MercoPress. South Atlantic News Agency
Developing nations reject IMF rules on capital inflows controversy
Developing nations warned the IMF on Thursday against imposing new rules dictating how they manage capital inflows rushing into their economies, suggesting rich nations take a hard look at their own policies instead. Read full article
Comments
Disclaimer & comment rulesIt seems totally sensible for the IMF to control the *FROM* rich country monetary floe as well as the *TO* the BRICS..
Apr 15th, 2011 - 05:53 pm - Link - Report abuse 0If the IMF want surveillance and control then this should apply equally to both the FROMs as well as the TOs.
If the IMF and the rich developed nations reject this prescription, then the BRICS should send them back to think again.
Geoff, you really are an old... OLD bigot aren't you?
Apr 17th, 2011 - 09:31 pm - Link - Report abuse 0SCREW THE IMF.
I agree with 2 Martin_Fierro. Need to get rid of the money grubbing btards. They are crooks, just like our Federal Reserve.
Apr 18th, 2011 - 02:50 am - Link - Report abuse 0Martin,
Apr 18th, 2011 - 12:32 pm - Link - Report abuse 0I'm sorry for writing a post that you didn't understand.
Let me help you by re-writing it in more simple words:
“The group, which includes fast-growing Brazil and India, urged the IMF to take an “open-minded and even-handed approach” to managing capital flows and called on the fund to examine policies in major financial centres that have been the source of “hot money” ploughed into emerging markets”.
This means that we in SA want some control of flows of dangerously disruptive flows of money into the BRICS countries.
This is A GOOD THING.
We in SA are unhappy if the IMF only want to control how we manage our financial affairs - and the money that the world lends us. We believe that the IMF should expect to get its loans to us repaid by us, but that the repayment schedule should accommodate our personal circumstances. We should also expect some sanctions to apply if, having taken the money, we refuse to pay it back.
THESE ARE SENSIBLE THINGS.
If the IMF wants seriously to smooth the path of occasionally struggling BRICS and stalled nations (like Argentina), then it must accept that the BRICS have very significant political power now, and loans must recognise THEIR rights as well as those of the loaning nations.
THIS IS REAL POLITIK IN INTERNATIONAL FINANTIAL AFFAIRS.
I know some of these concepts are difficult, Martin, but I hope this helps you.
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