Monbiot: Keynes alternative to the IMF/WB

[Brad DeLong]

>If there are no comments on Monbiot's characterisation of Keynes's 
>position I assume it is not demonstrably false.
>
>Assuming it is true, it is a piece of utopianism that is arguably 
>socialist in nature. For debtor nations to have to pay interest on 
>their balance of payments deficit, only requires the existence of a 
>global capitalist financial network.
>
>A global financial institution which charges "interest" on the 
>credit of creditor trading nations, means such an institution is 
>levying a global tax, and is a vital organ of an embryonic world 
>government presiding more over the circulation of commodities rather 
>than the accumulation of capital.
>
>Chris Burford

Oh, it's definitely true. Interest was to be owed to the IMF on both 
debit and credit balances...
-- 
J. Bradford DeLong
Professor of Economics, U.C. Berkeley
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