Well you are no doubt right about that but as Stiglitz claimed most of
these people actually believe they are doing the "right thing" in terms of
development yet they are blind and arrogant even within their own narrow
framework. Two examples:
1) The IMF favors countries with balanced budgets in terms of loans etc.
Yet Ethiopia was not regarded as having a balanced budget even though it did
if aid funds were included in the budget. But these characters in the IMF
claimed that aid funds could not be counted as income in determining whether
a budget was balanced since the aid varied from year to year and could even
be cut off.
As Stiglitz pointed out so do other revenues such as tax revenues. The rule
just seems perverse. As the Ethiopian representatives pointed out if they
received less aid they just would build fewer schools and hospitals etc. The
budget would remain balanced. But these guys didnt listen.
2) When the IMF was negotiating with South Korea there was a group from
the World Bank also in Korea and they expected to be asked for advice. The
World Bank had lots of experience in Korea the IMF virtually none. But the
IMF people just went ahead without taking advantage of this expertise. Now
that is just plain arrogant and stupid period even in terms of their own
agenda it seems to me.
Cheers, Ken Hanly
----- Original Message -----
From: "joanna bujes" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Monday, August 19, 2002 3:19 PM
Subject: [PEN-L:29614] Re: Re: Stiglitz interview
> At 04:48 PM 08/19/2002 -0700, you wrote:
> > was not particularly impressed by Stiglitz. He stands out only
> >compared to the complete dolts at the IMF who are not only stupid but
> >obviously arrogant and blind to reality, completely brain-washed by
> >text-book economics and immune and unable to appreciate even the most
> >evident errors in their programs.
>
> The IMF is channelling money to the right people and protecting the right
> people. The fact that its stated "development" aims are not working out
> does not show that they are morons; it just shows that we are morons for
> giving any credence to these stated aims.
>
> Joanna
>
