No, like forreal, has any country ever benefitted from a IMF loan? (Excluding the parasitical entities that created it)
No, like forreal, has any country ever benefitted from a IMF loan? (Excluding the parasitical entities that created it)
No, like forreal, has any country ever benefitted from a IMF loan? (Excluding the parasitical entities that created it)
The compradores that underdevelop their own countries for personal gain. Personal enrichment, all it costs is sovereignty.
Yes, yes, I know that all too well, I was thinking of country as a whole, I'll update the title, sorry
The aim of the loan is to indebt Argentina so much that its currency will continue to go down and down and down, essentially wrecking the economy. That’s what the IMF does. That’s its business plan. It makes a loan to subsidize capital flight, emptying out the economy of cash, leading the currency to collapse, as it is recently collapsed. As soon as the $50 billion was expended, or wasted, in letting wealthy Argentinians take their pesos, convert them into dollars, move them offshore to the United States, to England, to the Dutch West Indies, and offshore banking centers. Then they let the currency collapse so that the IMF model, which it’s announced for the last 50 years, the model is if you can depreciate a currency what you’re really lowering is the price of labor.
The right wing Chicago School propagandists keep claiming that if a country’s сurrency is depreciating, it must be because its prices are going up. But that gets the line of causality inside out. For debtor countries such as Argentina or other Lаtin American countries, the balance of payments has little to dо with domestic prices, domestic wage rates or domestic cost of production. The balance-of payments – and hence, the exchange rate – is swamped by debt sеrvice.
I read this in Michael Hudsons voice, then saw in the link that it was a quote from him, lol.
It’s definitely well worth the time to read Hudsons analysis if anyone finds this stuff interesting and wants to learn more.
Depends on your definition of benefitted. If you're definition is just "GDP line goes up" and ignore everything else then I'm sure there's some "success stories"
yeah it's like you get currency to "stabilize the markets" and "restore faith in the economy" and maybe some infrastructure projects that benefit resource extraction but you have to make your water distribution system for-profit
The Tokaido Shinkansen, the first high-speed railway in the world, was partially funded by loans from the World Bank. Link in Japanese here.
Oh whoops that was the World Bank not the IMF, my bad.
No. The real idea is not to benefit any country and their development. At most, like queermunist said, the compradores can take some of that money to keep the explotation-repression going for the interest of the countries we all know and hate (pensá en el Toto Caputo).
Citing the resignation letter of a former IMF senior economist, Davison L. Budhoo:
Wow, powerful stuff, truly has a way with words. A moment of silence is needed after that one.
Okay now face the wall.
Very online.
Indeed.
Instead of resigning why didnt he [fedposting]