Sunday, October 21, 2007

G7 and IMF should be Pay to Play

Developing countries like China, India, and Brazil want more say in the IMF according to quotes from this weekends G7 meetings.
WASHINGTON (Reuters) - Global finance chiefs on Saturday made progress on reforms that would give emerging economies a greater say in the International Monetary Fund and expressed confidence they could seal a deal next year. Under a plan backed by the IMF's policy committee, fast-growing emerging market nations would get more voting power in the global lender, which has long been dominated by rich developed countries.
Sydney Morning Herald:
Developing countries also took the opportunity to push for a greater say in the voting power of institutions like the IMF. Brazil warned bluntly that under-represented countries were likely to "go their own way" unless they get a greater stake.
Sounds like Brazil is getting a little uppity considering all the money they have taken from the IMF in the past. My suggestion is when the developing nations are paying their share of the fund thay can have a little more say. Or maybe it would be better to let them all go their own way. we haven't had to lend much money to Japan or France lately and so the US contribution to the IMF could be kept right at home. In fact, I would support the same policy at the UN (Useless Nations)

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