|America Is Losing Its Imperial Status, And Global Institutions Such As The IMF, G20 And BIS Are Filling The Void|
|Published on 04-27-2010|
Source: Washington’s Blog
As I wrote last June:
When the International Monetary Fund or World Bank offer to lend money to a struggling third-world country (or “emerging market”), they demand “austerity measures“.The IMF is – in fact – now saying that the U.S. must live more austerely.
As the Washington Post noted Saturday:
In the lingo of the International Monetary Fund, the future of the world hinges on “rebalancing and consolidation,” antiseptic words that would not seem to raise a fuss.Dean Baker notes:
Back in the 90s the IMF came to be known as the “Typhoid Mary” of emerging markets as its policy prescriptions led to sharp economic downturns in one country after another.The “grim reaper” might be a better analogy.
IMF As World’s Central Bank?
Not only is the IMF treating America like another failed state, but the IMF may – in some ways – replace the U.S.
As I pointed out last May, the IMF may be taking over world’s financial regulator:
And the IMF’s currency – Special Drawing Rights (SDRs) – may become the world’s reserve currency. See this and this.
And some say that the IMF will become the world’s central bank.
According to Jim Rickards – director of market intelligence for Omnis – the purpose of the G20 Summit in Pittsburgh on September 24 was as follows:
The IMF is being sort of anointed as a global central bank.Rickards also said that the plan is for the IMF to issue SDRs as a global reserve currency to replace the dollar, and then America will gradually depreciate the dollar to reduce the size of its enormous debt:
However, the Wall Street Journal argued in October that – while the IMF would like to be the world’s central bank – the G20 is relegating it to a lesser role:
International Monetary Fund Managing Director Dominique Strauss-Kahn is using the IMF’s annual meeting here to campaign for turning the fund into a kind of global central bank with at least $1 trillion for lending developing nations in a crisis.But a very different reality is taking shape: The IMF is essentially being turned into the staff of the Group of 20, an organization of industrialized and developing nations that doesn’t have a headquarters, staff or rules for membership. With the leaders of the G-20 effectively functioning as the board of directors of the global economy, they need the IMF’s help to carry out their role.Ellen Brown argues that the Bank for International Settlements (BIS) has been, and will continue to be, the real power behind the throne, even though the IMF seems to be gaining power.
I don’t know who is right. But it does seem like America is losing its imperial status, and that global institutions such as the IMF, G20 and BIS are filling the void.
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