The IMF’s rotten record

posted by
May 17, 2011
New York Post
by Doug Bandow  
Posted in Commentary, PND Commentary

"Dominique Strauss-Kahn, the managing director of the International Monetary Fund, is in the news. He is entitled to the presumption of innocence -- but the rape charges against him symbolize the IMF: an institution of privilege that routinely acts to the disadvantage of the vulnerable. The IMF's founding purpose vanished when the system of fixed exchange rates collapsed in the early 1970s. But instead of closing up shop (no jobs for international bureaucrats in that!), the IMF switched to promoting development. That is, it became a welfare program for Third World governments (and, more recently, for Eastern Europe and even Greece)." (05/17/11)  

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