The IMF made a video about inflation without mentioning money printing. Amazing.
The first time I heard about the IMF was reading Confessions Of An Economic Hitman by John Perkins. The book is worth reading but if you want the brief synopsis just watch this 2 minute video and you’ll get the idea.
While I do believe there are some seriously nefarious people at the IMF I also believe there are some people who genuinely want to help the world. The problem with the latter group of people is they have ingrained Keynesian thinking that deficit spending is always beneficial. Unfortunately, this ignores the risks of over-indebtedness for poor countries. The IMF has incentive to keep lending to avoid defaults that would hurt its balance sheet. But continuously extending new loans to pay off old ones can trap borrowers in debt dependency. Perhaps defaults or debt restructuring would better serve some countries than new IMF loans. I know this risks losses for the IMF, but enabling over-indebtedness fuels poverty too. Anyways, I digress. I wrote the IMF this email and I hope they take it to heart. I genuinely would like to see the good people at that organization use their platform to educate others rather than mislead them.
10/1/23
Conor Jay Chepenik
