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anybody got good resources to read up on the history of these organizations? from what I understand from very subpar reading and education these institutions are run by the UN and largely funded by wealthy governments, traditionally those of the US and Europe. they give out loans to countries that request them, in exchange for control over policy in those countries. in the 70s and 80s this led to mass privatization of industries in the newly decolonized Africa as well as in Latin America, reharnessing these countries to the commercial fates of the first world. this is definitely a one sided take and also the total extent of what I understand, which is why I’m looking for any place to learn more. it’s a subject that people really like to scream about so google doesn’t help too much PTSDeedly Do has issued a correction as of 17:44 on Aug 30, 2018 |
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Aug 30, 2018 17:42
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theyre bad, op
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Aug 30, 2018 17:44
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gently caress you got mine op
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Aug 30, 2018 17:44
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I think Chomsky's Profit over People covers this topic pretty heavily. However, it's been over a decade since I read it.
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Aug 30, 2018 17:49
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they give high interest loans to african nations so that the african nations can pay of their debts, but they are in debt again to the imf so they borrow from the imf again to pay off the imf. sort of like how fannie mae or whoever keeps sending me loan offers to take out loans to pay off my credit card, except they use threats and force so that like, ghana, will actually take the loan. they need to be sacked.
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Aug 30, 2018 17:53
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The Shock Doctrine by Naomi Klein covers the aspects you’re referring to in-depth, particularly how they will take advantage of countries undergoing a crisis to ram through privitization and deregulatory policies while they’re destabilized. It’s a juicy read.
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Aug 30, 2018 17:56
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I will check those both out
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Aug 30, 2018 18:49
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https://www.youtube.com/watch?v=eAeDHBrcKWc
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Aug 30, 2018 18:52
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PTSDeedly Do posted:anybody got good resources to read up on the history of these organizations? they work like this op you are a local oligarch lich that has domestic investments denominated in your national currency your country has foreign cash loans that it cannot pay you want to move your lucre outside the country by selling the assets you own but your country is trying to stop the destruction of its economy through capital controls and refinancing your extractive and rent seeking operations are losing value simultaneously the vampire foreign investors cannot put money into the economy because they are spooked and can't access the economy as easily due to capital controls they want to strip the country to pay off their loans and realize value on their bonds and other obligations the local liches work in concert with the foreign vampires to get an anti human ghoul elected the job of the ghoul is to facilitate asset stripping the IMF comes in and structures a loan whose sole purpose is to monetize national assets in dollars and allow local oligarchs to exchange their local cash for foreign cash and flee the ghoul then obligates the government in foreign reserves and in foreign courts to pay for the asset stripping and capital flight the IMF loan initiated the vampires get a steady stream of unearned income on unused capital from privatizations and asset stripping the oligarch liches can initiate capital flight and come back to buy up the economy after it crashes because the IMF stops its loans or cannibalizes the ability of the government to pay or plunging the country into a recession through austerity that's how the IMF works Top City Homo has issued a correction as of 19:22 on Aug 30, 2018 |
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Aug 30, 2018 19:18
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PTSDeedly Do posted:anybody got good resources to read up on the history of these organizations? the imf while bad is unlikely to get a fair nor balanced hearing on itt op
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Aug 30, 2018 19:22
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PTSDeedly Do posted:anybody got good resources to read up on the history of these organizations? This is true for the WB but not the IMF, the IMF is not an UN institution, ironically enough, the two men who are most responsible for creating both WB and IMF were John Meynard Keynes and Harry Dexter White who was a literal secret Communist Soviet spy in the US treasury department. They were originally meant to leftish international organization of the post-war Keynesian order. Originally the point of the IMF was to address temporary balance of trade deficits for poorer countries under the 1940s Bretton Woods system. The idea was that imf/wb loan you the money to paper over a 5 year/or w/e deficit that threatens your economy until you can pay it back. The Bretton Woods international monetary system operated under a quasi gold standard which in theory restricted money supply so even a temporary balance of trade deficit could lead to deflation (because $$$ flows out of your country and you lack the ability to just print more) which crashes your economy. So the IMF was an institution was meant to be something which prevented that. It's just that by the 80s-90s the BW gold standard and thus their original MO was long gone and are hated because they played their part in imposing austerity measures in Latin America. Typo has issued a correction as of 19:47 on Aug 30, 2018 |
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Aug 30, 2018 19:35
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IMF: issues currency credits to governments that would otherwise be shut out of international trade because they lack foreign currency holdings World Bank: structures international development loans so that the borrower government assumes all risk and pays interest for doing so (source: my rear end)
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Aug 30, 2018 19:39
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this video lies to you btw
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Aug 30, 2018 19:48
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its only 18 seconds
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Aug 30, 2018 19:49
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confessions of an economic hitman sounds good
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Aug 30, 2018 20:03
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Here's a site that offers a lot of economic writing & research that critiques the IMF and World Bank - Developing Economics Here's another - the Bretton Woods Project. here's an essay that reviews The Battle of Bretton Woods, about the diplomatic negotiations and hence the competing interests at play in the establishment of the Bretton Woods organizations (aka the IMF and World Bank) here's an essay about how IMF loans & leverage gutted Tanzanian social programs, focused on institutions of higher education -- The African University here's Dean Baker critiquing the World Bank's annual "best practices" report on developmental policy
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Aug 30, 2018 20:11
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I listed Chomsky earlier but you could just as easily listen to Rage Against the Machine and get the same info.
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Aug 30, 2018 21:25
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The World Bank and the IMFWalden Bello posted:At the onset of the global debt crisis in the early 1980s, Third World countries were told that the "structural reforms" promoted by these programs were essential to sustained growth and economic stability. Faced with the threat of a cutoff of external funds needed to service the mounting debts they had incurred from the western private banks that had gone on a lending binge in the 1970s, these countries had no choice but to implement the painful measures demanded by the Bank and Fund. These usually included:
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Aug 31, 2018 03:14
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Austerity: The History of a Dangerous Idea (recommended by somebody in doomsday economics thread) is pretty good too, and while it doesn't really talk much, if at all about the IMF and WB specifically, it does cover very similar ground (like the EU and Greece) and covers economic geopolitics p well
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Aug 31, 2018 03:34
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