The FT (sub needed) today has an article headlined ‘IMF raises alarm on capital flows’. I kid you not.
It is about a new IMF report highlighting cross-border risks from uncontrolled capital flows. This from the agency which helped global banks rape half the world by campaigning for the premature lifting of capital controls in Latin America and Asia in the 1970s and 80s. (You will remember that the IMF was trying to make the abolition of all capital controls an objective in its Articles of Association in the midst of the Asian financial crisis in 1997.)
The FT is apparently unaware of the ironies inherent in an article of this nature. One era just segues into another.
Tags: banks, Development, financial crisis