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The International Monetary Fund, More Secretive Drain on American Taxpayers?
Guest Column | By Marion Edwyn Harrison, ESQ. | July 9, 2009
The International Monetary Fund ("IMF") speaks well of itself upon its Internet site - as, of course, do virtually all organizations. IMF has 185 nations which are members, which immediately tells us that most of them are in the hand-out recipient category. Its statement of purpose is admirable if self-evidently largely ineffective: " . . . working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty . . . ." IMF is a creature of the late World War II and post-World War II penchant for international entities financed or principally financed by American taxpayers. To read its summary IMF facilitated cooperation and reconstruction, 1944 - 1971; dealt beneficially following the collapse of the Bretton Woods system of exchange rates, 1972 - 1981; "assisted in coordinating the global response" to "an international debt crisis," 1982 -1989; "play[ed] a central role in helping the countries of the former Soviet bloc transition from central planning to market-driven economies[,]" 1989 - 2004; and is doing something, message unclear, "just around the corner[,]" commencing 2005.
Regardless of what one thinks of the worth of IMF, as with other international organizations, American taxpayers preponderantly, if sometimes somewhat indirectly, foot the bill.
An argument can be made that such footing should be "open and notorious" and not hidden in unrelated or multi-inclusive appropriations legislation. Representative Eric I. Cantor (R-VA) was the leader, or certainly top among the leaders, in offering that argument. Representative David R. Obey (D-WI) on May 12, 2009 introduced a Fiscal Year 2010 Department of Defense ("DOD") Supplemental Appropriations Bill - an appropriate act in view of his House of Representatives Appropriations Committee Chairmanship.
Guess what? Amid all kinds of subject matter having nothing to do with national defense - e.g., vouchers for people to collect "cash for clunkers," aka vehicles which aren't fuel-efficient - the bill was amended to include more John P. Murtha (D-PA) earmarks (to continue his championship?) and $108 billion for IMF.
After a long hiatus the IMF gift has come to life.
Everyone can see how effective IMF has been in rescuing economies, especially ours, from the worldwide recession. Pardon the sarcasm; reality unfortunately invites its insertion.
Marion Edwyn Harrison is President of, and Counsel for, the Free Congress Foundation.
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