From Simon English, “IMF Admits Its Policies Seldom Work,” The Telegraph, March 20, 2003:
The International Monetary Fund, the Washington-based bank set up to police the financial globe and assist the Third World, yesterday made the startling admission that the policies it has been pursuing for the las 60 years do not often work. In a paper that will be seized on by IMF critics across the political spectrum leading officials reveal they can find little evidence of their own success. Countries that follow IMF suggestions often suffer a “collapse in growth rates and significant financial crises,” with open currency markets merely serving to “amplify the effects of various shocks.” A recent study by the United Nations reported that the 47 poorest countries in the world—the biggest recipients of loans from the IMF and the World Bank—are pooreer now than they were when the IMF was founded in 1944.
Loans in the last few years to Thailand, Indonesia, Korea, Russia and Argentina are widely regarded as having little positive effect. Activists in Bolivia last month blamed an IMF inspired tax increase for rioting that led to at least 20 deaths.
A spokesman said the report should not be seen as an admission that the IMF itself had failed, but he admitted it was considering an overhaul of its practices.
And to think there are some people who think the future lies with globalist multilateral institutions.