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International Monetary Fund’s Rogues Gallery: Crooks, Rapists and Swindlers
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Introduction: The IMF is the leading international monetary agency whose public purpose is to maintain the stability of the global financial system through loans linked to proposals designed to enhance economic recovery and growth.

In fact, the IMF has been under the control of the US and Western European states and its policies have been designed to further the expansion, domination and profits of their leading multi-national corporations and financial institutions.

The US and European states practice a division of powers: The executive directors of the IMF are Europeans; their counterparts in the World Bank (WB) are from the US.

The executive directors of the IMF and WB operate in close consultation with their governments and especially the Treasury Departments in deciding priorities, deciding what countries will receive loans, under what terms and how much.

The loans and terms set by the IMF are closely coordinated with the private banking system. Once the IMF signs an agreement with a debtor country, it is a signal for the big private banks to lend, invest and proceed with a multiplicity of favorable financial transactions. >From the above it can be deduced that the IMF plays the role of general command for the global financial system.

The IMF lays the groundwork for the major banks’ conquest of the financial systems of the world’s vulnerable states.

The IMF assumes the burden of doing all the dirty work through its intervention. This includes the usurpation of sovereignty, the demand for privatization and reduction of social expenditures, salaries, wages and pensions, as well as ensuring the priority of debt payments. The IMF acts as the ‘blind’ for the big banks by deflecting political critics and social unrest.

Executive Directors as Hatchet Persons

What kind of persons do the banks support as executive directors of the IMF? Whom do they entrust with the task of violating the sovereign rights of a country, impoverishing its people and eroding its democratic institutions?

They have included a convicted financial swindler; the current director is facing prosecution on charges of mishandling public funds as a Finance minister; a rapist; an advocate of gunboat diplomacy and the promotor of the biggest financial collapse in a country’s history.

IMF Executive Directors on Trial

The current executive director of the IMF (July 2011-2015) Christine Lagarde is on trial in France for misappropriation of a $400-million-dollar payoff to tycoon Bernard Tapie while she was Finance Minister in the government of President Sarkozy.

The previous executive director (November 2007-May 2011), Dominique Strauss-Kahn, was forced to resign after he was charged with raping a chambermaid in a New York hotel and was later arrested and tried for pimping in the city of Lille, France.

His predecessor, Rodrigo Rato (June 2004-October 2007), was a Spanish banker who was arrested and charged with tax evasion, concealing ?27 million euros in seventy overseas banks and swindling thousands of small investors who he convinced to put their money in a Spanish bank, Bankia, that went bankrupt.

ORDER IT NOW

His predecessor a German, Horst Kohler, resigned after he stated an unlikely verity – namely that overseas military intervention was necessary to defend German economic interests, such as free trade routes. It’s one thing for the IMF to act as a tool for imperial interests; it is another for an IMF executive to speak about it publically!

Michel Camdessus (January 1987-February 2000) was the author of the “Washington Consensus” the doctrine that underwrote the global neo-liberal counter-revolution. His term of office witnessed his embrace and financing of some of the worst dictators of the time, including his own photo-ops with Indonesian strongman and mass murderer, General Suharto.

Under Camdessus, the IMF collaborated with Argentine President Carlos Menem in liberalizing the economy, deregulating financial markets and privatizing over a thousand enterprises. The crises, which ensued, led to the worst depression in Argentine history, with over 20,000 bankruptcies, 25% unemployment and poverty rates exceeding 50% in working class districts . . . Camdessus later regretted his “policy mistakes” with regard to the Argentine’s collapse. He was never arrested or charged with crimes against humanity.

Conclusion

The criminal behavior of the IMF executives is not an anomaly or hindrance to their selection. On the contrary, they were selected because they reflect the values, interests and behavior of the global financial elite: Swindles, tax evasion, bribery, large-scale transfers of public wealth to private accounts are the norm for the financial establishment. These qualities fit the needs of bankers who have confidence in dealing with their ‘mirror-image’ counterparts in the IMF.

The international financial elite needs IMF executives who have no qualms in using double standards and who overlook gross violations of its standard procedures. For example, the current executive director, Christine Lagarde, lends $30 billion to the puppet regime in the Ukraine, even though the financial press describes in great detail how corrupt oligarchs have stolen billions with the complicity of the political class (Financial Times, 12/21/15, pg. 7). The same Lagarde changes the rules on debt repayment allowing the Ukraine to default on its payment of its sovereign debt to Russia. The same Lagarde insists that the center-right Greek government further reduce pensions in Greece below the poverty level, provoking the otherwise accommodating regime of Alexis Tsipras to call for the IMF to stay out of the bailout (Financial Times, 12/21/15, pg.1).

Clearly the savage cut in living standards, which the IMF executives decree everywhere is not unrelated to their felonious personal history. Rapists, swindlers, militarists, are just the right people to direct an institution as it impoverishes the 99% and enriches the 1% of the super-rich.

(Republished from The James Petras Website by permission of author or representative)
 
• Category: Economics • Tags: IMF 
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  1. This ad hominem attack is also a defense of ad hominem attacks. The right likes that too, as in a story I have come across recently about Evo Morales’ love life.

  2. Rehmat says:

    Dr. Petras – same goes for WB and the US Federal Reserve.

    Islamic Republic of Iran got its independence from IMF praised by the agency in its 2011 report.

    The IMF, which held consultations in Iran from May 28 to June 9, said Iran achieved “early success in the implementation of their ambitious subsidy reform program” with increases in prices of energy, public transport and bread having removed almost $60 billion of subsidies.

    “At the same time, the redistribution of the revenues arising from the price increases to households as cash transfers has been effective in reducing inequalities, improving living standards and supporting domestic demand in the economy,” the statement said about Iran’s monthly welfare payments to citizens.

    It’s a clear sign of victory for Iranian President Dr. Ahmadinejad who achieved IMF praise for his nation which has been under Israeli sponsored four ‘crippling sanctions’ by the US, UNSC and the EU.

    Iran holds significant reserves of both oil and gas with proven oil reserves of 137.6 billion barrels and 1,045 trillion cubic feet (Tcf) of proven natural gas reserves. The geographic location of Iran gives it 40 producing oil fields both onshore and offshore as well as a majority claim to the largest proven contiguous offshore gas field, South Pars.

    http://rehmat1.com/2011/07/05/imf-lauds-islamic-irans-economy/

  3. Thirdeye says:

    The rape case against Dominique Strauss-Kahn quickly fell apart because of a lack of credibility on the part of Nafissatou Diallo, who had by her own admission fabricated another rape story, discussed blackmailing DSK over the phone with her boyfriend, and was receiving financial support from a criminal enterprise for unspecified tasks. There was also no physical evidence of an assault. He was acquitted in the pimping trial. Go ahead and call him a jerk, but not a pimp or a rapist. You know, kind of like Bill Clinton.

  4. Rehmat says:

    Dominique Strauss-Kahn had become a threat to Sarkosy’s bid for re-election. Israeli Mossad decided to remove a full French Jew for the survival of half-Jew Sarkosy, a Shaymin.

    https://rehmat1.com/2011/05/17/sarkozys-opponent-hits-the-bucket/

  5. Kiza says:

    It is a pity that Dr Petras spent a whole article discussing the leadership policy of IMF, instead of explaining, with examples, how IMF rapes countries. IMF leadership policy is the same as the leadership policy of most Western institutions – the leader must have skeletons in the closet. The last thing they need is an independent thinker. Simply, “the leader” must be blackmailable to have leadership potential.

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