17 April, 2006

Return to the International Monetary Fund

I sometimes scove at my pals on Helicopterview, but one fellow's reply to my post on the IMF hit paydirt... basically he pointed out the interesting fact that prior to the 1970s, the IMF worked as an institution lending large sums of money in short term loans more or less to whoever wanted them. After that, however, the IMF started imposing heavy-duty conditions on the loans, and basically only lending to countries if they would reorganise their economies on lines dictated by the organisation.

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