While this idea is obviously an outrage and an abomination, it's the result of another economic factor. Modern creditors take very little actual risk, and that

While this idea is obviously an outrage and an abomination, it's the result of another economic factor. Modern creditors take very little actual risk, and that asymmetry of risk creates a power dynamic that is itself a kind of tyranny by a protected class. Creditors can organize, conspire, conduct surveillance, slander, and do pretty much anything a state can do, and that's a set of perverse incentives. Unsecured debt is servitude, and so is debt without an expiry. Some people may be fine with it, but very few who understand it are. Creditors' low risk manifests as low interest rates, which everyone loves until they create bubbles and other forms of hyperinflation, which burst, and the costs are socialized. The IMF was a pernicious organization from its very beginnings, basically using "cheap" subsidized debt from central banks to subordinate developing economies to a neoliberal order and force social policies that enabled globalized businesses (resource extraction and financialization) to in-effect loot them. This used to be a major progressive cause, and one that I supported, but it too seems to have been co-opted by the same interests. Now anti-globalization is abandoned by progressives, who used the activism as a stepping stone into institutional power, where now it's no longer necessary to have the popular support of maker and builder classes. Trade tariffs and economic borders have been banished to the backwater of right-wing populist causes, where people still believe in unfashionable things like nations and the responsibility of government to secure a perimeter for growth. This IMF scheme would seem like a troll, but it's not. The people behind it have an institutional contempt for anyone outside their power games, and to them we're basically livestock. The difference between the 1990's and 2020's is that leftist led populist revolts against this exact kind of IMF driven policy were largely performative, critical, and non-violent because they were carried out by feckless flower children, whereas in the 2020's, I'd predict they will be carried out by men with little left to lose. If that sounds scary, it should. These IMF people just don't get it.