Date of Original Version



Conference Proceeding

Abstract or Description

The title of my talk is "Five Reasons for Opposing the IMF Quota Increase." I'll try to give you a brief summary of those five reasons. The first is that the IMF quota increase and the policy on which it rests is a type of international Ponzi scheme. The creditor banks have assets that are valued above their market value. If they were bonds, their value would be much lower on the books of the banks. Because they are loans, the banks continue to carry the assets at their face value. The bank examiners encourage this practice despite their obligation to protect safety and soundness.



Published In

Constructive Approaches to the Foreign Debt Dilemma, M. Holbert and E. Meltzer (eds.), Taxpayers' Foundation.