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Strategies & Market Trends : HONG KONG
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To: Tom who wrote (2463)10/21/1998 8:33:00 PM
From: Ron Bower  Read Replies (2) of 2951
 
Tom, JMHO-

The restrictions on South Korea are a little ridiculous. There must have been some strong lobbying not only from US concerns, but from Japan and Taiwan.

Environmental restrictions also seem out of line for countries that can't pay their bills.

I consider "labor rights" to be interference in the internal politics of the country. This is not an economic or trade issue and should not be part of an IMF package. (The Democrats have been unsuccessful in imposing it on the States, so they go after the weak in the world and force it on them by withholding necessary funds.)

I believe the IMF should refuse the money (they won't) and the countries needing the monies should refuse to take it under those conditions (they will take the money then ignore the restrictions).

Why am I reminded of the promises to use Lottery income to fund schools? South Korea will take the IMF funds and now be determined to divert other monies to the banned industries.

This is our new foreign policy. We no longer seek to find out what the problems are and attempt to work with other countries to solve them. We now demand compliance to an ideology that ignores social and demographic characteristics of the various countries. (but we make the campaign contributors happy)

The Commission to oversee the IMF and loan repayments are obvious Republican proposals, the other restrictions had to come out of the Whitehouse, including the South Korean provisions. Both are catering to the banks.

JMHOs,
Ron
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