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Thread: IMF freind or foe?

  1. #1
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    Default IMF freind or foe?

    Hi DR1ers , maybe somebody can help me. I overheard that the IMF is a very bad organization. The requisites they ask for to countries that need loans are to privatize public services like electricity, water, and health. The argument was that poor countries asking for loans are very corrupt, and Privatizing this services among others measures will prevent the money this countries borrow to be lost in corruption. This sounds like a good argument. However, it looks like privatizing this services will ultematly hurt the population, not to count that this companies that get the bids to take over this services are of course part of the G8 countries, and the profits of running this services leave the country and do not provide any benefit for the national economy.

    IS THE IMF FRIEND OR FOE?
    IS it true most of the Dominicans representing my country in the IMF are not the most ethical individuals?

    Maybe is not the IMF fault but the representatives we keep sending?

    ARE THE G8 COUNTRIES (IMF) SAYING (maybe with a reason) you cannot govern yourself?

    HOW much is the total external debt in DR today? And how much of it is from recent loans or from very old loans?

    I heard some countries have stand up and decided not to pay any more of the external dedt.http://www.wbai.org/index.php?option...k=view&id=4862
    If a straight answer is to complicated, I will appreciate links or books.

    Thank you for helping a young person like myself find some answers.

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    I read Argentina is doing OK on its stand of not paying the loans to the IMF and the world bank. http://www.zmag.org/content/showarti...41&ItemID=5427

    Could we do the same in DR and what will be the cost?

  3. #3
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    Default "friend or foe"

    Depends on whether you would call blood sucking parasites and their accomplices "foes" or not.

  4. #4
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    Smile Just say no

    If the IMF is so evil, just say no when they offer to help.
    http://dr1.com/forums/showthread.php...351#post161351

    The economies of the world are so intertwined that many crisis would spread like wildfire and create very insecure, unstable, and dangerous environments.
    http://www.fas.org/man/crs/crs-asia2.htm

    Perhaps the weak should be allowed to fail.
    http://www.gold-eagle.com/asian_corn...cle070498.html

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    Default Brother, Here Is What Is Wrong With These International Creditors!

    Organizations Such Wolrd Bank And Imf Are What One May Call " Economic Policemen"_ As All Policemen From Yesterday To Today, They Are Superficially For The People, But Deep Inside, They Care More About The Property Of The Rich Than The Lives Of Poor Folks.
    These Monetary Organizations Give Loans With Burdening Baggage_one Of The Condition Is To Allow Competition When The Borrowing Nation Is To Award A Contract Such As In The Domain Of Constructions( Roads, Airports And So On). What They Mean With This Euphorism ( Competition) Is The Following: We let you touch this check-loan which you do not even have to cash for we will take care of everything. Our Contractors Will Build You The Roads Using Their Engineers And Cement-mixing Boys. The Result Is That The Money Borrowed Comes Right Back Out. Given The Fact That The Money Is Not Recycled Within The Poor Country's Economy, the borrowing nation Will consequentially Remain In Debt. The More Loan One accepts, The Poorer One gets. why? because, these loans are not recycled in the local economy to stimulate growth while they will be accruing continuously compounded interests. poor countries need to give iq test to their respective population in order to discover their delivering geniuses for they are screwed without them. one can only beat evil geniuses with benevolent ones.
    I Do Not Recommend The IMF Loans For Dr_ Work Yourself Out Of Your Trouble Friend. Stay Away From These Loans For They Come With String-attached, The Invisible Kind!
    Last edited by observer keen; 11-01-2005 at 01:05 AM.

  6. #6
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    Quote Originally Posted by Malibook
    If the IMF is so evil, just say no when they offer to help.
    http://dr1.com/forums/showthread.php...351#post161351

    The economies of the world are so intertwined that many crisis would spread like wildfire and create very insecure, unstable, and dangerous environments.
    http://www.fas.org/man/crs/crs-asia2.htm

    Perhaps the weak should be allowed to fail.
    http://www.gold-eagle.com/asian_corn...cle070498.html
    What politician can say "no" when offered a bag of money?

    Actually, I would like to see a few countries say "no". But, right now, the only countries that even have a chance of getting away with it are the economically or strategically significant borderline wealthy countries like Mexico and Turkey.

    The IMF is the extension of a system of economic exploitation that takes advantage of the corrupt politics of poor countries and has existed for at least 150 years. http://www.dr1.com/forums/showpost.p...43&postcount=1. In fact, the IMF promotes continued corruption by constantly giving the crooks new money which they can use to buy reelection in countries where the electorate is generally ignorant.

    The IMF is NOT, as you once wrote, designed to bail out failing countries. Rather, it is an insurance policy for the lending instutitions of the wealthy countries that they will get repaid regardless of how irresponsible their lending and how corrupt the governments to which they lend. Using the importance of the intertwined economic systems that you mention, the IMF, representing the wealthy countries, comes in with the "big stick" threatening to evict the poor indebted country unless it enacts "austerity" programs of high taxes and fees, devaluations and reduced lifeline services resulting in, essentially, the poor and middle class having to repay the debt originally stolen by the political class.

    As you mentioned, the world economic system is extremely intertwined and to say "no" to the IMF likely political, if not actual, suicide.

    I have never spited Leonel in this regard. The only change to the ruling system of financial exploitation would have to be revolutionary change, and the DR could NOT do it alone.
    Last edited by Porfio_Rubirosa; 11-01-2005 at 12:02 PM.

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    Default I Have Used The Wrong Word!

    I Have Meant To Write " Euphemism" Instead Of "euphorism".
    RUB, GOOD RATIONAL EXPLATIONS!

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    Quote Originally Posted by Porfio_Rubirosa
    the IMF, representing the wealthy countries, comes in with the "big stick" threatening to evict the poor indebted country .
    Can I get an example where a country was 'evicted' by the IMF or the wealthy countries?
    Last edited by Conchman; 11-01-2005 at 03:55 PM.

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    Smile

    Nice to see that you have mellowed out Porfio_Rubirosa.
    http://dr1.com/forums/showthread.php...380#post161380

  10. #10
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    Quote Originally Posted by Conchman
    Can I get an example where a country was 'evicted' by the IMF or the wealthy countries?
    Argentina held out for quite a while, but perhaps the best example is Haiti. Our neighbor was perhaps in the worst position of all to challenge the world financial regime. After "failing" to come to terms with the IMF, the country was blackballed. $500M in international aid was witheld and all access to international capital cut off. Remarkably, Aristide managed to pay off some debt despite this but was still obligated to reach an accord with the IMF before his country would have access to capital. But it was too late for the powers that be and his fate was sealed.

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