Recession 2008: first world countries vs developing economies as IMF readies bailout loans

Posted by irresponsibility

“The poor stay poor/ and the rich get rich/ that’s how it goes/ everybody knows”

There aren’t many situations immune to Leonard Cohen’s scalpel-sharp wisdom, not even the credit crunch. The above lines are from one of my all-time favourite songs, Everybody Knows, and they started buzzing in my head as I absorbed the news the IMF is standing by to bail out the rich.

Not that they’re admitting it in so many words: “Dominique Strauss-Kahn, the Fund’s managing director, said it could make ‘hundreds of billions of dollars’ available to either rich countries in the west, or to developing nations…. ‘We are ready to answer any demand from a country facing problems’.”

Interestingly “[Strauss-Khan] added that the Fund had not lent during the past five years, and therefore had a sizeable war chest available.” Because of course there haven’t been any countries (containing the requisite levels of white Westerners) facing problems in the world in the last five years.

Lest anyone be in doubt that the IMF has only sprung to attention now that it is the über-privileged economic status of the first world is threatened have a look at a wonderful little slide-show from the IMF website.

Should you lack the time/inclination to scroll through let me summarise. Basically, in the last three years the first world has gone from “low financial stress” to high financial stress. Simultaneously its economy has gone from “heating” to “cooling”. Clearly, the IMF’s definition of a financial crisis is merely one which threatens the fat pocketbook of the ruling white oligarchy.

NB: I didn’t realise this particular video was Spanish subtitled. That makes it even cooler.


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4 thoughts on “Recession 2008: first world countries vs developing economies as IMF readies bailout loans

  1. This is amazing. With relatives who are ex-IMF workers, the next time I see them, I’ll ask them exactly what they think about the continuing facade of the IMF’s usefulness.

  2. I didn’t realise the IMF had a even facade of usefulness. Still, astonishing to see them openly acknowledging their racist uselessness on their very own website. That’s either supreme humility or supreme arrogance… I think I know which!

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