Ali’s blog

Mostly quant stuff with occasional digressions

Zoellick with more empty talk

Posted by alifinmath on April 14, 2008

An article in the AP:

Zoellick said Sunday after a meeting of the bank’s policy-setting committee that the fall of the government in Haiti over the weekend after a wave of deadly rioting and looting over food prices underscores the importance of quick international action.

WASHINGTON (AP) _ International finance leaders are working on plans to deal with the economic crisis that has roiled nations and sent food and energy prices soaring.

“International leaders” have got their heads up their a$$es. And if they ever decide to do anything, it’ll be too little too late. Experience has shown this repeatedly.

The development group Oxfam, a frequent IMF critic, said rich countries are largely responsible for the food crisis because they have cut aid to developing countries and encouraged biofuel production, which the IMF says is responsible for almost half the increase in the demand for food crops.

Yep.

“It will be important for the World Bank, the IMF and the U.N. to urgently work together to lead the development of an international response to address all the elements of this crisis,” he said. “We need short-term action to deal with immediate hardship.

The Washington-based IMF and World Bank were established 64 years ago to respectively regulate the global economy and provide aid to poor countries to reduce poverty.

More hogwash. The World Bank and the IMF are instruments of imperial control and designed to uphold the status quo, where the rich remain rich (or become richer), and the poor remain poor (or become poorer). With friends like these, who needs enemies?

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