The First Line of Defense: The IMF?
By: Marion Edwyn Harrison, Esq.
FrontPageMagazine.com | Thursday, July 09, 2009
The International Monetary Fund (IMF) has 185 member nations, which immediately tells us that most of them are hand-out recipients. Its statement of purpose is admirable, if self-evidently largely ineffective: “working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.” The IMF is a creature of the late World War II and post-World War II penchant for international entities financed or principally financed by American taxpayers. Regardless of what one thinks of the worth of IMF, as with other international organizations, American taxpayers preponderantly foot the bill. An argument can be made that IMF funding should be “open and notorious,” not hidden in unrelated or multi-inclusive appropriations legislation.
Representative Eric I. Cantor, R-VA, was the leader, or certainly top among the leaders, in offering that argument. Representative David R. Obey, D-WI, on May 12, 2009, introduced a Fiscal Year 2010 Department of Defense (“DOD”) Supplemental Appropriations Bill -- an appropriate act in view of his House of Representatives Appropriations Committee Chairmanship.
Guess what? Amid all kinds of subject matter having nothing to do with national defense -- e.g., vouchers for people to collect “cash for clunkers” (vehicles that aren’t fuel-efficient) -- the bill was amended to include more earmarks from John P. Murtha, D-PA, (perhaps cementing his championship)...and $108 billion for the IMF.
After a long hiatus the IMF gift has come to life.
Everyone can see how effective IMF has been in rescuing economies, especially ours, from the worldwide recession. Pardon the sarcasm; reality unfortunately demands it.
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