Defending IMF Financial Terrorism
by Stephen Lendman
The IMF wages financial terrorism on humanity.
On March 29, New York Times editors headlined "Strengthening the IMF." What demands abolition, they support. It doesn't surprise.
Longstanding Times policy supports wealth, power and privilege. Populist interests are spurned. Unmet human needs are ignored. Managed news misinformation is featured. Wrong over right is endorsed. It's been so from inception.
Times editors admit IMF policies aren't widely loved. It "forced countries in financial distress to adopt counterproductive austerity policies, and it failed to anticipate the financial crisis."- Advertisement -
No matter. It "helped stabilize the global economy, most recently by providing loans to troubled European countries like Greece and Ireland."
It's "the world's primary defense against global financial disasters."
"Increasing the fund's resources will ensure that it can respond quickly to another wave of turmoil in Europe or elsewhere that would inevitably hurt the American economy."
It's hard imagining more twisted thinking. Times editors endorse doubling the fund's capital. Doing so assures twice as much damage. IMF policies reflect financial terrorism. Abolish the fund now and end it.
It's hugely exploitive. It's the loan shark of last resort. It makes neighborhood ones look saintly by comparison. It doesn't solve problems. It exacerbates existing ones. It creates new ones. It debt entraps nations. Bondage suffocates them.
Public wealth shifts to private hands. Western bankers and other corporate favorites profit hugely. Ordinary people suffer.
Indebted nations are obligated to take new loans. They're needed them to service old ones. Doing so increases indebtedness. Structural adjustment harshness follows. It's force-fed. Debtor nations have no choice. IMF diktats demand:
- privatizing state enterprises;
- selling them at a fraction of their real worth;