At a recent seminar at the S. Rajaratnam School of International Studies recently, Rodrigo Rato, the former IMF Managing Director in Singapore advised Asian economies to increase interest rates in order to tackle the oil and food crisis that they are facing.
Is it not intriguing that the U.S. Federal Reserve's response to these very same problems was to LOWER interest rates and PRINT MORE MONEY to give out to the Banks?
Rodrigo Rato's advise reminds us all of the very same type of advise and the disastrous impact it had in Argentina and Indonesia, where in the wake of interest rate hikes instigated by the IMF, the economies subsequently crashed.
I am sure Singapore has many very experienced economists who can see the danger of the IMF "advise". Of course, there is that particular book about the IMF perchant for becoming Economic Hitmen. I greatly hope we do not follow Rodrigo Rato's advise.
Also, please read the following book review by John Perkins, ex-IMF man and the other links below:
http://www.thehindubusinessline.com/2007/05/08/stories/2007050800780800.htm
http://www.larouchepub.com/other/2004/site_packages/econ_hitmen/3148herrhausen.html
http://en.wikipedia.org/wiki/John_Perkins
How the IMF Props Up the Bankrupt Dollar System
One of the crucial pillars of support for today's Dollar System is Washington's control of the International Monetary Fund, the IMF. The way this actually works is carefully disguised, behind a facade of technocrats and economic theory of free market ideology.
In reality, the IMF is a modern era collection agency for the Dollar Empire. It collects its tribute, through major international banks, who use the dollars to further extend the power of American financial and corporate hegemony, in effect the driving motor of what is globalization...
IMF is institude of mental failure??