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News ::
Know Your Enemy - IMF Selects Harvard Economist
08 Jun 2001
The International Monetary Fund appointed economists from Harvard and Stanford University among others, to fulfill tasks that are expected to "reshape" the institution. For the worse.
The IMF (International Monetary Fund), the ultra-powerful financial institution charged with granting loans to countries in exchange for so-called "structural adjustment plans" which require the massive privatization of public industries and services that have plagued countries around the world for decades, has appointed four economists to four of its top policy spots. Perhaps most notable is the nomination of conservative economist Anne Krueger from Stanford University, California, USA as the "Number Two" at the institution.

The others who were selected were Kenneth Rogroff from Harvard University, Massachusetts, USA, who received a sort of promotion by being placed as the head of the research department for which he had worked during the early 1980's. Timothy Geithner was named Policy Development and Review Department Director and Gerd Hausler will help monitor capital flows to developing countries.

Anne Krueger, now second in command at the IMF, had been one of the Bush second administration's favourites to push its new policies, which are, as Bush second's Treasury Secretary Paul O'Neill pledged, used to "reshape the agency".

These policies, prior to these appointments, had already been used to deal with Turkey's financial troubles. They include reduced "support packages" with conditions that must be agreed upon and met prior to receiving the loans. Because as Paul O'Neill says, "[Promises] can and frequently are broken and violated." 1

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