View Poll Results: Should the US be funding the IMF?

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  • Yes

    5 15.15%
  • No

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Thread: Should the Financially Strapped US Be Funding the IMF?

  1. #31
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by celticlord View Post
    Isn't that why they are on government life support?
    Over the past 30 years. Seriously. Stop acting like a hack. The IMF and World bank have made large numbers of huge loans to countries.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  2. #32
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by obvious Child View Post
    Ah, the but the question is on private financing. The Federal Reserve for intensive purposes is the government. While it is financed outside of Congress, its members are approved by Congress and it is subject to Congressional oversight.

    Did Citibank make hundreds of double digit billion dollar loans without thinking much of it?
    They were against making crappy loans but were forced to loan anyway.

    Obama sued Citibank Under CRA to Force it to Make Bad Loans

    "Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 36013619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982.


    Plaintiffs alleged that the Defendantbank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctive relief, actual damages, and punitive damages.


    U.S. District Court Judge Ruben Castillo certified the Plaintiffs’ suit as a class action on June 30, 1995. BuycksRoberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995).


    Also on June 30, Judge Castillo granted Plaintiffs’ motion to compel discovery of a sample of Defendantbank’s loan application files. BuycksRoberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 338 (N.D. Ill. 1995).


    The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement.

    .."



    Settlement=Agree to make bad loans you will never get back.
    Last edited by akyron; 06-03-09 at 04:19 PM.
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  3. #33
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by obvious Child View Post
    What the IMF is doing is particularly evil right now. Because countries are distressed, they take out significant IMF loans. As country specific programs are still less than ideal, the one size fits all is still somewhat in effect. Thus, the IMF can squeeze more than normal to extract significant profits from these loans over the course of the loan.
    The IMF is the "lender of last resort" and is not intended to be a charity. If the IMF can "squeeze more than normal to extract significant profits," fine. That's supply and demand. The IMF exists only to help stabilize currencies. Governments looking for developmental assistance should look to the World Bank, to charities, to foreign governments, or to the private sector. That isn't what the IMF does.

    Quote Originally Posted by obvious Child
    What I don't quite get is why certain people are complaining since what the IMF is, is really just a vanguard for Western business, breaking down the obstacles to entry and allowing US and European firms to enter markets formerly hostile to them. Bleeding heart liberals should be offended by this, but I'm not one of them.
    You sound pretty offended by it...

    The IMF plays a useful function in the global economy. It is not good for international trade if currencies are extremely volatile, and no one ever knows how much they're going to get paid from their foreign debtors. The IMF was created to eliminate some of the exchange risk and help nations stabilize their currencies. The results of these loans are not always pretty, but they're necessary.
    Last edited by Kandahar; 06-03-09 at 04:19 PM.
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  4. #34
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by Kandahar View Post
    The IMF is the "lender of last resort" and is not intended to be a charity. If the IMF can "squeeze more than normal to extract significant profits," fine. That's supply and demand. The IMF exists only to help stabilize currencies. Governments looking for developmental assistance should look to the World Bank, to charities, to foreign governments, or to the private sector. That isn't what the IMF does.



    You sound pretty offended by it...

    The IMF plays a useful function in the global economy. It is not good for international trade if currencies are extremely volatile, and no one ever knows how much they're going to get paid from their foreign debtors. The IMF was created to eliminate some of the exchange risk and help nations stabilize their currencies. The results of these loans are not always pretty, but they're necessary.
    Top Ten Reasons to Oppose the IMF

    "The IMF was originally designed to promote international economic cooperation and provide its member countries with short term loans so they could trade with other countries (achieve balance of payments). Since the debt crisis of the 1980's, the IMF has assumed the role of bailing out countries during financial crises (caused in large part by currency speculation in the global casino economy) with emergency loan packages tied to certain conditions, often referred to as structural adjustment policies (SAPs). The IMF now acts like a global loan shark, exerting enormous leverage over the economies of more than 60 countries. These countries have to follow the IMF's policies to get loans, international assistance, and even debt relief. Thus, the IMF decides how much debtor countries can spend on education, health care, and environmental protection. The IMF is one of the most powerful institutions on Earth"


    It has not served its original purpose for quite some time.
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  5. #35
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by Kandahar View Post
    The IMF is the "lender of last resort" and is not intended to be a charity. If the IMF can "squeeze more than normal to extract significant profits," fine. That's supply and demand. The IMF exists only to help stabilize currencies. Governments looking for developmental assistance should look to the World Bank or to the private sector.
    Be that as it may, the IMF's policies for stabilization should make the country have a goal other than loan repayment. You know, fixing the problem that got them to where they needed the loan in the first place. The IMF doesn't do that and hence why it's kind of evil. It's nothing more than profit driven institution that veils itself under the guise of economic aid. IMO, that's kind of funny, but kind of not.

    You sound pretty offended by it.
    Just cause I call it evil does not mean I'm offended by it.

    The IMF plays a useful function in the global economy. It is not good for international trade if currencies are extremely volatile, and no one ever knows how much they're going to get paid from their foreign debtors. The IMF was created to eliminate some of the exchange risk and help nations stabilize their currencies. The results of these loans are not always pretty, but they're necessary.
    While that is true, the way that IMF goes about its loans is where the questionable behavior happens. Jamaica was a good example of how the IMF totally shafted the country. Tunisia was another. In that country the IMF forced the country to eliminate lifesaving healthcare for millions resulting in the decimation of the workforce. The IMF got their profit and the country was in the end worse off. While the loans are necessary, it is the mechanisms of the stabilization package that needs serious reform. Last I checked that is occurring. Just not quickly.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  6. #36
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by akyron View Post
    They were against making crappy loans but were forced to loan anyway.
    Citibank CRA loans never ever even came close to a single normal loan issued by the IMF.

    Remember that total CRA loans in aggregate for the entire country never at any time exceeded $20 billion. Mexico got $50 billion during its 1995 crisis.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  7. #37
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by obvious Child View Post
    Over the past 30 years. Seriously. Stop acting like a hack. The IMF and World bank have made large numbers of huge loans to countries.
    The important fact isn't the amount of loans made, it's the amount of loans repaid or being serviced according to schedule.

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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by akyron View Post
    "Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 36013619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982.
    The Thirteenth Amendment?

    "1. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction."

    A bank violated this by using common sense in it's lending practices?

    How?

  9. #39
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by Scarecrow Akhbar View Post
    The Thirteenth Amendment?

    "1. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction."

    A bank violated this by using common sense in it's lending practices?

    How?
    Well im losing track now between all the massive payouts and loans. Does the government own the banks or do the banks own the government? I think money could be a religion. Where are all the separation of church and state peeps to fight this battle?
    Last edited by akyron; 06-03-09 at 10:23 PM.
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Im all for foriegn aid, but the problem is that the IMF takes advantage of undeveloped nations and therefore they are not a good way for our donations to help the world.

    But that still puts me with a "no" for this poll, even if it is a different reason then others might have.

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