[stop-imf] Reason No. 4 to Come to DC for A16: The IMF helped create and worsen the Asian financial crisis (fwd)

Wed, 12 Apr 2000 19:19:15 -0400 (EDT)

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This is one in a series of one pagers on "Reasons to Come to DC for April
16." (This one is actually two pages.) A version formatted in MS Word is
attached. Please spread these widely, and feel free to lift from them for
your own use.

For more on the demonstrations, go to www.a16.org

Robert Weissman
Essential Information			|   Internet:	rob@essential.org

Essential Action
P.O. Box 19405 Washington, D.C.  20036
TELEPHONE: 202-387-8030  o  FAX: 202-234-5176  o  E-MAIL: ACTION@ESSENTIAL.ORG

Reason No. 4 to Come to DC for April 16:
The IMF helped create and worsen the Asian financial crisis

The Asian meltdown was caused in large part by South Korea, Thailand, the
Philippines, Malaysia and Indonesia's heavy reliance on short-term foreign
loans and openness to hot money -- a reliance that came from following advice
proferred by the U.S. Treasury Department, the IMF and other international
sources of "expertise."

When it became apparent in 1997 that private enterprises in those nations
would not be able to meet their payment obligations, international currency
markets panicked. Currency traders sought to convert their Asian money into
dollars, and the Asian currencies plummeted. That made it harder for the Asian
countries to pay their loans, and it made imports suddenly very expensive.

There were other underlying causes for the financial crisis, including
overinvestment in real estate and other speculative and unnecessary ventures,
but almost everyone agrees the currency crash and financial disaster were
vastly disproportionate to the weaknesses in the Asian economies.

Having contributed in important ways to the development of the crisis, the IMF
proceeded to make it worse.

The IMF treated the Asian financial crisis like other situations where
countries could not meet their balance of payment obligations. The Fund made
loan arrangements to enable countries to meet foreign debt payments (largely
to private banks in these cases) on the condition that the recipient countries
adopt structural adjustment policies.

But the Asian crisis differed from the normal situation of countries with
difficulties paying off foreign loans. For example, the Asian governments were
generally not running budget deficits. Yet the Fund instructed them to cut
spending -- a recessionary policy that deepened the economic slowdown.

As former World Bank Chief Economist Joseph Stiglitz explains in a recent New
Republic article, "I thought this was a mistake. For one thing, unlike the
Latin American nations, the East Asian countries were already running budget
surpluses. In Thailand, the government was running such large surpluses that
it was actually starving the economy of much-needed investments in education
and infrastructure, both essential to economic growth. And the East Asian
nations already had tight monetary policies, as well: inflation was low and
falling. (In South Korea, for example, inflation stood at a very respectable
four percent.) The problem was not imprudent government, as in Latin America;
the problem was an imprudent private sector--all those bankers and borrowers,
for instance, who'd gambled on the real estate bubble.'

The Fund also failed to manage an orderly roll over of short-term loans to
long-term loans, which was most needed; and it forced governments, including
in South Korea and Indonesia to guarantee private debts owed to foreign creditors.

In retrospect, even the IMF would admit that it made things worse in Asia.

Malaysia stood out as a country that refused IMF assistance and advice.
Instead of further opening its economy, Malaysia imposed capital controls, in
an effort to eliminate speculative trading in its currency. While the IMF
mocked this approach when adopted, the Fund later admitted that it succeeded.
Malaysia generally suffered less severe economic problems than
the other countries embroiled in the Asian financial crisis.

The result of the Fund's bungling has been intensified and needless human
suffering.

In South Korea, a country whose income approaches European levels,
unemployment skyrocketed from approximately 3 percent to 10 percent. "IMF
suicides" became common among workers who lost their jobs and dignity.

In Indonesia, the worst hit country, poverty rates rose from an official level
of 11 percent before the crisis to 40 to 60 percent in varying estimates. GDP
declined by 15 percent in one year.

In September 1998, UNICEF reported that more than half the children under two
years old in Java, Indonesias most populous island, were suffering from malnutrition.

At one point, the food shortage became so severe that then-President B.J.
Habibie implored citizens to fast twice a week. Many had no choice.

FOR INFORMATION ON THE APRIL 16 PROTESTS IN DC, GO TO WWW.A16.ORG

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