In a statement from the White House this morning, the U.S. will be providing a $1 billion loan to Ukraine.
It is reported that Henry Kissinger, commenting on the Iran-Iraq war, said something to the effect that, “Too bad both sides can’t lose.” I have the same attitude about the fiscal fight in Europe. On one side, you have “austerity” proponents of higher taxes. On the other side, you have Keynesianswho think a higher burden of government spending will produce growth
I don’t like giving international bureaucrats tax-free salaries. And it really galls me when they use their privileged positions to promote statism. So you can understand why I’m not a big fan of the International Monetary Fund.
It should be obvious, to anyone reading this, that Spain is in an economic depression as well as bankrupt. It is equally obviously that eurozone imbalances and a flawed treaty are to blame.
The IMF was created for the purpose of helping the manage the system of fixed exchange rates that was imposed after World War II. That system no longer exists, yet the IMF is still plaguing us.
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