however, dependent on external sources for its economy to function. In the Philippine case, the country is dependent on loans and investments supported by U.S. monopoly capitalism or imperialism, for its economy to survive.
It is a situation where the subservient economy is forced to abide by agreements and other treaties in favor of foreign business allied with imperialism. For instance, the conditions set by the IMF-WB-WTO are made to be religiously followed by the Philippine state in order for the latter to be assured of new loans. But as we have seen, since the people can only produce so much, even including the remittances of OFWs to the Philippines, which have precariously propped up the Philippine GNP for many years, and that corruption of the bureaucrat capitalists also eats up a substantial amount of government money, the deficit of the government continues to grow at the consternation of its foreign creditors.
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