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Montevideo, January 21st 2019 - 20:23 UTC
Washington's use of its de facto veto at the International Monetary Fund to block reforms giving emerging countries a greater say is jeopardizing the IMF's credibility, complained Managing Director Christine Lagarde. Read full article
How does one put IMF and credibility in the same sentence? Just to take the example of argieland, it has broken so many of the rules. Lied. Misled. And yet the IMF continues to go along with it. When was it that we could see that argieland should be expelled? But it's still there. Manipulating. In debt. Consorting with the enemy.
I'm with the US Congress. If China and emerging nations want a better deal, let them put their money where their mouth is.
The Brazil in 2002 had a debt of 24 billion dollars to the IMF. And 0.78% of the voting power. In 2004 Brazil fully paid its debt. In 2010 and 2011 Brazil invested in the IMF 32 billion dollars with the promise of their voting power be increased to 6.24%.
After four years Brazil continues with 0.78% of the voting power.
Westerners are masters in deceiving to corrupt.
The US should withdraw from the IMF,
followed by Britain.
then Lagarde wont have to worry abt Veto and do what she wants,
Voting needs to be proportional to money on the table, simple.
Also, given the amount of money some S. American countries now owe the Chinese, they need to be able to block any IMF loans when they default on what they owe them.
Wheres the up and coming power she mentions when argentine venezuela and brazil are ruined?
Quite how the Frog Crookess thinks what she says amounts to a hill of beans is beyond me.
If the Chinese want more influence in the world of finance and debt management they should put more money in their own new scheme which was supposed to depose the U$D and replace it with their own currency.
Died a death it seems to me.
The IMF has no credibility and no real positive utility, either. It's time to consign the IMF to the dustbin of history.
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