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To: John Hunt who wrote (32224)	4/20/1999 9:57:00 AM
From: lorne	Read Replies (2) \| Respond to of 116764

Hi John...." Russia announces default on another major debt."..... I'm beginning to think that the money loaned is of little importance to the IMF I think that it is what those countries give up that is of importance to the IMF. They give up control and ownership of their own economies and turn it over to IMF ( USA). Wonder how long before IMF has their own printing press or do they just send some electronic money where does all these billions and billions of dollars come from. IMF Added to Asian Crisis: Sachs Singapore, April 19 (CNA): The International Monetary Fund (IMF) "actually contributed to the financial panic that helped to bring down the Asian economies", according to Harvard University economist Jeffery Sachs. Launching yet another scathing attack on the IMF, Dr. Sachs, the director of Harvard's Institute for International Development, said its performance had "left much to be desired". A long-time IMF critic, the Harvard don argued that the external supervision of the fund's activities had to be increased and improved. "This requires the decision-making process within the IMF to be more transparent and more democratized to include a larger number of developing countries," he said in a paper released in Geneva over the weekend. Advocating floating of exchange rates as the norm for the global monetary system, he warned that the IMF "cannot, and should not, be either the international lender of last resort or the international deposit insurance agency". In January, IMF First Deputy Managing Director Stanley Fischer suggested the fund formalize and expand its role as lender of last resort to rescue governments which fall prey to abrupt shifts in capital flows. Dismissing this idea, Dr. Sachs said the new global monetary system should instead "establish regional monetary bodies and an international bankruptcy court to speed up international debt restructuring". International bailouts ought to be redesigned in light of the "failure of the first IMF programs" for Thailand, Indonesia and South Korea. "There should be ways to "bail in" rather than bail out foreign creditors. For example, debt relief, "standstills" for existing debt and priority payments for new loans should all be standard features of rescue packages," Sachs said. chinatimes.com.tw