IMF:in need of reform, not new personalities

May 22nd, 2011

This ought to be the moment for fundamental change at the IMF.   Born as a tool of US-Western global control at the end of the Second World War, dominated by the US 17% share of the vote on the Board, it promoted financial liberalisation that reduced many poorer countries to crisis, failed to foresee and therefore avert the financial crises that rocked the world (Thailand 1997, Argentina 1999, Wall Street 2008, Greece Ireland and Iceland 2009-10), and then pursued prescriptions (so-called structural adjustment programmes) which forced failing economies deeper into debt by subordinating their domestic needs to Western capital.   Will this now change?   (more…)