Economic 'realities ignored'
WASHINGTON: If developing nations are not given more say in global financial institutions, they will leave the fold of the International Monetary Fund and World Bank, a top Group of 24 official said.
"The current system of governance is completely out of line with economic realities," Ariel Buira, director of the G24 Secretariat, told a news conference. "What is happening is that many countries are now moving away from these institutions."
Finance chiefs from the Group of 24 emerging nations also complained the US did not consult them on the choice of Paul Wolfowitz as new World Bank president.
The ministers, gathering on the eve of IMF and World Bank spring meetings in Washington, said representation in the lenders' hierarchy did not accurately represent the growing stake of emerging markets in the global economy.
"Ministers stress the need for concrete actions to reduce the democratic deficit and enhance the voice and participation of developing countries in decision-making at the IMF and World Bank," the G24, which includes countries from Latin America, Asia and Africa, said in a communique after the meeting.
Emerging-market countries have long sought a change in the voting rights of the institutions and question why the IMF head is always a European and the World Bank head an American.
My oh my. Like in "Sleeping Beauty", the King and Queen invite all the fairies to the naming ceremony leaving out the most important fairy of all, the Chinese and Indian and Muslim fairies. Who then come in a rage and put a curse on the baby.
Everyone knows, the real IMF is called "China" and they are the lenders of first resort. They bankroll the bankrupt American government as well as many others. The other lender nations are nearly all Muslim. They, collectively, are the generators of the loan business. America pretends to do this by putting "x" number of dollars in the IMF kitty but not one penny of this is a penny, it is all yuan and yen and whatever Prince Sultan gives us as a tip.
Note also, these powerful nations, many of whom are the ones extending us credit, are very angry about right wing neo conman, Wolfowitz. The Europeans, to appease the Americans, held their noses and made under the table deals (like, over invading Muslim countries to steal oil) and gave Wolfie the green light. Well, Europe isn't our creditors, are they?
Watch this news service for further updates on the international front. Remember: what we get at home is brewed abroad.