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IMF good or bad?

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Is the IMF a good thing or a bad thing? It claims to be an organization that helps out struggling economies, but there has been cases and evidence that prove just the opposite. An organization that's main purpose to help and assist struggling economies should have a spotless record and should be reviewed and re-structured, if it should ever end up doing harm to another country. The current model of the IMF is an unethical model, which is run by just a few countries that use it to push their own agendas. The idea of the IMF was born at the 1944 Bretton Woods agreement. The IMF's main purpose was to assist war torn countries after the Second World War. ...read more.


In the 1970's OPEC was introduced (Organization of Petroleum Exporting Countries) and this really started to scare the IMF. This agreement meant that countries could now hold onto their oil resources. This freighted the US because they were worried that similar agreements will follow with other goods that the US needed, such as with timber or labour. The US had to act and they did so with the IMF. They got the IMF to give out loans to countries, like they were handing out candy. The strategy behind this was to get these countries into a deep dept and get them following a US agenda. An example of this happened in Argentina during the reign of president Menem. ...read more.


This is where the IMF came in, providing billions of dollars in loans to maintain this currency peg. Now Argentina is swimming in foreign debt, which they are not going to be able to pay back. In the case above, the IMF lead a once developed and growing economy, into an economy where there is recession and unemployment. How did the IMF help this county? All the IMF did was put the country further and further into debt, which they cannot pay off. It is because of examples like this that the IMF needs to be re-designed and re-structured. Sources: How the IMF sank Argentina: http://www.commondreams.org/views02/0127-03.htm Economic debacle in Argentina, the IMF strikes again: http://www.twnside.org.sg/title/twr137b.htm Argentina blames IMF for crisis: http://news.bbc.co.uk/2/hi/americas/3941809.stm Why we protest: http://www.commondreams.org/views01/0910-01.htm A history of opposition to the world bank: http://www.youtube.com/watch?v=C-gicMnta7Y ...read more.

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