The United States Should Withdraw From the International Monetary Fund

By Darrell Castle

Vice-Chairman Constitution Party National Committee

Currently headquartered in Washington DC, the International Monetary Fund (IMF) was formed in 1944 and finalized in 1945 as part of the Bretton Woods agreement made by the victorious Allied Powers at the end of WWII.

The IMF’s stated purposes are as follows:

•To promote exchange rate stability;

•To facilitate and manage the growth and balance of international trade;

•To provide resources to member countries experiencing balance of payments problems;

•To help maintain a multilateral system of payments;

•And finally, to promote international monetary cooperation.

Despite its stated purposes, many people believe that the real purpose of the IMF is to bring poorer, less-industrialized countries into the orbit of global government and multinational corporations.

According to John Perkins in his book Confessions of an Economic Hit Man, third world countries have been threatened with CIA destabilization and regime change unless they accept IMF loans. The loans are made with draconian repayment provisions like cutting social services, renegotiating union contracts and privatizing public services, which then allow foreign multinational corporations access to the country’s resources. Since these target countries often have their credit ratings downgraded, the loans also carry a very high interest rate. (Read on)

Source: Constitution Party