Monday, July 4, 2022

The IMF Won’t Take its Own Medicine

The IMF, like Central Banks the world over, employ lots of economists, with expensive ‘compensation’ – like importing servants and free education for their children. But there are no IMF-type surveillance systems to measure the performance of IMF or other economists. If IMF performances are judged by their own ‘flexible labor’ criteria, they would be dismantled pronto. For they have no influence over the real risks to ‘global financial stability’ which come from their bosses – the USA’s massive current account deficit or EU’s powerful protectionism.

Several former colonial countries have been ignoring the IMF, prepaying debts to the institution, rejecting the IMF’s role as a debt arbiter, making swaps with regional countries – and good heavens – industrializing!

Just as today, the IMF sabotaged the 1970-77 government’s even feeble economic policies, to ensure Sri Lanka not escape imperialism’s control. This involved ‘orchestrating the shift’ from import-substitution to export-oriented industrialization. Export, Export, Export is their mantra. (Random Notes)

The Great White Father in Washington also acts as the world’s moral policemen and arbiter of ‘democracy’. They also carry a big stick to maketh us understand, big daddy is a jealous god: ‘Thou shalt have no other bankers of the last resort than me.’ The IMF thus threatens that, without them, new world wars will break out.

After all, as the Soviet Union at great sacrifice were smashing the German Nazi machine, the US and England were already preparing the new world order under Washington dictat. The IMF was created as a ‘central multilateral’ institution to coordinate and discipline financial markets, by the ‘United Nations Monetary and Financial Conference’ at Bretton Woods in 1945.

Yet industrialized countries quickly removed themselves from IMF dictat. They developed their own insurance systems, and a Gang of 10 set up the General Agreements to Borrow (GAB) in 1964. GAB undermined the IMF’s raison d’être for the industrialized countries. Then the IMF claimed to become a ‘developmental institution’, promising to financially stabilize developing countries, meddling in our domestic policies, crusading for poverty alleviation (not poverty elimination). Analyzing poverty for ever, they refuse to divulge how they got wealthy! There are no Centres for Wealth Analysis NGOs!

The whites’ greatest fears are that regions will enhance economic cooperation to industrialize, hence the urgency and mania for NATO-waged wars from Africa’s Horn to the Gulf, from the Himalayas eastwards via Myanmar to China and its seas.

• Those wringing hands over ‘Chinese debt trap’, ‘default’, ‘gas explosions’ and ‘public sector corruption’ are also craving more IMF medicine. It is the IMF that has demanded privatization, liberalization and deregulation, destroying local industries. This has meant no regulations or ‘standards’ for the gas business, etc. Like the media and pharma mafias, the energy mafia regulate themselves, and like the media they do not care who gets blown up or killed, as long as they make a quickie profit. The IMF is a bloated white-supremacist institution, which does not imbibe its own medicines. Meanwhile, IMF demands to privatize the state sector and sack workers, while their echo-chamber orchestras – the Advocatas, the Verites, the AOG Harshas and Erans, the Sanderatnes and Wjiwardenas – hoot loud. But this is the irony. The state is already privatized. It serves a few leading multinational corporations and individuals already, even if the nameboards still proclaim ‘Sri Lanka’.

Those who talk about ‘Chinese debt’ seem not to have heard about the IMF’s long-time structural adjustment programs that pushed countries into penury. Nor have they heard of The Debt Trap: the IMF & the 3rd World by Cheryl Payer, published almost 50 years ago. Instead, all of imperialism’s horrors are by saturated media sleight-of-hand piled on China’s lap: fraudulently placing their debts on someone else’s balance sheets.

Source: gammiris.lk

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