The International Monetary Fund (IMF) has made a lot of headlines in the past month or so…..you know Mr. Cool, the head of the fund was caught trying to make happy with a chamber maid and now there is a woman in France that is trying to make happy with the IMF as its new head….you have heard all the jokes….but how much do you know about the IMF?
The Activist Post has a short history…..
Under a new post-war monetary system, the IMF was created to stabilize exchange rates linked to the dollar and bridge temporary payment imbalances. The World Bank was to provide credit to war-torn developing countries. Both bodies, in fact, proved hugely exploitive, using debt entrapment to transfer public wealth to Western bankers and other corporate predators.
Basically, the IMF is NOT an organization to save country’s economic system, but rather to open them up to exploitation from banks and other raiders……how does this exploitation work, you ask?
the scheme destructively obligates indebted nations to take new loans to service old ones, assuring rising indebtedness and structural adjustment harshness, including:
— privatization of state enterprises, many sold for a fraction of their real worth;
— mass layoffs;
— deep social spending cuts;
— wage freezes or cuts;
— unrestricted free market access for western corporations;
— corporate-friendly tax cuts;
— tax increases for working households;
— crushing trade unionism; and
— harsh repression against opposition to a system incompatible with social democracy, civil and human rights.
As a result, bankers and other corporate predators strip mine countries of their material wealth and resources, shift them from public to private hands, crush democratic values, hollow out nations into backwaters, destroy middle class societies, and turn workers into serfs if they manage to have any means of employment.
Look at what is being asked of Greece, Portugal, Spain and Ireland and what response is being felt by the people of the countries in question…….the truth is that the IMF has caused the collapse of many countries….in the 1980’s, those countries in a struggling sub-Sahara and in the same time frame many countries of Latin America….yet Article ! of the IMF states….
to give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.
Sounds good, huh? Yep, kinda like the “all men created equal” of the Constitution in the 1850’s…..the IMF destroys more economies than it saves and yet it continues to rape countries of their resources…it is time for the world to realize that these organizations help….but helps only the ones that can do the raping, not the raped……