What damage has the "Whirled Bank" done? Please be precise, no general mumbling about "globalization" or "world capitalism," please. Barkley Rosser -----Original Message----- From: Dennis R Redmond <dredmond at oregon.uoregon.edu> To: lbo-talk at lists.panix.com <lbo-talk at lists.panix.com> Date: Wednesday, May 24, 2000 6:14 PM Subject: Re: Run on the Bank
>On Wed, 24 May 2000, Brad De Long wrote:
>
>> But acquiring the resources from domestic savings alone is such a
>> hard slog. And once one starts drawing on foreign capital, then you
>> do need a hard-currency crisis lender like the IMF--both for those
>> times when the international capital markets panic, and for those
>> times when the domestic government digs itself into a hole.
>
>Nonsense. All you need is a rising semi-periphery on your doorstep willing
>to exchange hard currency for market access to simple manufactured goods
>(China vis-a-vis Japan, Iberia vis-a-vis the EC, and Visegrad Europe
>vis-a-vis EU). The world needs a European Investment Bank writ large, to
>make low-interest loans in health care, education, and the environment,
>administered democratically, by the people on the ground who most need it.
>The Whirled Bank and the International Monetary F*!?ckers should be closed
>down and their loans cancelled. They've done quite enough damage already,
>don't you think?
>
>-- Dennis
>
>
>