What I want to do with my final project is fully give people more awareness of what the IMF and World Bank is all about. At the beginning of this semester, I had no idea what these organizations were all about. I remember the protests in Seattle against the World Bank, but I did not know exactly why they were taking place. I feel that there are many people that do not know what the IMF or World Bank are. If we are aware of such organizations, we can in turn make our own decisions on if in fact they are a friend or foe to the people.
I believe that together we have to power to change the world. We can stand up for justice and equality for all. The poor peasant farmer in Jamaica or Haiti’s voice will not be listened to by the rich and powerful men that run the IMF. We need the support from peoples across the full economics and employment spectrum. We need to stop thinking that our country is the only one the matters in the world. There are other countries that are starving and dying, and we should help them. That does not necessarily mean to give them money, but the support for them to stand up against the “goliath” that is the IMF. The following are a few videos that help show a brief yet informative view on what the IMF and World Bank are about. We see both informative and opinionated videos. I chose these because they give different perspectives and feelings towards the IMF. Of course you are all capable of making your own decision when it comes to what you feel about the IMF. But the decision is easier and more just to everyone when you actually know about what your decisions affect.
These videos are ones that get the point across on what the IMF is all about. The tell about what the IMF says it will do but what it actually does. They point out how it has affected certain countries like Jamaica, and Haiti. These videos will allow you a glimpse on who the IMF is. Your only decision is not a simple pro or anti IMF. But instead the ramificatinos of such decision. How many lives will it affect? Which countries will prosper or remain in poverty because of loans from the IMF. Friend or Foe? You Decide
Tuesday, May 4, 2010
Monday, April 19, 2010
It's Time to change the IMF
Are there any true alternatives to the IMF? This could be a very difficult question to answer for a couple of reasons. First of because it is compromised of over 100 nations, it has the cash flow to be able to loan out money to countries. It is not like one country will be able to solely help other countries in need. The main thing stopping an alternative to the IMF is of course money. The IMF website says mission statement reads; [work to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.] The IMF needs to stay true to these values, and not be deterred by economic gains. When it goes to a country and loans them money, they say they are doing it for a noble cause. Why then are all the conditions and interest rates so high and ridiculous? It is because they want any way to make a profit. Let’s help these countries develop first, and later worry about paying back these loans. Of course one might say, why these countries are even asking for money. We have to remember that these countries are desperate and have no other aid afforded to them.
What I believe would help the IMF is not be so greedy for money. If they actually tried to help a county and not impose their will on them, more good would come out of it. We would not see all of the massive protests, we see about the IMF. Their mission and “goal” is a noble one, why not truly stick to it. When you go into a poor country where its people could not afford necessity like water, and raise the rates by 95% what good are you doing for that country? When we ask for a loan, we want to use it however we want. The bank looks at our credit and says yes or no or how much. Would you like it if the bank said you have to do this, that and the other as conditions of the loaned? Of course we have to follow their policy of when and how much to pay back the loan but more conditions would only make us go to another bank for a loan. These countries do not have another bank; the IMF is it for them. They should be able to get a loan, and repay it without conditions that only hurt their country.
What could make the IMF more effective would be to have discussion forums where the people of said country in need would be able to voice their opinion, and make their vote count. So they would actually play a role in the whole loan process. Enough is enough, when are we going to stop rich white individuals rule/control our world .It has not been working, let’s make a change in leadership, and see if our world actually gets better.
Click HERE to open the feedback tool.
What I believe would help the IMF is not be so greedy for money. If they actually tried to help a county and not impose their will on them, more good would come out of it. We would not see all of the massive protests, we see about the IMF. Their mission and “goal” is a noble one, why not truly stick to it. When you go into a poor country where its people could not afford necessity like water, and raise the rates by 95% what good are you doing for that country? When we ask for a loan, we want to use it however we want. The bank looks at our credit and says yes or no or how much. Would you like it if the bank said you have to do this, that and the other as conditions of the loaned? Of course we have to follow their policy of when and how much to pay back the loan but more conditions would only make us go to another bank for a loan. These countries do not have another bank; the IMF is it for them. They should be able to get a loan, and repay it without conditions that only hurt their country.
What could make the IMF more effective would be to have discussion forums where the people of said country in need would be able to voice their opinion, and make their vote count. So they would actually play a role in the whole loan process. Enough is enough, when are we going to stop rich white individuals rule/control our world .It has not been working, let’s make a change in leadership, and see if our world actually gets better.
Click HERE to open the feedback tool.
Thursday, April 8, 2010
Resource Guide
International Monetary Fund Official Website
http://www.imf.org/external/index.htm
This is the official website of the IMF. People can see firsthand what the IMF believes it is all about.
The World Bank Official Website
http://www.worldbank.org/
This is the official website of the World Bank. People can see firsthand what the World Bank believes it is all about.
World Bank - IMF support to dictatorships
http://www.cadtm.org/World-Bank-IMF-support-to
This article points out how the IMF does not “discriminate” it supports all types of governments, in this case dictatorships.
Dictators and Debt
http://www.jubileeresearch.org/analysis/reports/dictatorsreport.htm
This article is all about how dictators take power, and once ousted leave their country in debt. The new government is now faced with trying to eliminate the massive debt. The IMF does not take into consideration that the people might upraise and demand a change in government.
IMF's "Pro-Growth" Policies Killing Gains in Developing World
http://www.alternet.org/world/65540/
This points out some of the conditions the IMF puts on the countries it loans money too, are only hurting the country from developing.
Policy Debate- IMF Pro Kenneth Rogoff
http://ivythesis.typepad.com/term_paper_topics/2010/03/policy-debate-imf-pro-kenneth-rogoff.html
This is a pro side for the IMF. Kenneth Rogoff argues that the IMF is doing more good than bad. IT loans money to countries that desperately need it, without it they would not be able to change anything.
Good cop, bad cop? IMF in Honduras, Sri Lanka
http://www.brettonwoodsproject.org/art-565323
This article points out the pros and cons of the IMF intervention in Honduras. On the positive side they have money to help establish a prospering nation. On the con the amount of debt/interest rate and conditions are usually too much for a country to overcome.
IMF: A Good 'Bad Bank'?
http://www.forbes.com/2009/03/16/g20-meeting-reaction-markets-equity-banks.html
This points out how the IMF intention as a bank or good and noble, but fails miserably in its actual executions of the loans it hands out. It gives money to countries that are already in debt, and will only make it more difficult for them to overcome them.
The IMF: Bad Cop
http://www.freedomworks.org/publications/the-imf-bad-cop
This is plain and simple anti IMF website; it points out all the negative terms of the loans the IMF hands out.
Sovereign default = Good ... IMF = Bad
http://www.samizdata.net/blog/archives/000921.html
The goal of this article is too point out how, a country will prosper and be better off without the intervention from the IMF. But as soon as they intervene, all goes downhill from there.
For nations living the good life, the party's over, IMF says
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/23/AR2010042305258.html
This is an article where the IMF believes that it is time for all countries to live in an equal world. It is there mission to help developing counties, and rich nations will have to join in the aid.
World Bank and IMF: Good, evil or irrelevant?
http://www.salon.com/news/feature/2000/04/14/imf_fightclub
This points how the IMF has three main aspects; it is good for helping nations in need. It is evil for the consequences it has on these nations, and sometimes it may become irrelevant, because countries have come up with ways to not need IMF loans.
Click HERE to open the feedback tool.
http://www.imf.org/external/index.htm
This is the official website of the IMF. People can see firsthand what the IMF believes it is all about.
The World Bank Official Website
http://www.worldbank.org/
This is the official website of the World Bank. People can see firsthand what the World Bank believes it is all about.
World Bank - IMF support to dictatorships
http://www.cadtm.org/World-Bank-IMF-support-to
This article points out how the IMF does not “discriminate” it supports all types of governments, in this case dictatorships.
Dictators and Debt
http://www.jubileeresearch.org/analysis/reports/dictatorsreport.htm
This article is all about how dictators take power, and once ousted leave their country in debt. The new government is now faced with trying to eliminate the massive debt. The IMF does not take into consideration that the people might upraise and demand a change in government.
IMF's "Pro-Growth" Policies Killing Gains in Developing World
http://www.alternet.org/world/65540/
This points out some of the conditions the IMF puts on the countries it loans money too, are only hurting the country from developing.
Policy Debate- IMF Pro Kenneth Rogoff
http://ivythesis.typepad.com/term_paper_topics/2010/03/policy-debate-imf-pro-kenneth-rogoff.html
This is a pro side for the IMF. Kenneth Rogoff argues that the IMF is doing more good than bad. IT loans money to countries that desperately need it, without it they would not be able to change anything.
Good cop, bad cop? IMF in Honduras, Sri Lanka
http://www.brettonwoodsproject.org/art-565323
This article points out the pros and cons of the IMF intervention in Honduras. On the positive side they have money to help establish a prospering nation. On the con the amount of debt/interest rate and conditions are usually too much for a country to overcome.
IMF: A Good 'Bad Bank'?
http://www.forbes.com/2009/03/16/g20-meeting-reaction-markets-equity-banks.html
This points out how the IMF intention as a bank or good and noble, but fails miserably in its actual executions of the loans it hands out. It gives money to countries that are already in debt, and will only make it more difficult for them to overcome them.
The IMF: Bad Cop
http://www.freedomworks.org/publications/the-imf-bad-cop
This is plain and simple anti IMF website; it points out all the negative terms of the loans the IMF hands out.
Sovereign default = Good ... IMF = Bad
http://www.samizdata.net/blog/archives/000921.html
The goal of this article is too point out how, a country will prosper and be better off without the intervention from the IMF. But as soon as they intervene, all goes downhill from there.
For nations living the good life, the party's over, IMF says
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/23/AR2010042305258.html
This is an article where the IMF believes that it is time for all countries to live in an equal world. It is there mission to help developing counties, and rich nations will have to join in the aid.
World Bank and IMF: Good, evil or irrelevant?
http://www.salon.com/news/feature/2000/04/14/imf_fightclub
This points how the IMF has three main aspects; it is good for helping nations in need. It is evil for the consequences it has on these nations, and sometimes it may become irrelevant, because countries have come up with ways to not need IMF loans.
Click HERE to open the feedback tool.
Saturday, April 3, 2010
IMF: Racist?
The IMF and World Bank are compromised of racist individuals. What is the first thing that comes up to your mind, when you read this statement? This is not true, or how can you make such a bold statement. But when we look at their practices when loaning money, it is interesting to see what we discover. We find that they will loan countries that are poor money without any hesitation. When it comes to “white” countries they are hesitant to make loans. They actually do their research, and do what is best for that country. I will show you a couple of examples when this has taken place. First majority nonwhite countries like Genev, then predominantly high white populations like in Greece.
In Geneva we see the IMF and World Bank goes and “help” the country, but as usual impose ridiculous conditions. In March 2002 Geneva requested a loan from the IMF, to help with their debt. The IMF required Geneva to implement a full cost recovery in public utilities. This means that Geneva to remove public subsidies for water and charges taxes and fees on it until water utility has recovered. This caused water rates to hike 95%, and additional hikes were still mandated (Raja) . In a country where they can’t afford food or water, does it really make sense to raise the prices of these goods? “Goods” that should be available to everyone.
In Haiti that was devastated by huge earthquake, we see the IMF back at their game. The “gave” Haiti over 100 million dollars, to help it rebuild. Of course they loaned the money, but they make it look like they are being humanitarians. The conditions imposed on Haiti were the raising of prices for electricity. Refusing pay rises for public employees. The IMF did however come out a couple of days later and say it was an interest free loan of $100 million in emergency funds. They also said that they would try to cancel any and all debt owed by Haiti to the IMF. Let’s see how that goes.
[UPDATE] The IMF said that it would not erase all of Haiti’s debt; instead it would freeze repayment and no interest for 2 years. WOW, yeah like we did not see that one coming.
In Greece however the IMF said they would not loan them any many after doing some research. They felt that Greece would not be able to repay the loan, based on their economy. They also felt that it was not in Greece’s best interest to fall further into debt. How is Greece any better off than Haiti, or Geneva? The only thing to point out is the population. Just like during Hurricane Katrina the majority black population felt that they were discriminated against from aid. It was not quick or enough to help, but felt if they were white it would have been a total different story. I argue that the same is happening here. The IMF basically comes out and says let’s keep developing countries from actually developing, and “White” countries from not falling or getting worse.
Of course this does not necessarily mean that the IMF is racist, but is their motives racially motivated? You decide!
Click HERE to open the feedback tool.
In Geneva we see the IMF and World Bank goes and “help” the country, but as usual impose ridiculous conditions. In March 2002 Geneva requested a loan from the IMF, to help with their debt. The IMF required Geneva to implement a full cost recovery in public utilities. This means that Geneva to remove public subsidies for water and charges taxes and fees on it until water utility has recovered. This caused water rates to hike 95%, and additional hikes were still mandated (Raja) . In a country where they can’t afford food or water, does it really make sense to raise the prices of these goods? “Goods” that should be available to everyone.
In Haiti that was devastated by huge earthquake, we see the IMF back at their game. The “gave” Haiti over 100 million dollars, to help it rebuild. Of course they loaned the money, but they make it look like they are being humanitarians. The conditions imposed on Haiti were the raising of prices for electricity. Refusing pay rises for public employees. The IMF did however come out a couple of days later and say it was an interest free loan of $100 million in emergency funds. They also said that they would try to cancel any and all debt owed by Haiti to the IMF. Let’s see how that goes.
[UPDATE] The IMF said that it would not erase all of Haiti’s debt; instead it would freeze repayment and no interest for 2 years. WOW, yeah like we did not see that one coming.
In Greece however the IMF said they would not loan them any many after doing some research. They felt that Greece would not be able to repay the loan, based on their economy. They also felt that it was not in Greece’s best interest to fall further into debt. How is Greece any better off than Haiti, or Geneva? The only thing to point out is the population. Just like during Hurricane Katrina the majority black population felt that they were discriminated against from aid. It was not quick or enough to help, but felt if they were white it would have been a total different story. I argue that the same is happening here. The IMF basically comes out and says let’s keep developing countries from actually developing, and “White” countries from not falling or getting worse.
Of course this does not necessarily mean that the IMF is racist, but is their motives racially motivated? You decide!
Click HERE to open the feedback tool.
Monday, March 29, 2010
IMF and World Bank: Why so much HATRED
Does the IMF or World Bank have the support from anyone? After reading many articles and watching many videos it would seem that almost everyone is against the IMF and the World Bank. But if everyone is so against it, why have they not been shut down. Of course like many things, they are controlled by rich individuals/politicians. The power lies where the money is. Money gives them the power to do as they please.
They work like credit card companies, they will give you credit but with a ridiculous interest rate. Because of a history of oppression and turmoil, many countries do not give money to develop their own country. So they do the only thing they can, ask the IMF or World Bank for money. They give out loans with many conditions. These conditions are only in place to help the rich get richer and the poor poorer. If not the case why would they charge poor country interest rates of over 20% and feel they will be able to pay of the interest. Of course they function like a credit card, and make their money off of the interest rate. But this is not helping countries develop; instead it is a step backwards. Of course the argument can be made, why these countries are asking for loans if they know they can’t pay them back. The answer of course is they need the money to help its citizens, and if it is the only way to get it, they have no other choice.
These organizations also place many restrictions on the country they are loaning money too. For example, they limit the amount of exports, and the price of goods of these exports. Of course corporations like McDonalds, and Nike love these restrictions, because they can offer their goods at cheaper prices than local made counterparts. It is also relatively cheap to take your business there, once there profits go through the roof. It is practices like these that make many individuals hate these organizations. If it were not for greedy individuals trying to make a quick buck, they could actually help make a difference in a developing country, instead of leaving it in a worse condition. It is then why we see so many protest around the world. Below are some pictures of individuals at these protests.
Click HERE to open the feedback tool.
They work like credit card companies, they will give you credit but with a ridiculous interest rate. Because of a history of oppression and turmoil, many countries do not give money to develop their own country. So they do the only thing they can, ask the IMF or World Bank for money. They give out loans with many conditions. These conditions are only in place to help the rich get richer and the poor poorer. If not the case why would they charge poor country interest rates of over 20% and feel they will be able to pay of the interest. Of course they function like a credit card, and make their money off of the interest rate. But this is not helping countries develop; instead it is a step backwards. Of course the argument can be made, why these countries are asking for loans if they know they can’t pay them back. The answer of course is they need the money to help its citizens, and if it is the only way to get it, they have no other choice.
These organizations also place many restrictions on the country they are loaning money too. For example, they limit the amount of exports, and the price of goods of these exports. Of course corporations like McDonalds, and Nike love these restrictions, because they can offer their goods at cheaper prices than local made counterparts. It is also relatively cheap to take your business there, once there profits go through the roof. It is practices like these that make many individuals hate these organizations. If it were not for greedy individuals trying to make a quick buck, they could actually help make a difference in a developing country, instead of leaving it in a worse condition. It is then why we see so many protest around the world. Below are some pictures of individuals at these protests.
Click HERE to open the feedback tool.
Thursday, February 25, 2010
IMF History
It is 1944 and World War II is quickly coming to its end. Europe feels the devastation that is left by the war. European countries needed help, so representatives of 45 governments met up on July of 1944 met up in the United Nations Monetary and Financial Conference. The International Monetary Fund (IMF) was the result of this conference, officially created on December 27, 1945 with the support of 29 countries. The primary purpose of the IMF is to provide financial assistance to countries in need. The funds of course come from its members. In fact on the About Us section on the official IMF website we see the following, is an organization of 186 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
The founders of the IMF probably had the best intentions; they were of course trying to help rebuild countries in need. Reading the purpose statement one would be lead to believe that the IMF is only there to help and is looking out for the best interest of countries it is helping. Why then has there been so much controversy surrounding the IMF? We see issues such as it supporting dictatorships that help benefit corporations of its members, especially in the U.S. and in Europe. We witnessed protests in Seattle, Washington DC and in other countries who believe the IMF does not care about a countries democracy, human and labor rights. There are others issues such as access to food and health in countries it is “helping.”
Today the IMF is made up of 186 countries. It is no surprise that the richest members have the most voting power. The top 3 nations being the United States, Japan, and Germany. Are they really there to help others or are they looking for something else? When the IMF is asked for help, they are not required to help. Once they do, they often will charge insanely high interest rates, and impose ridiculous restrictions/conditions. For example, restrictions on amount and types of tradable goods. The countries in need have no choice but go by what the IMF says.
So is the IMF a “Friend or a Foe”? Is it here to help, or does it have other motives. Maybe it does want to help, but also wants to make a profit. Or is it here simply keep poor countries poor and use them to help rich nations richer? It will be my goal to find an answer to the previous question in this semester. I believe that we will all become more informed on what the IMF is really up to, letting us make a decision on if it is a Friend or a Foe.
http://www.imf.org/external/index.htm
http://www.youtube.com/watch?v=_xgxCf05Kmw
Tuesday, February 16, 2010
Edgar's IMF Rant
My blog will be on the IMF/World Bank. It is interesting because it was originally established to help European countries rebuild after World War II, but now has also contributed to continuous oppression of several countries around the world. This is interesting to me because it is an institution that is established to help out, at the same time it manages to cause pain and suffering for people of countries it has “helped.”
I want to do this because I have always seen protests against the IMF and the World Bank but never knew what it was all about. Just because it has been protested against, doesn’t necessarily mean it is a bad entity. I believe it is relevant for the class, because we are dealing with Globalization. The IMF provides money to the world, and helps manages finances globally.
I want to know what the IMF is all about. Its history, and what it stands for today. I would like to know how its practices have helped or hurt globally economies/countries. I would also like to make a “final verdict” or at best a more educated conclusion to whether the IMF is Friend or Foe.
http://www.youtube.com/watch?v=oT8UOffPqdQ
http://www.imf.org/external/index.htm
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