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The central pillar of shock therapy is a crisis whether invented or real, and the truth is that there simply isn't a way (either through cuts or debt based infrastructure spending) to bring down the debt in less than a century.The OP is missing the whole point of debt, especially where the IMF is concerned.
Debt is a very important tool for imposing the reforms made famous by Reagan and Thatcher.
In the 80s the IMF and World Bank, under Reagan's influence, would extend massive loans to developing nations (mostly in the global south). The loans would be for "structural improvement", and filled with inflated, no-bid contracts to US transnationals.
When the country defaulted on the loan, the US would leverage the debt to privatize key resources & sectors of the economy (which meant that the country's wealth producing assets were given to foreigners). Settling the debt also required the imposition of austerity on the working poor. This meant all food and assistance services were ended, along with any subsidies that went into creating affordable education and health care. Essentially, the working poor were disciplined by a kind of neo-feudalism, which created the necessary conditions for cheap labor, so foreign capital could suck more wealth out of the host nation. These reforms usually required the installation of a brutal dictator ala Pinochet.
So the point is this: the Reagan Revolution likes debt. They not only like creating debt (Reagan tripled Carter's debt) but they like using debt as a tool to cut anything Government does for the non-wealthy.
The OP - bless is heart - doesn't understand that high debt levels have long been used by Republican to crush New Deal programs. "We can no longer afford... "
[when is FOX going to educate its viewers]
The central pillar of shock therapy is a crisis whether invented or real, and the truth is that there simply isn't a way (either through cuts or debt based infrastructure spending) to bring down the debt in less than a century.The OP is missing the whole point of debt, especially where the IMF is concerned.
Debt is a very important tool for imposing the reforms made famous by Reagan and Thatcher.
In the 80s the IMF and World Bank, under Reagan's influence, would extend massive loans to developing nations (mostly in the global south). The loans would be for "structural improvement", and filled with inflated, no-bid contracts to US transnationals.
When the country defaulted on the loan, the US would leverage the debt to privatize key resources & sectors of the economy (which meant that the country's wealth producing assets were given to foreigners). Settling the debt also required the imposition of austerity on the working poor. This meant all food and assistance services were ended, along with any subsidies that went into creating affordable education and health care. Essentially, the working poor were disciplined by a kind of neo-feudalism, which created the necessary conditions for cheap labor, so foreign capital could suck more wealth out of the host nation. These reforms usually required the installation of a brutal dictator ala Pinochet.
So the point is this: the Reagan Revolution likes debt. They not only like creating debt (Reagan tripled Carter's debt) but they like using debt as a tool to cut anything Government does for the non-wealthy.
The OP - bless is heart - doesn't understand that high debt levels have long been used by Republican to crush New Deal programs. "We can no longer afford... "
[when is FOX going to educate its viewers]
All IMF policy would do is make things better for a select few and implode the economy like the IMF did in Argentina/Brazil,etc.
Good to see you back, Old Fart
Good to see you back, Old Fart
Good to see you back, Old Fart
he's the guy who has no positions on the issues-right, but is very learned for some other reason-right??
The IMF has done more to keep the world in poverty than any other organization. It continues its pro-poverty work in the Eurozone.
I really don't care what LaGarde says, I'd just rather she be saying it from behind bars.
The IMF has done more to keep the world in poverty than any other organization. It continues its pro-poverty work in the Eurozone.
I really don't care what LaGarde says, I'd just rather she be saying it from behind bars.
Good to see you back, Old Fart
he's the guy who has no positions on the issues-right, but is very learned for some other reason-right??
I take no positions when I am wearing my "professional economist" hat and speaking for what I see as the consensus. I do take sides from time to time, as you know. I have even agreed with you and complimented you on occasion.
But, but, Ronald Reagan Tax Cuts caused AIDS!IMF is liberal. What they do is make huge welfare loans that don't get paid back and don't help growth. They do cripple the recipient. The solution to economic growth and ending poverty is bottom up Republican capitalism.
The IMF has done more to keep the world in poverty than any other organization. It continues its pro-poverty work in the Eurozone.
I really don't care what LaGarde says, I'd just rather she be saying it from behind bars.The IMF has done more to keep the world in poverty than any other organization. It continues its pro-poverty work in the Eurozone.
I really don't care what LaGarde says, I'd just rather she be saying it from behind bars.
pro poverty?? Care to give your best example?
Successes of the International Monetary Fund. Developing countries or countries in crisis tend to have worse outcomes if they accept IMF help.
Austerity is the IMF's program. It makes no economic sense. It is something that is politically salable and benefits haves over have-nots.
Successes of the International Monetary Fund. Developing countries or countries in crisis tend to have worse outcomes if they accept IMF help.
Austerity is the IMF's program. It makes no economic sense. It is something that is politically salable and benefits haves over have-nots.
Untold Stories of Cooperation at Work
Edited by Eduard Brau, Ian McDonald
enlargebrowse inside
Hardcover (256 pages)
$120.00 + delivery
print on demand
ADD to basketRECOMMEND to library
Permissions Request
Libraries - add to your ebook collection on Palgrave Connect
ISBN 9780230203136
Publication Date March 2009
Formats Hardcover Paperback Ebook (PDF)
Publisher Palgrave Macmillan
The International Monetary Fund (IMF) is the central institution of the international monetary system and plays an important role in the economic life of many countries. IMF assistance has been a key factor in the successful resolution of economic crises with in Brazil, Korea, Poland, Tanzania, Turkey, and Uruguay, but the positive impact of IMF schemes goes relatively unnoticed by many.
This book is the first to focus fully on IMF successes, including its important initiatives to help prevent financial crises in advanced and in developing economies. With first-hand accounts by IMF staff and senior country officials, and written independently of the IMF, it seeks to balance the largely critical existing literature. This book is essential reading for anyone seeking a balanced understanding of the value of the IMF and the challenges in monetary cooperation among countries.
Austerity is the IMF's program. It makes no economic sense. It is something that is politically salable and benefits haves over have-nots.
Successes of the International Monetary Fund. Developing countries or countries in crisis tend to have worse outcomes if they accept IMF help.
Austerity is the IMF's program. It makes no economic sense. It is something that is politically salable and benefits haves over have-nots.
Untold Stories of Cooperation at Work
Edited by Eduard Brau, Ian McDonald
enlargebrowse inside
Hardcover (256 pages)
$120.00 + delivery
print on demand
ADD to basketRECOMMEND to library
Permissions Request
Libraries - add to your ebook collection on Palgrave Connect
ISBN 9780230203136
Publication Date March 2009
Formats Hardcover Paperback Ebook (PDF)
Publisher Palgrave Macmillan
The International Monetary Fund (IMF) is the central institution of the international monetary system and plays an important role in the economic life of many countries. IMF assistance has been a key factor in the successful resolution of economic crises with in Brazil, Korea, Poland, Tanzania, Turkey, and Uruguay, but the positive impact of IMF schemes goes relatively unnoticed by many.
This book is the first to focus fully on IMF successes, including its important initiatives to help prevent financial crises in advanced and in developing economies. With first-hand accounts by IMF staff and senior country officials, and written independently of the IMF, it seeks to balance the largely critical existing literature. This book is essential reading for anyone seeking a balanced understanding of the value of the IMF and the challenges in monetary cooperation among countries.
- Wow. And written by the IMF? Straight from the horse's mouth!
And I can have it for only $120?
The IMF sells austerity. It SELLS poverty.
Austerity is the IMF's program. It makes no economic sense. It is something that is politically salable and benefits haves over have-nots.
Austerity makes perfect sense. It simple means that one is responsible with money,i.e, inflow equals outflow so you are not constantly drowning in debt. Do you understand now?
Successes of the International Monetary Fund. Developing countries or countries in crisis tend to have worse outcomes if they accept IMF help.
Austerity is the IMF's program. It makes no economic sense. It is something that is politically salable and benefits haves over have-nots.
Untold Stories of Cooperation at Work
Edited by Eduard Brau, Ian McDonald
enlargebrowse inside
Hardcover (256 pages)
$120.00 + delivery
print on demand
ADD to basketRECOMMEND to library
Permissions Request
Libraries - add to your ebook collection on Palgrave Connect
ISBN 9780230203136
Publication Date March 2009
Formats Hardcover Paperback Ebook (PDF)
Publisher Palgrave Macmillan
The International Monetary Fund (IMF) is the central institution of the international monetary system and plays an important role in the economic life of many countries. IMF assistance has been a key factor in the successful resolution of economic crises with in Brazil, Korea, Poland, Tanzania, Turkey, and Uruguay, but the positive impact of IMF schemes goes relatively unnoticed by many.
This book is the first to focus fully on IMF successes, including its important initiatives to help prevent financial crises in advanced and in developing economies. With first-hand accounts by IMF staff and senior country officials, and written independently of the IMF, it seeks to balance the largely critical existing literature. This book is essential reading for anyone seeking a balanced understanding of the value of the IMF and the challenges in monetary cooperation among countries.
- Wow. And written by the IMF? Straight from the horse's mouth!
And I can have it for only $120?
The IMF sells austerity. It SELLS poverty.
liberals should like the IMF it gives welfare to poor countries and usually never gets paid back.
