neoliberalism's pride & joy

[Brad DeLong]

>[They're trying to prevent an old-fashioned run on the banks. The IMF
>should be mighty proud of itself.]
>
>http://www.nytimes.com/2002/04/20/business/worldbusiness/20ARGE.html
>
>Argentina Orders Indefinite Bank Holiday
>By THE ASSOCIATED PRESS

??????

The IMF's calls for Argentina to reduce tax evasion, cut government 
spending, or abandon the hard peg to the dollar grew increasingly 
shrill from 1999 to 2001. It's true that no one in the IMF expected 
the crisis to be this bad or to come this soon.

But if there is one thing that the IMF is good at, it is at *not* 
recommending policies that risk hyperinflation.

Brad DeLong