Nomi Prins: The Real IMF Assault

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from truthdig:




The Real IMF Assault

Posted on May 20, 2011
By Nomi Prins


As newly resigned International Monetary Fund head Dominique Strauss-Kahn (aka DSK) hunkers down in his jail cell, IMF news has fallen into two categories. The first involves salacious details of his alleged attempted rape, and the second, questions about whether his absence will keep the IMF from its main focus of constructing pro-bank bailout packages for Greece, Portugal and other struggling European countries. Both categories miss the devastation the IMF causes, regardless of who heads it.

Meanwhile, the global economic assault caused by the misguided IMF and EU notion that public spending cuts and national infrastructure fire sales should be enacted to make up for bank rampages marches on. Rather than clamping down on banks and working on debt reduction strategies, bailout loans remain designed to keep banks solvent, investors shielded from loss, and outside buyers interested.

Though he had designs on leading France—from the socialist side, no less—DSK is nothing more than a proponent of very nonsocialist measures when it comes to other countries. His actions at the IMF speak louder than any words to the contrary.

It doesn’t matter whether DSK or anyone else from the euro power contingent heads the IMF; its practices will remain the same. Weaker countries get economically bullied in order to benefit stronger ones through bailouts rife with measures to pound people and aid banks and international firms. For, to the IMF and European Union elite, the “confidence” of free-flowing, unencumbered capital trumps the financial security of local citizens. ............(more)

The complete piece is at: http://www.truthdig.com/report/item/the_real_imf_assault_20110520/