If There Were No Imf, They'd Have To Invent One

In recent weeks, critics from the right and from the left have launched strident attacks on International Monetary Fund efforts to stem the financial crisis that has swept through Asia like a typhoon. Critics on the right oppose using taxpayers' money to prop up foreign economies that compete with the U.S. They believe that government intervention will mess up the workings of the global financial markets (although the Asian experience reveals that private actors can create quite a mess themselves). Critics on the left see the IMF as the agent of international capitalists, seeking protection from heavy losses caused by their greed and stupidity. They are also outraged by assistance to governments that violate U.S. norms of human rights.

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