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The financial meltdown that crippled Brazil in January despite a preemptive worldwide bailout last November further discredits the lending policies of this U.S. Department regarding the Treasury plus the Overseas Monetary Fund (IMF)–policies supporters stated would re re solve the worldwide crisis that is financial. Brazil’s incapacity in order to prevent devaluating its money on January 13 confirms classes the global community should have discovered in Asia and Russia this past year: The IMF’s lending policies damage, instead of assistance, economies; have them from instituting sound monetary policies on their own; and undermine help at no cost trade. Rather than continuing help for IMF bailout packages, the Clinton Administration should pursue solutions that specifically address the monetary issues in each nation.
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After the Asian financial crisis that began in Thailand in July 1997, the IMF orchestrated a succession of bailouts–with President Bill Clinton’s enthusiastic support–that totaled over $175 billion in crisis loans to Thailand, Southern Korea, Indonesia, Russia, and Brazil. U.S. Taxpayers underwrote these loans with tens of huge amounts of dollars. The IMF and also the Clinton management argued why these packages would fortify the economies for the afflicted nations, prevent their citizens from enduring undue hardship that is economic and steer clear of the spread of this financial meltdown to many other nations. Continue reading “The financial meltdown that crippled Brazil in January despite a preemptive worldwide bailout last November further discredits the lending policies associated with U.S.”