IMF, The International Monetary Fund, was established in 1945 as part of the Bretton Woods agreement. Its task: to keep the international money system in good order. That meant regulating the currency exchange system. Since 1971, currency rates have been allowed to be floating in most of the world, thus IMF had lost its purpose.
But was it abolished then?
No! Big Brother never abolishes anything. This organisation got a new task, just to save it. IMF would assist countries in financial trouble. A help that has not achieved anything positive anywhere ever.
What it does, it keeps bankrupt countries "floating" so they fall even deeper into crisis; instead of allowing them to collapse. IMF lends them more and more to save non-working systems and keep going unsustainable politics. Money is thrown down into veritable black holes. Ultimately tax money. IMF gets its funds from its member states and it's the tax payers of those states that pay this expensive game.
It is easy to be generous when the money is not your own.
IMF should be abolished, along with many of its sister organisations. It has no legitimate function in the world, being just a fat parasite feeding the politics that ultimately, in the other end, sustains it.
(This article is based on material previously published in Meriondho Leo.)
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