The International Monetary Fund (IMF) has been described as one of the enforcers of globalization. Nations who receive IMF assistance are often forced to surrender more sovereignty and further open up their borders to international banks and multinational corporations. Much of their wealth is then sucked dry by foreign predators with its resources and population essentially becoming the collateral for such financial aid. As a result of the global economic crisis, many more nations are having to turn to the IMF for help. At the recent G-20 Summit in London, the IMF’s role was expanded and its powers enhanced. There was little mention of its failed policies and its less then stellar record of effectively promoting development and democracy around the world. While some talk of reform, the IMF continues to rape the world, one poor nation at a time.
The IMF, along with the World Bank were established as financial sister institutions with both originating out of the 1944 Bretton Woods Agreement. They are part of the United Nations system. The IMF was designed to help stabilize the post-World War II international financial system and is the framework for a central bank of issue. It provides short term financial assistance to nations that qualify, but this is at a very high price. These countries are placed in an economic straitjacket with the IMF and World Bank working in tandem, dictating large portions of public policy.