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IMF policy statements don't explain. They perpetuate the myth about helping as a lender of last resort. Loans come with strings. Force-fed austerity follows.
Debt service matters most. Banker bottom line priorities override national sovereignty. Worker gains disappear. Ordinary people suffer hugely.
Human welfare and economies are sacrificed on the alter of paying bankers first. That's how predatory IMF diktats work. Don't expect New York Times editors to explain.
According to Paul Craig Roberts, IMF loans don't help world economies. They shield "private banks from their own mistakes at the expense of the world economy."
IMF policy mandates stabilizing exchange rates linked to the dollar and bridging temporary payment imbalances. Article I of its Articles of Agreement says it lends:
"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."
It claims it provides loans to reduce poverty and increase economic development. "In difficult economic times," it says, it "helps countries to protect the most vulnerable in a crisis."
It never operated as mandated. Its policies are polar opposite. They're ruthlessly exploitive. They've been that way from inception.
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