Showing posts with label IMF reform. Show all posts
Showing posts with label IMF reform. Show all posts

Thursday, March 13, 2014

Congress is OK on bailing out Ukraine.

At least that's what NHPR is reporting.  A Ukraine subsidy bill, offering $1 billion in aid has passed the House and a Senate committee.   The NHPR guys then went on at length about a controversy.  The Senate committee attached a rider containing "reform" of the International Monetary Fund (IMF)  NHPR reported that Democrats liked the IMF reforms and Republicans did not.  And the House bill lacks the IMF reforms and so a House Senate reconciliation and a revote on the final compromise might be necessary.  And that will be a big deal.  And NHPR does not approve.
   Of course, NHPR didn't bother to say just what these IMF "reforms" might be.   IMF has been in business of bailing out broke countries since the end of WWII.  They seem to do a fairly decent job over all those years. 
   I wonder what "reforms" might be necessary?  I can think of a lot of "reforms" that I would not approve of and few that I would approve.  The "reforms" that spring immediately to mind would attach more conditions to bail outs.  While we have 'em on their knees, let's make 'em do our will.  You gotta do multi cultural things, green things, put in a minimum wage, protect US intellectual property, meet US environmental standards, yadda, yadda, or else, no bailout.   Do things our way, or starve. 
   One other thing the NHPR boys didn't bother to report.  The I in IMF stands for International.  How does the US Congress get to change the rules of an international organization?  We all know that the US calls most of the shots at the IMF 'cause we still have more money than anyone else, but still, out of pure politeness, we ought not to be rewriting the rules in our national Congress.