"On another subject: I am opposed to the activities being conducted by market speculators, and am suspicious of the employment or interests of any that do..... I could go on at great length, but suffices to say that were there no IMF, or similar guarantor, the speculators would be nothing more than another manageable market element."
Tom,
As I watch currency after currency sinking around the world, I'm starting to be a convert to your opinion (and Jimmy Rogers) that the IMF is not a good thing after all and should be eliminated.
But I don't quite understand your argument about the IMF and currency speculators? It seems like if you don't think the IMF should not be artificially supporting economies that should be allowed to fail, then you should also support currency speculators that attack the weak economies/currencies. After all, it appears you want "market forces" to determine how an economy fares. Currency speculation is just a "market force," isn't it? Just like individual investors are allowed to go long and short equities, shouldn't currency speculators be allowed the same rights?
I may not be understanding what you mean regarding your feelings towards, "currency speculators." Oh...I get it! You are not saying you are against currency speculators, but the IMF that artificially gives them economies/currencies to attack. Now that makes a lot of sense.
Politically this is a tough issue to get the American people to understand either way. It appears generally the liberals are for supporting the IMF, and the conservatives against it. Alan Greenspan and Robert Rubin are definitely pro IMF. Since the Presidency is in such a weakened state, maybe the IMF will not get funding from congress for the next couple of years. It may die simply because it runs out of money?
I used to think it would be a terrible thing for the IMF to go by the wayside, but now I understand your point. Only people getting really rich off the world currency crisis, are the speculators. Not in any small part due to historical IMF policies.
Thanks for your post,
MikeM(From Florida) |
