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Saturday, June 26, 2010

Call To Resist the IMF http://phillyimc.org/en/call-resist-imf

The International Monetary Fund and the World Bank have a well-deserved reputation for being the loan sharks of global capitalism. Both institutions are infamous for forcing poor countries in the global south to ruin their own economies in order to further enrich Western corporations. Nations who decline to borrow money at exorbitant interest rates and then beggar their populations to pay it back (or worse, default on their existing debt), are subjected to trade sanctions that have been described as “the economic equivalent of nuclear war.”

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