The Nation has Awoken

John Perkins’ Confessions of an Economic Hit Man is a revealing memoir that exposes the dark underbelly of global economic manipulation. Perkins, a former economist and self-proclaimed “economic hit man” (EHM), describes how powerful corporations and U.S. government agencies use economic deception, debt traps, and covert operations to control developing nations for corporate and geopolitical interests.

I owe the inspiration for this article to my brother, Ejaz Baig, who introduced me to this book. His thought-provoking discussions on global economic exploitation and its impact on countries like Pakistan made me realize how deeply these tactics have shaped our nation’s economic and political trajectory.

The Role of an Economic Hit Man

Perkins explains that EHMs are professionals hired by multinational corporations and government agencies to convince developing nations to accept large loans for infrastructure projects. These loans, often funded by institutions like the World Bank and the International Monetary Fund (IMF), are designed to be unpayable. Once a country is drowning in debt, the U.S. and its corporate allies demand political and economic concessions, such as access to natural resources, military cooperation, or favorable trade policies.

EHMs use false economic forecasts, bribery, and persuasion to manipulate governments into accepting these deals. If a country’s leader resists, covert measures—including political coups and assassinations—are used to remove them. Perkins cites examples of leaders like Ecuador’s Jaime Roldós and Panama’s Omar Torrijos, who opposed U.S. economic interests and died in suspicious accidents.

Key Themes in the Book

1. Corporate Colonialism – Instead of direct military control, economic influence is used to dominate countries. The U.S. and global financial institutions ensure that wealth is extracted from poor nations under the guise of “development.”
2. Debt as a Weapon – Developing countries are deliberately burdened with debt so they remain dependent on Western financial institutions, limiting their sovereignty.
3. Covert Operations and Regime Change – If EHMs fail to manipulate leaders, more aggressive tactics, such as CIA-backed coups or assassinations, are employed to install puppet regimes.
4. Environmental and Social Consequences – The large infrastructure projects funded by these loans often destroy local environments, displace indigenous communities, and deepen income inequality.
5. Moral Awakening – Perkins eventually experiences a crisis of conscience and decides to expose the system in which he participated. His book serves as a warning about modern economic imperialism.

Effects on Countries Like Pakistan

Pakistan has long been subjected to similar economic manipulation, making it a textbook example of how the strategies outlined in Confessions of an Economic Hit Man operate in the real world.

1. Debt Dependency

Pakistan has taken billions in loans from the IMF and World Bank, often under conditions that weaken its economic sovereignty. These loans come with strict structural adjustment programs (SAPs), which demand privatization, subsidy cuts, and austerity measures. These policies have led to higher inflation, reduced public services, and increased poverty.

2. Resource Exploitation

Foreign corporations have gained control over key industries in Pakistan, including energy, mining, and agriculture. The case of the Reko Diq gold and copper mines, where international companies were given generous contracts at Pakistan’s expense, is an example of how multinational corporations extract wealth under the pretense of development.

3. Geopolitical Pressure and Military Cooperation

Pakistan’s strategic location has made it a target for geopolitical maneuvering. Economic leverage has often been used to push Pakistan into military alliances, such as its role in the U.S. war on terror. The country has received financial aid and debt relief in exchange for military cooperation, but this has also led to internal instability and dependence on Western powers.

4. Political Manipulation and Leadership Control

Pakistani leaders who challenge Western economic interests often face political and economic pressure. The frequent removal of leaders through political instability and external influence mirrors the tactics Perkins describes. Leaders who comply with foreign demands often receive support, while those who resist face financial isolation or engineered political crises.

5. Economic Policies Favoring Elites

Much like the countries Perkins describes, Pakistan’s economic policies often favor elite business and military groups that have strong ties with Western corporations. Economic reforms promoted by institutions like the IMF rarely benefit the common people, instead enriching a small, powerful segment of society.

Conclusion

Confessions of an Economic Hit Man provides a chilling look into how economic exploitation is used as a modern tool of imperialism. Countries like Pakistan continue to be trapped in cycles of debt, resource exploitation, and geopolitical manipulation. Understanding these tactics is crucial for nations to assert economic independence, renegotiate unfair agreements, and develop policies that serve their own people rather than foreign interests.

Watch my video on the above subject: https://www.youtube.com/watch?v=YFpLnREZPAw