Emerging nations moving away from IMF, World Bank (Paul Wolfowitz)

[NNN0LHI]

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/theworld/2005/April/theworld_April360.xml§ion=theworld

WASHINGTON - If developing nations are not given more say in global financial institutions, they will leave the fold of the International Monetary Fund and World Bank, a top Group of 24 official said on Friday.

“The current system of governance is completely out of line with economic realities,” Ariel Buira, director of the G24 Secretariat, told a news conference. “What is happening is that many countries are now moving away from these institutions.”

Finance chiefs from the Group of 24 emerging nations also complained the United States did not consult them on the choice of Paul Wolfowitz as new World Bank president.

The ministers, gathering on the eve of IMF and World Bank spring meetings in Washington, said representation in the lenders’ hierarchy did not accurately represent the growing stake of emerging markets in the global economy.

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[demodewd]

1. good

More power to them.

[Jack Rabbit]

2. With Wolfowitz in charge of the bank, that trend will probably accelerate

Who thought developing nations would want to do business with the architect of a plan to invade a developing nation and expropriate its resources after lying about the threat it posed?

[Botany]

3. Wolfowitz?

The boy did say Iraq would only cost 1 to 2 billion $s. So other nations are
nervous .... wonder why?

[stillcool]

4. Could it be....

that the audacity of this bunch will leave them all alone at the party with no one to play with?

[Runcible Spoon]

6. Radical Activist and I were talking about this.

what would happen if all IMF funded countries just STOPPED PAYING THE LOANS BACK SIMULTANEOUSLY. The monster would fall and we don't have the military might to invade ALL those countries at once to enforce IMF economic policies....

[Runcible Spoon]

5. anyone read "Globalization and its Discontents"?

by Joseph Stiglitz? Great book, neecssary reading for these times. I can only imagine how scathing a new edition of this book would be now that we have that POS Wolfowitz at World Bank.