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Dump the International Monetary Fund
[Published in the Financial Post on Jan. 24, 1998.]
Dear Editor,
Re: "Where Would We Be Without The IMF?" -- Editorial -- Jan. 17-19, 1998
-- Financial Post
Your editorial defended the International Monetary Fund as an economic stabilizer.
But, in fact, it is an economic destroyer. The IMF essentially takes money extorted
from taxpayers to bail out irresponsible governments and investors.
Without such bailouts, those who are irresponsible would either quickly learn from
their errors or be shunned by their victims. Destructive people and actions are thereby
contained. Forcing people to bail out the irresponsible -- a purely socialistic doctrine
-- nurtures problems until they grow into a monster, as witnessed in Asia now or
in the former Soviet Union. Ignoring this truth leads one to the disastrous conclusion
that more socialism is the solution to the crisis caused by socialism.
It is the moral-political principle of individual rights -- where each individual
has the right to life, liberty, property and the pursuit of happiness -- that promotes
responsible people and protects them from the irresponsible. Hasn't history given
ample demonstration of the destructiveness caused by the opposite principle -- collectivism
-- where the individual is sacrificial fodder for the state? Forcing individuals
to fund the IMF is both immoral and impractical, and should be stopped.
Cheers!
Glenn Woiceshyn
© 1998 Glenn Woiceshyn.
All rights reserved. This article can be found on-line at at http://www.capitalism.org/glennw. |
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