How Haiti Became a Slave Economy Because of Citibank

How Haiti Became a Slave Economy Because of Citibank

Being a French colony, a number of royal edicts governed the slave system in Haiti. However, the slave system in Haiti took a very dark turn after the 1914 invasion.

Although Woodrow Wilson is labeled as the man behind the invasion of Haiti at this time. He did not force Haiti into a slave economy, but a national bank that wanted to govern Haiti is to blame. The main culprit behind Haiti’s reputation as a slave economy was Citibank, formerly known as National Citibank.

Decades of diplomatic correspondence and other documents demonstrate that Haiti’s long occupation began with a drumbeat from the bank that would later become Citigroup.

Apparently the New York TimesExamination of decades of diplomatic correspondence, financial reports and archival documents confirmed that, despite official justifications, Wall Street, particularly Citibank, was actively pushing the Woodrow Wilson administration to step in and take control of Haiti in order to “protect” its sovereignty.

The Wilson administration ordered the invasion of Haiti. However, in this mad dash, the Americans pushed the French aside under intense pressure from National Citibank, Citigroup’s predecessor, and took over as the main force in the Haitian economy for decades to come. .

Haiti: the brutal Citibank

Haiti’s democratic parliament was dissolved at gunpoint by the US military. Thousands of people have been killed. In return, for more than 30 years, Citigroup managed Haiti’s finances, shipping much of its profits to New York bankers while leaving behind a nation so impoverished that the farmers who helped generate the profits were left behind. frequently on a “near starvation” diet. level,”

The United States flew $500,000 National Bank of Haiti in December 1914 for safekeeping in New York, where National Citibank would also be headquartered, thus giving the United States control of the bank.

As a result, Haitians were forced into slavery and forced labor. Significant tracts of Haitian land have also been sold to American companies.

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Haiti Citibank Source: NYT

The war of influence has ravaged Haiti

The Americans used most of this newly trained forced labor, with soldiers tying down civilians with ropes, making them work without pay, and shooting those who tried to flee.

Haiti had French influence before the invasion of Citigroup and the United States. Because Haiti was a French colony, it was only natural that French bankers would offer dangling loans to Haitians.

They were the only ones to collect commissions, interest and fees. These were the exact points where Citibank wanted influence.

The French still wielded influence in Haiti, but in 1910 the invaders saw an opening to gain a foothold: the redesign of the National Bank of Haiti.

The bank was just national in name. It was created in 1880 by the French bank Crédit Industriel et Commercial to generate huge profits for its French investors and shareholders. It was run by its board of directors from Paris.

French and German investors rushed to restructure the national bank under new European ownership as Haitians’ distrust of the bank was at an all-time high.

The proposal, according to the US State Department, posed a grave danger both to the United States and to the independence and well-being of the Haitian people.

Many presidents have been murdered between 1911 and 1914, according to this chronology. Then, the invasion finally took place.

During the invasion, the White House began to control the administration of Haiti. Whereas, Citigroup who persuaded the invasion and won all of its funding.

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You rarely find such information because the bank does not want this information to be discussed. But it was crony capitalism in a brutal way.

Citigroup did not push for the invasion of Haiti because the country had some kind of urgent economic need. Rather, he did so to expand his influence overseas at a time when American industries were booming. On the other hand, America wanted to avoid colonizers moving into its backyard as World War I had just begun. But all of this turned Haiti into a total slave economy.