Just curious as to how people view the IMF. Since it seems that most of their programs cause more harm (austerity programs) than good and seem to put countries deeper in debt, should the IMF be restructured or just eliminated?
Should nations that are heavily indebted have to accept the IMF's programs, mainly, raise taxes, cut every social program, turn over economic control to IMF monitors and basically sell their country's hypothetical soul to the IMF? Their choices are accept the IMF's conditions and get the money or reject the conditions and lose all the money? Granted, some fiscal policies should be revised, however, does the "one-size-fits-all" policy really benefit a nation or should each IMF program be tailored to a nation's system and needs?
-Investigate source of debt: If the problem occurs from poor financial planning, lay out plans for economic reforms and make sure they are strictly followed. If the problem results from dictators stealing money from previous loans/aid/the country, give some room for the country to develop its own economic plan, giving guidance in some ways.
-Look at current social structures: Don't necessarily force every state-owned business to become private. If a business is doing well, allow it to remain. If there is a huge medical crisis, don't cut all state health care. Allow some basic forms to exist for those who cannot pay. (For example, in some African nations, IMF programs have forced STD testing clinics to charge a $2.15 charge. The number of people getting tested has since dropped 60%.)
-Allow more LDC (lesser developed countries) have a stronger voice within the IMF. Liberalism and Northern Capitalism may not always work.
I heard an interesting comment from a Romanian. He was saying that some in Romania didn't want the IMF in there at all. What can happen is that the IMF comes in, looks at the books, gives what he considered to be their inept and bias rating. If it's bad then the "credit rating" for the country goes into the shitter. You can't get a loan from anyone. Maybe he's wrong?
The IMF gets a lotta heat for doing what must be a pretty crappy & thankless job.
Interestingly, I think that a lot of the countries in "debt " usually come from two roughly overlapping catergories.
The first is overwhelmingly Marxist / Socialist or recently X-Marxist in their political history.
The second catergory includes countries with histories of " Revolving door " civil wars, miltary coups, Juntas etc etc...
The common thread connecting them all, is both how much of their nation's income they squander on military expenditure..
The second is how many of these economies resources' including gold, oil, silver, diamonds etc etc are being siphoned off to the private bank accounts of their corrupt leaders, members of the "elite " military, leaders family, & friends etc etc.....
Corruption in all its forms is the real problem..not the IMF \
Well i am not a financial expert, but if you make the IMF disapear, it will not worth any good for the countries dealing with it.
IMF rescue countries that have high problems of debt, in exchange the IMF ask to follow strict guidelines of financial management. If the countrie do not comply to the guidelines, then no more loan are avalaible for them. If the IMF did not exist, i doubt that banks will be stupid to make deals with foreign countries that will never pay back.
The IMF have certainly some limitations and should be enhanced, but erased it, will not bring any good.
As long as it is an effective tool for Unilateralistani hegemony and hte subjugation of pauper peoples, I don't see why people should have a problem with it.
As long as it is an effective tool for Unilateralistani hegemony and hte subjugation of pauper peoples, I don't see why people should have a problem with it.
Huh ?
Can you say that in something like english..or can you draw it for me with a nice big crayon.....
The IMF had helped saved many economies such as South Koreas and Thailand in the past.
They are lenders, not charity givers. Its only fair for them to ensure that they will get their money back. Look at Indonesia, the IMF have lend them countless of money, but the Indonesian govt keeps spending them on useless projects or wasted on corruption. The IMF needs to step in and ensure that their money is well spent and safe guarded.
I think the IMF is here to stay. Though I beleive they should be a little more flexible when they force their policies to their debtor nations.
The IMF had helped saved many economies such as South Koreas and Thailand in the past.
They are lenders, not charity givers. Its only fair for them to ensure that they will get their money back. Look at Indonesia, the IMF have lend them countless of money, but the Indonesian govt keeps spending them on useless projects or wasted on corruption. The IMF needs to step in and ensure that their money is well spent and safe guarded.
I think the IMF is here to stay. Though I beleive they should be a little more flexible when they force their policies to their debtor nations.
You are so right !
So many countries act like junkies....always crying for help.....then when they've pan-handled enough for a loan, instead of looking to change their ways, they just go on shooting up whatever they get.....
The joke of it all, is these same junkies blame everyone but themselves. They also love to heap blame on the very global institutions like the IMF, that are trying to step in with some firm but fair assistance...
Pretty feeble all in all....
Many on the Left say that Indonesia is being raped by Multinationals. That may be so, but in Indonesia's case this is a being aided & abetted by endemic corruption....
Why blame the IMF when so many Indonesian pockets are being lined by this form of self destruction ?\
Comments
clarify, and/or detail alternatives.
if i want a loan from the bank, i must jump through their hoops.
alternative banks may have alternative hoops, many seem cartel like.
but if debt gets written off, can we do mine too?
this post will self destruct in five, four, three...
-Investigate source of debt: If the problem occurs from poor financial planning, lay out plans for economic reforms and make sure they are strictly followed. If the problem results from dictators stealing money from previous loans/aid/the country, give some room for the country to develop its own economic plan, giving guidance in some ways.
-Look at current social structures: Don't necessarily force every state-owned business to become private. If a business is doing well, allow it to remain. If there is a huge medical crisis, don't cut all state health care. Allow some basic forms to exist for those who cannot pay. (For example, in some African nations, IMF programs have forced STD testing clinics to charge a $2.15 charge. The number of people getting tested has since dropped 60%.)
-Allow more LDC (lesser developed countries) have a stronger voice within the IMF. Liberalism and Northern Capitalism may not always work.
Interestingly, I think that a lot of the countries in "debt " usually come from two roughly overlapping catergories.
The first is overwhelmingly Marxist / Socialist or recently X-Marxist in their political history.
The second catergory includes countries with histories of " Revolving door " civil wars, miltary coups, Juntas etc etc...
The common thread connecting them all, is both how much of their nation's income they squander on military expenditure..
The second is how many of these economies resources' including gold, oil, silver, diamonds etc etc are being siphoned off to the private bank accounts of their corrupt leaders, members of the "elite " military, leaders family, & friends etc etc.....
Corruption in all its forms is the real problem..not the IMF
IMF rescue countries that have high problems of debt, in exchange the IMF ask to follow strict guidelines of financial management. If the countrie do not comply to the guidelines, then no more loan are avalaible for them. If the IMF did not exist, i doubt that banks will be stupid to make deals with foreign countries that will never pay back.
The IMF have certainly some limitations and should be enhanced, but erased it, will not bring any good.
Originally posted by ColanderOfDeath
As long as it is an effective tool for Unilateralistani hegemony and hte subjugation of pauper peoples, I don't see why people should have a problem with it.
Huh ?
Can you say that in something like english..or can you draw it for me with a nice big crayon.....
They are lenders, not charity givers. Its only fair for them to ensure that they will get their money back. Look at Indonesia, the IMF have lend them countless of money, but the Indonesian govt keeps spending them on useless projects or wasted on corruption. The IMF needs to step in and ensure that their money is well spent and safe guarded.
I think the IMF is here to stay. Though I beleive they should be a little more flexible when they force their policies to their debtor nations.
Originally posted by stunned
The IMF had helped saved many economies such as South Koreas and Thailand in the past.
They are lenders, not charity givers. Its only fair for them to ensure that they will get their money back. Look at Indonesia, the IMF have lend them countless of money, but the Indonesian govt keeps spending them on useless projects or wasted on corruption. The IMF needs to step in and ensure that their money is well spent and safe guarded.
I think the IMF is here to stay. Though I beleive they should be a little more flexible when they force their policies to their debtor nations.
You are so right !
So many countries act like junkies....always crying for help.....then when they've pan-handled enough for a loan, instead of looking to change their ways, they just go on shooting up whatever they get.....
The joke of it all, is these same junkies blame everyone but themselves. They also love to heap blame on the very global institutions like the IMF, that are trying to step in with some firm but fair assistance...
Pretty feeble all in all....
Many on the Left say that Indonesia is being raped by Multinationals. That may be so, but in Indonesia's case this is a being aided & abetted by endemic corruption....
Why blame the IMF when so many Indonesian pockets are being lined by this form of self destruction ?