International Monetary Fund (IMF)




290306 ?, Asia Times, Henry CK Liu, THE WAGES OF NEO-LIBERALISM; PART 1: Core contradictions. "The surviving Bretton Woods twins. Two related super-national institutions were organized by the US-sponsored Bretton Woods conference: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), more commonly known as the World Bank. Both institutions have been dominated by the US since their inception, as the United Nations has been. Together, these two super-national agencies helped build the US global financial empire through world trade conducted under the auspices of the World Trade Organization, the rules of which are set by the strong, well-developed economies to the disadvantage of the weak, developing economies...Only 29 of the 43 conference participants signed the IMF's Articles of Agreement in 1945 because many governments saw Bretton Woods as a US-British condominium, with Britain ceding many of its prewar financial hegemonic privileges to the US in exchange for being allowed to stay in the game. Thus when the US forced Japan and Germany to accept the Plaza Accord of 1985 to revalue the yen and the mark respectively, it amounted to forcing a "competitive exchange depreciation" of the dollar, in violation of IMF principle. The overvaluation of the dollar in the 1980s was the result of Federal Reserve policy under Volcker, not of policies of the central  banks of Germany or Japan. Similarly, pressure on China in recent years to revalue the yuan amounted to a comparable violation ofl the same IMF principles...The so-called Bretton Woods twins, the IMF and the World Bank, because of critical noises made by Joseph Stiglitz, a former World Bank chief economist who had been forced out by US treasury secretary Lawrence Summers, appeared to be at odds in their policy focus. But this was mere sibling rivalry...The US was getting back from the World Bank more than what it put in."




Orla Jordal, 2007

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