Time.com’s October 7
edition of Time Daily reported on how IMF reforms often harm
economies they’re meant to help. Time business reporter
Bernard Baumohl is quoted as saying that "the IMF’s tough
prescriptions actually pushed some of the Asian countries into
depression."
But Time isn’t
talking about the tax increases and currency devaluations pushed by
the IMF, only the budget cuts. "President Clinton and European
leaders on Tuesday urged the IMF to consider the human dimension of
fiscal crisis, pressing the international body to pause before
automatically demanding fierce budget cuts in borrowing countries,"
writes Time Daily’s Tony Karon.
For Time, IMF
dictates that give government more power can’t be wrong.
— Rich
Noyes
