What is the Connection Between the IMF and the Ukraine Crisis?
Judy Shelton writes in the Wall Street Journal:
“You never want a serious crisis to go to waste.” Former White House Chief of Staff and now Chicago Mayor Rahm Emanuel’s brazen credo comes to mind as the Obama administration tries to link emergency financial aid for Ukraine with changes to the International Monetary Fund’s governance and financing.
The proposed reforms would double the size of the IMF’s main source of funding, which are country contributions known as “IMF quotas,” to about $733 billion. They would also increase the voting power of emerging-market countries such as China, India, Brazil and Russia in directing IMF resources. Congressional approval is the final hurdle before the changes, introduced in 2010, are enacted.”
From the reports I receive from the Ukraine the increased military buildup presages a continued conflict. I agree with Dr. Shelton that support for the Ukraine should not be held hostage to this controversial expansion of the international banking bureaucracy.
