Re: [Pen-l] (Fwd) Stiglitz Commission on bandaiding the world capitalist crisis (yawn and/or sob)

[Gernot Koehler <gko15@xxxxxxxxxxx>]

Patrick Bond wrote 14jan09:
[Quote]
(Prepare for maximum disappointment. . . . Where did the old Stiglitz call for *replacement*  . . .  of the IMF go, and why no mention of ongoing IMF austerity conditions . . ?}
[End quote]

COMMENT:
this commission’s recommendations are better than you think. Note the following:

.paragraph 3 states : “ It is imperative that developing countries be provided with funds . . . This is a time to expand assistance"

paragraph 4 does not call for an abolition of the IMF,  but proposes something that is even smarter in terms of the politics of economics, namely:
“the creation of a new credit facility . . . The new facilities should have their own governance, be more reflective of democratic principles, with stronger representation for developing countries. These new governance arrangements might serve as a model for future reforms of the multilateral institutions."

Paragraph 5 states that: “more funds be provided, and that they be provided without the usual conditionalities”

Evidently, the emphasis is here on building the new rather than condemning the old one more time.

Gernot

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