Author: Anthony Sampson
They are the protectors of other people’s money but also have to lend it out for a profit. They have left the safety of their home country in search of global ambitions. Each year, the World Bank and the I.M.F have a meeting that attracts the bankers. Here they act as salesmen, attempting to make profitable deals with the ministers and delegates of foreign governments. Each country is ranked according to their credit rating. It’s important to note that every country that used to be in the development stage needed foreign capital to help finance trade. Bankers played a historic role in building up the economies of Japan, Russian and the U.S. After achieving economic independence through exports and production, Japan used its new position to viciously compete and succeed against its former creditors. The overthrow of the Shah in Iran and the involvement of U.S banks were evident. They were responsible for his rise and fall. The new government that replaced him isn’t much better. Overall, bankers enjoy the risks of lending money to a country that has a mandate to redistribute wealth. The profits are higher and the risks are smaller. Banking is still a people business, and global lending is too lucrative, profitable and essential for developing nations to ignore. Anthony Sampson started out as a journalist in South Africa, has written books on the oil industry and weapons trade and contributes regularly to Newsweek and the Observer.