Time.comís October 7
edition of Time Daily reported on how IMF reforms often harm
economies theyíre meant to help. Time business reporter
Bernard Baumohl is quoted as saying that "the IMFís tough
prescriptions actually pushed some of the Asian countries into
But Time isnít
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 Dailyís Tony Karon.
For Time, IMF
dictates that give government more power canít be wrong.