Today I read an interesting article referring to Mexico on how neoliberal economists through the application of “strong IMF economic medicine” contributed to “wreaking havoc” on the global poor while “protecting the financial elites”.
And then I arrived at the foot of the article published by Alternet:
“This article was produced by Globetrotter, a project of the Independent Media Institute”.
It was published by Alternet, which is also funded by the Independent Media Institute, a tax exempt charity foundation supported by George Soros, a multibillion dollar Wall Street tycoon and hedge fund manager largely involved in speculative trade in the commodity and foreign exchange markets.
The Independent Media Center is described as an
“Internet-based, news and events bulletin board [which] represents an invariably leftist, anti-capitalist perspective and serves as a mouthpiece for anti-globalization/anti-America themes.”
Globetrotter is a projet of the IMC which (according to the IMC):
“explores the struggles for independence, dignity and democracy in the developing world, from economic models to war and imperialism.”
Needless to say, I was puzzled. Wall Street finances the battle against neoliberalism?
A critique of the IMF macro-economic agenda for Latin America is funded by a foundation owned by one of Wall Street’s most prominent financiers.
I read through the article once more: The article does not actually bash the Wall Street financial elites involved in destabilizing the Mexican economy. It largely focuses on the failures of the IMF bureaucracy without acknowledging that the IMF bureaucracy always acts on behalf of Wall Street.
While the author accuses the IMF mission to Mexico of window dressing, “[n]othing in the IMF staff statement indicated a policy that would tackle Mexico’s grave problems of poverty and inequality”.
One is however left with the impression that it’s all a big management failure which can be rectified by changing the IMF recipe and training IMF officials to learn the realities of developing countries:
Someone should encourage the IMF to stop sending staff teams into countries like Mexico. Each report is identical to the previous one. Nothing seems to be learned by these teams. Years ago, a senior IMF economist told me that when he arrived in a Central Asian country he knew nothing of that country,