Brad on Mark Weisbrot

[Lisa & Ian Murray]

The IMF doesn't have the legal authority to lend to anyone other than
sovereign's, and as Lance Taylor has argued, time is of the essence;
"finance supplied only on the basis of negotiated conditions and released
only after compliance with them is NOT liquidity."

Sure would have been nicer if the money was just dropped from airplanes, at
least demand wouldn't have disappeared, and the banks could have been
disciplined by consumers.

Ian


>
>
> I asked Mark.  He responded.
>
> we have a video of the debate if he would like to bet some money on this.
> make sure you get an independent arbitrator tho.
>
> my guess is he is wildly misinterpreting our opposition to the IMF forcing
> the Indonesian, Korean, etc. governments to pay off the bad loans made by
> private international banks to private creditors.  this has nothing to do
> with "moral hazard," we just don't like the redistribution of income from
> Korean taxpayers to private banks.
>
> --
> Michael Perelman
> Economics Department
> California State University
> Chico, CA 95929
>
> Tel. 530-898-5321
> E-Mail michael at ecst.csuchico.edu
>
>