e-Con e-News

The IMF: Import Mafia Fundamentalists

Summary

IMF Hitmen are in Colombo

For more trickonomics: eesrilanka.wordpress.com

Before you study the economics, study the economists!

 e-Con e-News 12-18 December 2021

 

The US has about 50% of the world’s wealth but only 6.3% of its population.

This disparity is particularly great as between ourselves and the peoples of Asia…

Our real task in the coming period is to devise a pattern of relationships

which will permit us to maintain this position of disparity over the peoples of Asia.

– George Kennan, 1st Director of Policy Planning, US State Department, 1948

 

Despite all jabberwocky about democracy, transparency, etc., the International Monetary Fund (IMF) remains a white bastion (controlled by the Gang of Seven – US, Japan, Germany, France, England, Canada, and Italy). The USA determines the IMF quota of major shareholders. And the IMF is another name for the US Treasury, which exercises virtual veto power over its analysis and decisions. What about the US Treasury?  A handmaiden of top US capitalists….

 

The IMF’s ‘Article IV’ delegation is in Colombo, December 7-20. The media will not tell us what this ‘Article IV’ exactly means, nor give the IMF delegates’ names nor which local informants they be talking shop with. Yet, the entire capitalist media and all their economists demand we kneel before IMF dictat.

But we already do. Sri Lanka has long been ensnared in the world capitalist network, and bound hand and foot to the IMF since 1950, more so since 1977. In fact, the IMF has its own office in the Central Bank of Sri Lanka. No wonder our finance minister is in Washington to talk to their boss (see ee Focus).

 

  • The IMF is tagged as the world’s financial traffic policeman, directing capital flows, telling capital where capital must go and where capital must not go, laying down the law, hectoring, fining and jailing minor miscreants. Even better, they cause multi-car crashes and pileups (Mexico, Brazil, Russia, Asia, and the whole world from 2008 onwards, etc.) while refusing to the jail the mad driver: capitalism! Those mangled and murdered to sustain the unsustainable are not highlighted in the accounts, are never shown on viral videos. And truth be known, the mad driver is this policeman’s boss, the Great White Father, the grand importer-exporter plantation master.

 

  • So, when the IMF policemen leave in a few days a sycophantic media will dress them up as Santa Clauses leaving gas cylinders as gifts under their thorn bushes camouflaged as Christmas Trees. ‘Let there be light!’ they shall holler, and millions of kitchen fires shall ignite like burning bushes in Exxon Sinai. Some people shall then sigh relief, and an amplified cry shall ring out giving thanks to the Great White Father in Washington. ‘We told you so,’ their puppet economists shall then echo, ‘You have to bow down.’

Economists and media mavens see the IMF and the World Bank as very profitable career goals, with multimillion dollar pensions! No wonder then that every English news medium, opposition party economists, etc., are demanding the government submit to the IMF. Since, all IMF agreements are strictly confidential, the media happily repeats their ‘bland communiqués and meaningless statements’, while US-funded thinktanks (Advocata, Verité) mimic their demands to sell off national resources, garnering daily headlines (ee Focus).

 

  • IMF Won’t Take its Own Medicine – The IMF, like Central Banks the world over, employ lots of economists, with expensive ‘compensation’ – like importing servants and free education for their children. But there are no IMF-type surveillance systems to measure the performance of IMF or other economists. If IMF performances are judged by their own ‘flexible labor’ criteria, they would be dismantled pronto. For they have no influence over the real risks to ‘global financial stability’ which come from their bosses – the USA’s massive current account deficit or EU’s powerful protectionism.

Several former colonial countries have been ignoring the IMF, prepaying debts to the institution, rejecting the IMF’s role as a debt arbiter, making swaps with regional countries – and good heavens – industrializing!

Just as today, the IMF sabotaged the 1970-77 government’s even feeble economic policies, to ensure Sri Lanka not escape imperialism’s control. This involved ‘orchestrating the shift’ from import-substitution to export-oriented industrialization. Export, Export, Export is their mantra. (Random Notes)

The Great White Father in Washington also acts as the world’s moral policemen and arbiter of ‘democracy’. They also carry a big stick to maketh us understand, big daddy is a jealous god: ‘Thou shalt have no other bankers of the last resort than me.’  The IMF thus threatens that, without them, new world wars will break out.

After all, as the Soviet Union at great sacrifice were smashing the German Nazi machine, the US and England were already preparing the new world order under Washington dictat. The IMF was created as a ‘central multilateral’ institution to coordinate and discipline financial markets, by the ‘United Nations Monetary and Financial Conference’ at Bretton Woods in 1945.

Yet industrialized countries quickly removed themselves from IMF dictat. They developed their own insurance systems, and a Gang of 10 set up the General Agreements to Borrow (GAB) in 1964. GAB undermined the IMF’s raison d’être for the industrialized countries. Then the IMF claimed to become a ‘developmental institution’, promising to financially stabilize developing countries, meddling in our domestic policies, crusading for poverty alleviation (not poverty elimination). Analyzing poverty for ever, they refuse to divulge how they got wealthy! There are no Centres for Wealth Analysis!

The whites’ greatest fears are that regions will enhance economic cooperation to industrialize, hence the urgency and mania for NATO-waged wars from Africa’s Horn to the Gulf, from the Himalayas eastwards via Myanmar to China and its seas.

 

  • Those wringing hands over ‘Chinese debt trap’, ‘default’, ‘gas explosions’ and ‘public sector corruption’ are also craving more IMF medicine. It is the IMF that has demanded privatization, liberalization and deregulation, destroying local industries. This has meant no regulations or ‘standards’ for the gas business, etc. Like the media and pharma mafias, the energy mafia regulate themselves, and like the media they do not care who gets blown up or killed, as long as they make a quickie profit. The IMF is a bloated white-supremacist institution, which does not imbibe its own medicines. Meanwhile, IMF demands to privatize the state sector and sack workers, while their echo-chamber orchestras – the Advocatas, the Verites, the AOG Harshas and Erans, the Sanderatnes and Wjiwardenas – hoot loud. But this is the irony. The state is already privatized. It serves a few leading multinational corporations and individuals already, even if the nameboards still proclaim ‘Sri Lanka’.

Those who talk about ‘Chinese debt’ seem not to have heard about the IMF’s long-time structural adjustment programs that pushed countries into penury. Nor have they heard of The Debt Trap: the IMF & the 3rd World by Cheryl Payer, published almost 50 years ago. Instead, all of imperialism’s horrors are by saturated media sleight-of-hand piled on China’s lap: fraudulently placing their debts on someone else’s balance sheets.

 

  • The Island newspaper ‘covering’ another student shooting in the US, portrays such gunplay as some pathology, blaming it on Republicans, not mentioning that such killings are merely retail versions of wholesale US foreign policy, part of their white-settler existence (ee Security, Republicans ask Santa to bring more ammunition).

The New York Times lamented this week, wringing its pulpy hands, that no US ‘troops’ will be punished for a deadly drone strike, first claimed as killing Afghan terrorists. They now admit it was a ‘tragic mistake’. How magnanimous! Yet this story spread across its media hides NYT’s censorship in its own report on the mass murder of 200 people (those who had aided their invasion of Afghanistan) at Kabul Airport. The death squads responsible for the murders have been safely given passage to the US (ee Sovereignty, CIA Death Squads).

When white media exposes a crime committed by one of their imperialist states, it’s usually to hide some greater crime. When they apologize for some past atrocity, they usually divert from their greater crime of imperialist underdevelopment.

 

  • A German warship Bayern started to cross the South China Sea on Wednesday midst hype by white media outlets, even as Germany begs China to pay as much attention to Europe as it pays to the US. The Bayern is due in Sri Lanka in January. The French frigate Auvergne entered the Black Sea this week, equipped with an Exocet missile system and cruise missiles…

 

  • Across the Pond: 1000 US National Guardsmen from Virginia and Kentucky are being sent to Fort Bliss, Texas, preparing to invade the Horn of Africa by year end. Nearly half the troops in Afghanistan and Iraq were National Guardsmen (mainly white, used for urban battles against Black peoples inside the US, hence known as ‘the Ku Klux Klan in uniform’). A press release stated, it is ‘to support safety and stability in the region, to provide security for the forward operating bases maintained by the US Department of War to build partnerships with host nations.’ Some claim US troops are being sent to help evacuate US citizens in Ethiopia. US and English support for a terrorist group in that sovereign country, resembles what is transpiring in Sri Lanka. They are trying to overthrow Ethiopia’s government. Meanwhile, the US military is backing US mining corporations in the Congo (see Random Notes).

Continued on: eesrilanka.wordpress.com

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