Title: The New Confessions of an Economic Hitman      
Author:       John Perkins
Publisher: Ebury Press

The book takes the readers through a journey, starting with the author’s childhood life, and how he grew into becoming an economic hitman during the 1970s and 1980s. Perkins later became a whistle-blower, revealing the strategies used by the US and international organizations to lure underprivileged nations into debt traps to increase their influence across the globe.

In his book, John Perkins confesses that he used to cheat countries out of enormous sums of money on behalf of the US government. It was his job, and he was good at it, but its inherent immorality weighed heavily on him. The countries had to spend all their money on repayment, rather than helping their people, and they were firmly in US control.

He was required to use tools such as false economics, false promises, threats, bribes, extortion, debt, deception, coups, assassinations, and unrestrained military power. These tools continue to be employed around the world today.

Perkins explains the pitfalls in false economics. He criticizes the idea that all growth is always beneficial to all, even if it is unequal and that those who left behind are available for exploitation. He argues that in many countries, growth benefits a small elite. He criticizes promotion of consumerism and credit culture. 

An influential propaganda machine has persuaded society to adopt a system based on fear and debt that benefits the corporatocracy, which is made up of vast networks of corporations, banks, colluding governments, and the wealthy and influential individuals who are connected to them. Media houses are also owned by corporations. They create false propaganda to suppress resentment and criticism.

NBC is owned by General Electric, ABC by Disney, CBS by Viacom, and CNN is part of the huge AOL Time Warner Conglomerate. Media houses are expert at smearing campaigns and when opposed, they can be ruthless in creating narratives for the corporatocracy. 

His job entailed asking leaders to sign off on World Bank loans that would be used to hire US businesses to work on infrastructure projects in their respective countries. A threat would be involved. Then, when the infrastructure was built, businesses thrived, and anyone who wasn’t a business owner didn’t. To pay off the interest on the loans, the country would have to use funds budgeted for public services such as health care and education.

Thus, poor countries pay more to rich corporations in US and other Western countries than what they receive as aid. Money that comes as loan is quickly routed back in payments to the US and other Western suppliers of infrastructure.

A condition of loans is that engineering and construction companies from our own country must build all these projects. In essence, most of the money never leaves United States. It is simply transferred from banking offices in Washington to engineering offices in New York, Houston or San Francisco.

But, that is not enough, the compounded debt starves countries and yet after interest payments, the principal amount of debt remains intact. It leaves the countries in ever more vulnerable position and tightly trapped to give into the demands of the corporatocracy. Resentment is dealt with violence and branding it as terrorism. 

As the country sank deeper into debt, it would be forced to give its resources to corporations at low prices and to privatize public sector institutions like electric, water, or sewer and sell them to the corporatocracy. When the country inevitably had to default on its loan payments, the EHMs would demand control over UN votes, the establishment of military bases, and/or access to valuable resources such as oil. On top of that, the country would still owe money. Perkins finally realized he needed to accept responsibility for his life and decisions.

The book reveals how American corporations and the US government use major development contracts to control third-world nations. Perkins writes that “fear and debt drive this system. We are hammered with messages that terrify us into believing that we must pay any price, assume any debt, to stop the enemies who, we are told, lurk at our doorsteps.

Perkins admits he served as an “economic hit man” to convince leaders of poor countries to accept loans that pay for infrastructure projects, loans that cannot easily be repaid and effectively put those officials in the US government’s pocket. Leaders who resist economic capture are routinely overthrown or assassinated. Perkins realized that if EHMs such as himself cannot convince these leaders to toe the line, CIA operatives that Perkins refers to as jackals will appear and do their lethal dirty work.

Meanwhile, China becomes the latest entry into the field of third world development projects, offering better deals than the Americans, but Perkins worries that China may itself fall prey to the temptation to dominate the countries to which it loans money.

Perkins calls for spreading truth, adopting simpler lifestyles, not trusting myths, not overly led by media campaigns and support local causes through active citizenship.

Overall, it is a striking personal account of an economic hitmen and informs general public of the evil picture of corporatocracy and the geo political economy. It brings together irrefutable evidence in support of dependency theory of economic development.