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March 19, 2003

IMF Admits No Proof It's Worth a Damn

Having demanded for decades that poor countries tear down controls on capital and shred help for the poor in order to get the benefits of "integration" into the global economy, the IMF has now admitted there is no evidence that poor countries benefit from such policies:

The International Monetary Fund sounded more like its critics on Monday when it admitted there is little evidence globalization is helping poor countries.

The IMF, which has often been the target of violent anti-globalization protests, in a new study found economic integration may actually increase the risk of financial crisis in the developing world.

Understand how serious this admission is-- IMF policies have systematically impoverished poor people globally, all in the name of "helping" them, only to admit that those policies probably not only did little to help them on the basic job of the IMF-- avoiding financial crises-- but may have made things worse.

Another way to understand this war is that post-Seattle, the legitimacy of US domination of the world through economic mechanisms like the IMF was failing and poor countries were refusing to accept the US agenda for trade negotiations.

The military assault in Iraq is a simple reminder to the developing world that the US corporate elite will use military means to impose their will if necessary. The figleaf of neoliberal ideology to make countries accept their exploitation was nice while many countries bought it, but Bush and company will dispense with it in favor of raw military power if necessary.

Posted by Nathan at March 19, 2003 06:41 AM

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