Article: IMF - a good organization?
MMJ
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Is the IMF a good organization?
For background understanding the Federal Reserve is a Privately Owned Central Bank of the US; set up in 1913 by five banking families namely Rothschild, Rockefeller, Warburg, Kuhn-Loeb and Morgan.
The Federal Reserve controls the Bank of International Settlements which monitors and controls closely the Central Banks of the world. The Bank of International Settlements is based in Basel Switzerland, which city incidentally is also the birthplace of the World Zionist Organization.
The IMF was formed in 1944 at The Bretton Woods Conference together with the World Bank which was then first known as the The International Bank of Reconstruction and Development.
As the IMF is mainly funded by the US it’s objectives matches those of the Federal Reserve. We note one of IMF’s objective is for international monetary cooperation which was essentially the reason why the Federal Reserve took over the Bank of International Settlements.
The World Bank on the other hand we have learnt from John Perkins’ expose’s in his book “The Economic Hitman” is known as an enabler of debt slavery of poor developing nations. World Bank loans are given to countries like Salvador, and many African Countries at amounts not befitting their state of development, designed to ensure these countries default and thus be debt slave countries, at their beck and call . Egypt is another debt slave nation actually, and we saw how democratically elected President Morsi was dutifully brought down.
However to really understand the story of IMF we really need to recall the sad story of the Reserve Bank of New Zealand (“RBNZ”).
In the mid 1930s the RBNZ acted for New Zealand liked no other Central Bank. Apart from monitoring Commercial Banks it provides almost interest free direct loans to national industries like Dairy Farming, National Housing, and for National Infrastructure.
New Zealanders then enjoyed cheap housing, subsidized dairy products, good roads and infrastructure, free education, health care, and reduced national unemployment by almost 75%.
However in `1944 its Finance Minister Walter Nash went to school at Bretton Woods and came back and dismantled almost all of the people first policies of the RBNZ.
Today little money is created by RBNZ and much NZ borrowing is done overseas propelling the economy to debt deflation and austerity. A NZ Economist, Dr Jeanne Bramhall once described the IMF as not much different from the Mafia.
The IMF demands government cutbacks and privatisation of public assets not just for loans but for protection. The IMF warns that if NZ disagree, the Rating Agencies will downgrade NZ ratings and it will then be costly for NZ to borrow overseas.
IMF demands NZ cuts its public debts by cutting public spending on education, healthcare and social services. NZ Economists were dumfounded because NZ then has a budget surplus and a debt to GDP Ratio of only 6%.
The IMF also wants NZ to privatise its public water services, immediately creating a market for multinational water monopoly to move in.
Apparently Korea, Thailand and Indonesia who took IMF Loans during the Asian Financial Crisis were also asked to auction off their public assets to international hawks. Malaysia was saved this ignominy by its refusal to take IMF loans.
Thus we need to be careful with IMF in modern times; the less we have to do with them the better. And be wary of their recommended policies ; its not proven they have solely our interests at heart.
With apologies to our Greek friends we are not unaware of the well known proverb be careful of Greeks bearing gifts.
We know the power of the USD is waning. BRICS is the leading torch for dedollarisation. And the IMF have made known their wish for the Special Drawing Rights (SDR) ‘an IMF Currency” to replace USD. But the world knows these are different tools of essentially the same owner. The world is concerned with IMF’s ultimate loyalty.
Readings:
John Perkins: Confessions of an Economic Hitman
Edward Griffin: The Creature from Jekyll Island
Ellen Brown: The Public Bank Solution
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Dikemaskini [Updated]: Sam Ahmad 20240721