In the News (from Truthout): “The IMF is Back? Think Again” – Recent events illustrate nothing more than the fact that the world’s largest economies, who happen to be the Fund’s largest shareholders, view it as an instrument to manage emergency crisis financing. That was never, however, in question. It was the borrowers who saw the need for substantial reform in the IMF before this emergency financing function could be played effectively and, in fact, it is the infusion of large amounts of funding, by freeing the IMF’s hands and relieving its fears of survival that will act against such reforms.
On the other hand, there’s little that suggests a sense of renewed faith on the IMF by its main shareholders, let alone by the borrowers. … Clearly, there’s not much evidence of a change of heart among IMF shareholders to revive and strengthen the IMF, particularly among the richest industrial countries.
My Comment: Suffering will bring us to recognition of globalization and the integral nature of humanity, forcing us to create a world government (regulator) that will not revoke individual nations’ governments but include them within itself.
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Lecture in Arosa