5 ms·

The IMF are modern day thugs. Destroying nations through usury.

NicoJuicy 5y ago
El Salvador is destroying itself. IMF is just standing by as they ( = El Salvador's president) are the sole ones responsible for the mess and IMF already mentioned that they didn't support this. You are free to help El Salvador that is looking for 1,3 billion $ and have your requests associated with it. https://www.reuters.com/article/us-el-salvador-economy-exclusive-idUSKBN2AW1GV https://www.reuters.com/article/us-el-salvador-economy-exclu... It seems that Bitcoin hype hasn't helped much. Who could have guessed that a countries issues can't be solved by tweeting: "bought the dip" 10 times. If you want your cake, you should eat it too. The real victims are the civilians though, but they also voted for him. Ugh
unmole 5y ago
The IMF tends to be the cheapest source of credit for nations that end up needing to borrow with the concessional interest rate being zero. Accusing the IMF of usury is nonsensical.
- conanbatt 5y ago
  The IMF has imposed policy plans through their leverage on countries knowingly the policy would have adverse effects in their economies and population. This was admitted by Christine Largarde and denounced by Varoufakis in the Greece Debt crisis. In Argentina, the IMF gave a pro-US government unfettered amounts of money to spend politically the face of elections, but with a debt maturity so short (4 years) and an unfeasible economic plan that the country was into default again 2 years later, and is still trying to renegotiate the balance of that debt. The IMF existence is pure moral hazard, and even though Argentina would suffer greatly from default its IMF debt, part of me wants them to suffer the consequences of bad lending as well, for the which they never paid a price for politically or institutionally.
- scottiebarnes 5y ago
  IMF loans money to dictatorships whom they probably know enough to not trust. Money gets absconded/pocketed away due to corruption. Government gets overthrown. IMF says too bad, you still owe us money. https://www.cadtm.org/World-Bank-and-IMF-support-to-dictatorships https://www.cadtm.org/World-Bank-and-IMF-support-to-dictator... TLDR: there are geopolitics at play, the IMF does not just simply give out loans.
  - FDSGSG 5y ago
    Important detail to note is that the IMF does not profit from dictators running away with their money.
- neilwilson 5y ago
  The cheapest source of credit is the nations own currency -because it can drive it via taxation. Borrowing any other denomination is national suicide. The IMF should be defunded and disbanded.
  - NicoJuicy 5y ago
    If that were true, the IMF wouldn't exist in the first place.
- sudosysgen 5y ago
  That's really untrue. The IMF requires more than just money as payment - they require the country to give up control of economic policy, at least partially, and that is worth a lot. Also, zero interest loans from the IMF are quite rare.

El Salvador is destroying itself. IMF is just standing by as they ( = El Salvador's president) are the sole ones responsible for the mess and IMF already mentioned that they didn't support this. You are free to help El Salvador that is looking for 1,3 billion $ and have your requests associated with it. https://www.reuters.com/article/us-el-salvador-economy-exclusive-idUSKBN2AW1GV https://www.reuters.com/article/us-el-salvador-economy-exclu... It seems that Bitcoin hype hasn't helped much. Who could have guessed that a countries issues can't be solved by tweeting: "bought the dip" 10 times. If you want your cake, you should eat it too. The real victims are the civilians though, but they also voted for him. Ugh

unmole 5y ago

The IMF tends to be the cheapest source of credit for nations that end up needing to borrow with the concessional interest rate being zero. Accusing the IMF of usury is nonsensical.

conanbatt 5y ago
The IMF has imposed policy plans through their leverage on countries knowingly the policy would have adverse effects in their economies and population. This was admitted by Christine Largarde and denounced by Varoufakis in the Greece Debt crisis. In Argentina, the IMF gave a pro-US government unfettered amounts of money to spend politically the face of elections, but with a debt maturity so short (4 years) and an unfeasible economic plan that the country was into default again 2 years later, and is still trying to renegotiate the balance of that debt. The IMF existence is pure moral hazard, and even though Argentina would suffer greatly from default its IMF debt, part of me wants them to suffer the consequences of bad lending as well, for the which they never paid a price for politically or institutionally.
scottiebarnes 5y ago
IMF loans money to dictatorships whom they probably know enough to not trust. Money gets absconded/pocketed away due to corruption. Government gets overthrown. IMF says too bad, you still owe us money. https://www.cadtm.org/World-Bank-and-IMF-support-to-dictatorships https://www.cadtm.org/World-Bank-and-IMF-support-to-dictator... TLDR: there are geopolitics at play, the IMF does not just simply give out loans.
- FDSGSG 5y ago
  Important detail to note is that the IMF does not profit from dictators running away with their money.
neilwilson 5y ago
The cheapest source of credit is the nations own currency -because it can drive it via taxation. Borrowing any other denomination is national suicide. The IMF should be defunded and disbanded.
- NicoJuicy 5y ago
  If that were true, the IMF wouldn't exist in the first place.
sudosysgen 5y ago
That's really untrue. The IMF requires more than just money as payment - they require the country to give up control of economic policy, at least partially, and that is worth a lot. Also, zero interest loans from the IMF are quite rare.