The IMF Should Be Eliminated, not Expanded | International Liberty

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https://danieljmitchell.wordpress.com/2021/10/11/the-imf-should-be-eliminated-not-expanded/
I’mnot a fanof the International Monetary Fund (IMF). Since I work mostly on fiscal issues, Idon’t like the factthat the bureaucracy is anavid cheerleaderforever-higher taxes(which is disgustingly hypocritical since IMF employees get lavish,tax-freesalaries). But the biggest problem with the IMF is that it promotes “moral hazard.” More specifically, it provides bailouts for irresponsible governments and for those who foolishly lend to those governments. The net result is thatbad behavior is rewarded, which is a recipe for more bad behavior. All of which explains why some nations (and their foolish lenders) have receiveddozens of bailouts. Oh, and let’s not forget that these endless bailouts also lead to a misallocation of capital, thus reducing global growth. Inan articlefor theNew York Times, Patricia Cohen reports on discussions to expand the…

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