Nyerere was right about IMF and WB
Apr 05, 2009
EDITOR—It sounded like an April Fools’ Day joke hearing that the so-called G20 summit had dumped yet an additional $500b into the International Monetary Fund (IMF) abyss.
EDITOR—It sounded like an April Fools’ Day joke hearing that the so-called G20 summit had dumped yet an additional $500b into the International Monetary Fund (IMF) abyss.
This and all other failed institutions need to be left to go out of business to save taxpayers’ money. Both the IMF and the World Bank (WB) are guilty of Third World corruption and poverty and the global financial quagmire.
The Bretton Woods Agreement of 1944 mandated the IMF and the WB to establish a regulatory global monetary system imposing and enforcing rules and procedures governing international finance and promoting currency stability.
These organisations abandoned their primary mission very early, leaving the US and its Western allies to do as they pleased with no regulation of their banking sector. Instead, the IMF and the WB have been, to borrow Idi Amin’s words, “working very difficult†bullying Third World countries.
From Mobutu Sese Seko to Samuel Doe to Charles Taylor to Sani Abacha to Daniel arap Moi, the IMF and the WB have, for 50 years, propped up dictators all over Africa, bankrolled corruption and funded white elephant projects that have polluted the air I breathe and poisoned the water I drink with industrial chemicals.
How come not even one person at the G20 talkingshop demanded that the Bretton Woods institutions account for past billions and show their results before getting new money? Why did the IMF and the WB get a free pass when they are widely accused of being responsible for mass poverty in Africa and elsewhere in the Third World? Since the tyranny, corruption, poverty, diseases and starvation funded by the Bretton Woods institutions cannot be indicators of economic development, the abolition of the IMF and the World Bank would have been the right course of action on the part of the G20.
Creation of a global central bank in their place would have made sense. Tanzania’s Julius Nyerere was spot-on when he labelled the IMF and WB a “gang of robbersâ€. I add that these are criminal organisations begging to be disbanded without further delay.
Bosire Mosi
United States
This and all other failed institutions need to be left to go out of business to save taxpayers’ money. Both the IMF and the World Bank (WB) are guilty of Third World corruption and poverty and the global financial quagmire.
The Bretton Woods Agreement of 1944 mandated the IMF and the WB to establish a regulatory global monetary system imposing and enforcing rules and procedures governing international finance and promoting currency stability.
These organisations abandoned their primary mission very early, leaving the US and its Western allies to do as they pleased with no regulation of their banking sector. Instead, the IMF and the WB have been, to borrow Idi Amin’s words, “working very difficult†bullying Third World countries.
From Mobutu Sese Seko to Samuel Doe to Charles Taylor to Sani Abacha to Daniel arap Moi, the IMF and the WB have, for 50 years, propped up dictators all over Africa, bankrolled corruption and funded white elephant projects that have polluted the air I breathe and poisoned the water I drink with industrial chemicals.
How come not even one person at the G20 talkingshop demanded that the Bretton Woods institutions account for past billions and show their results before getting new money? Why did the IMF and the WB get a free pass when they are widely accused of being responsible for mass poverty in Africa and elsewhere in the Third World? Since the tyranny, corruption, poverty, diseases and starvation funded by the Bretton Woods institutions cannot be indicators of economic development, the abolition of the IMF and the World Bank would have been the right course of action on the part of the G20.
Creation of a global central bank in their place would have made sense. Tanzania’s Julius Nyerere was spot-on when he labelled the IMF and WB a “gang of robbersâ€. I add that these are criminal organisations begging to be disbanded without further delay.
Bosire Mosi
United States