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To: j g cordes who wrote (53304)	9/19/1998 3:42:00 PM
From: jjs_ynot	Read Replies (1) \| Respond to of 58727

>>> Congress is myopic. In failing to fund the IMF it demonstrated a loss of confidence not only in US policy, but also our loss of confidence in other nations being able to pull themselves up through financial assistance and structural remedy. <<< I respectfully disagree. I think that the IMF is an entity that has outlived its usefulness. The IMF can not and should not be a lender of last resort for every developing country that pushes the gas pedal a little hard. The IMF has dramatically diverted from their original charter over the last 10 years. It is the IMF prescription of high taxation and fiscal constriction that has caused much of the current world economic turmoil. The US has an obligation and a vested interest in helping other countries overcome their financial difficulties. The IMF is NOT the venue to accomplish this task. The IMF route will bankrupt the middle class, enrich a few of the top bureaucrats and bail out banks for overzealous lending practices. Ultimately, this will do more harm than good.

To: j g cordes who wrote (53304)	9/20/1998 1:48:00 PM
From: Merritt	Read Replies (1) \| Respond to of 58727

J.G.C.: You make some valid points about the inter-dependency of world economies, IMHO, but I disagree with your opinion about Congress being myopic in not giving the IMF all they wanted. Throwing money at countries that haven't demonstrated that they have the political will, or the the legal infrastructure, to effect a free market economy isn't going to solve anything, IMHO. As long as Indonesia retains its bias towards nepotism...or Russia lacks the legal/political means to clean out the crooked opportunists that have looted the country, then money spent on them will be money that's been wasted, and money that could have been put to more constructive use. Furthermore, we'd be lending the IMF's imprimatur to these corrupt regimes. I wonder if the present U.S. administration would be so anxious to bail out the Indonesian oligarchy had they not received political contributions from them. Best regards, Merritt