ktlight
16th May 2011, 08:40
"Blaming the International Monetary Fund (IMF) for the difficulties faced by a country in times of crisis is like blaming the doctor for the patient's disease". This statement and others like "the IMF does not represent the interests of the G7" are part of an outrageous manual that teaches the organization's officers how to reply to the uncomfortable questions asked by the press. Perhaps, the text became effective after a reporter asked Anne Krueger - First Deputy Managing Director of the IMF - if her organization was responsible for the increasing poverty in Argentina, while he attempted to place before her eyes the photograph of a malnourished child, Krueger escaped like someone trying to avoid leprosy.
After the Second World War, the International Monetary Fund was created to promote international monetary cooperation, to foster economic growth and high levels of employment, and to provide temporary financial assistance for countries to help ease the balance of payments.
But, as Nobel Prize-winner economist Joseph Stiglitzs denounced in several journalistic interviews, the IMF acts as a usurer that disables the growth of emerging countries, and insists on using recipes that have failed.
According the World Bank's data, the Committee for the Annulment of Third World Countries' Debt and the Economic Conference for Latin America, the "Third World" as a whole, together with the countries of Eastern Europe, paid more than US$ 4 billion in the last 20 years. This means credit entities received resources for an amount six times higher than the original sum.
"These countries' coffers sink through a significant black whole in their budgets, which every year allocate an important part of their funds to pay interest on their respective debts" says Eric Calcagno, an economist and consultant to the intergovernmental Latin American Economic System.
"Latin America has already paid 1.4 billion dollars since 1982, which represents almost five times its original debt, but it still owes three times more", he adds.
source
http://upsidedownworld.org/main/argentina-archives-32/26-the-imf-and-usury-crime-without-punishment-71105
After the Second World War, the International Monetary Fund was created to promote international monetary cooperation, to foster economic growth and high levels of employment, and to provide temporary financial assistance for countries to help ease the balance of payments.
But, as Nobel Prize-winner economist Joseph Stiglitzs denounced in several journalistic interviews, the IMF acts as a usurer that disables the growth of emerging countries, and insists on using recipes that have failed.
According the World Bank's data, the Committee for the Annulment of Third World Countries' Debt and the Economic Conference for Latin America, the "Third World" as a whole, together with the countries of Eastern Europe, paid more than US$ 4 billion in the last 20 years. This means credit entities received resources for an amount six times higher than the original sum.
"These countries' coffers sink through a significant black whole in their budgets, which every year allocate an important part of their funds to pay interest on their respective debts" says Eric Calcagno, an economist and consultant to the intergovernmental Latin American Economic System.
"Latin America has already paid 1.4 billion dollars since 1982, which represents almost five times its original debt, but it still owes three times more", he adds.
source
http://upsidedownworld.org/main/argentina-archives-32/26-the-imf-and-usury-crime-without-punishment-71105