The role of the IMF impoverishing countries – the case of Argentina
Posted by: John Phoenix
The International Monetary Fund (IMF) was founded at the Bretton Woods conference in July 1944. This financial agency presents an image of itself as a democratic organisation that works “to achieve sustainable growth and prosperity for all of its 190 member countries… by supporting economic policies that promote financial stability and monetary cooperation”. Nothing could be further from reality; not only is the IMF not a democratic organisation but, as this article will show, the policies that it supports favour only those countries that manage the institution.
The decisions of the IMF are related to the ownership of SDRs (Special Drawing Rights) which, by reflecting the relative position of the country in the world economy, determines th...