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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Rascal who wrote (43286)	9/11/2002 2:27:45 PM
From: Jim Willie CB	Read Replies (3) \| Respond to of 281500

sorry, in real bad mood, my 10-day vacation just ended /jw

To: Rascal who wrote (43286)	9/11/2002 9:20:33 PM
From: Hawkmoon	Respond to of 281500

No problem!! I had a debate the other day with a lady over who's to blame for the flawed IMF system.. While she has some valid points that the IMF generally operates in a manner that gives the US inordinate veto control over who gets a loan and under what terms (austerity measures.. etc), I told her that an international loan from the IMF was not something they were forced to undertake. If they didn't like the terms they should get a loan elsewhere. But I also made the point that "easy" international loans to foreign central banks is effectively a "license to steal" for these countries through default and/or inflation(which is why we usually denominate loans in USD). It's far too easy for some of these countries to say "it's someone else's money", or "what are they going to do, invade us?" when they decide it's time to default or restructure their debt. Hawk