Fed cuts rates; crisis over?

Doug Henwood dhenwood at panix.com
Sun Oct 18 13:26:26 PDT 1998

Brad De Long wrote:

>Right-wing opposition to the IMF takes a pretty cruel form in *theory*. The
>blood-from-a-turnip isn't a result of shortfalls in implementation, it's
>the whole *point.*
>The point of the right-wing critique of the IMF is that episodes of
>speculation *should* be followed by deep depressions--and that it is
>immoral to attempt to alleviate the depression that follows speculation.

Some folks think that, like Jim Grant and the Austrians, but there were a lot of Congressional Republicans complaining that the IMF caused/deepened depressions. When the legislative language was written though, all that went out the window.


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