Economists compound the confusion by claiming that foreign investment is required to make up for a shortage in domestic savings. This is nonsense because the necessary savings to finance productive investment can be generated by the investment. The existing economic paradigm promotes the financial colonisation and exploitation of countries by foreign investors and bankers. Instead of being party to this exploitation, the World Bank should stop burdening countries with debt and teach them how to build financial institutions which will allow their economies to grow rapidly on a self-financing basis. This would also promote political self-determination.
Central banking is but a form of central planning.
Central planning has proved not to be an efficient way to promote development. At a national level, governments should change the role of their Central Banks, as proposed for the World Bank. That is to teach local communities how to establish institutions to promote self-financing development. This would liberate communities from financial colonisation and exploitation by external financiers. The income of regional communities is insidiously sucked out by banks operating at a national level.