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Wednesday, May 18, 2011

Future of the IMF

Dominique Strauss-Kahn, the putative “public servant” overseeing the IMF, has been conducting himself in the classic tradition of lecherous, narcissistic, self-indulgent 18th century monarchs. And in the grand tradition of serfdom, we American taxpayers, along with working stiffs from 186 other “member countries,” transport the fruits of our labors inside the castle walls of the IMF. We are the ones who provide the capital that puts the “fund” in International Monetary Fund.

For what reason? So that the IMF can give some of our capital back to us if we get into financial difficulty. At least that’s the stated rationale for this large-scale larceny.

Officially, the IMF functions to:

* Promote international monetary cooperation.
* Facilitate the expansion and balanced growth of international trade.
* Promote exchange rate stability.
* Assist in maintaining a multilateral system of payments.
* Provide resources to members experiencing balance of payments difficulties.

Unofficially, the IMF operates to fund the debauchery of lechers, while also bailing out profligate nations who may or may not repay the bailouts. Under the IMF’s existing quota, the US is the largest member, representing 17.75% of the pie. In exchange for this membership, the US has provided the IMF with about $58 billion. Furthermore, this allocation will nearly double, thanks to the IMF’s “Fourteenth General Quota Review.”

Read more: Dominique Strauss-Kahn and the Future of the IMF

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