Scoop has an Ethical Paywall
Hey U.S., welcome to the Third World!
Scoop Link: Hey U.S., welcome to the Third World!
It's been a quick slide from economic superpower to economic basket case.
Rosa Brooks,
LA Times
Dear United States, Welcome to the Third World!
It's not every day that a superpower makes a bid to transform itself into a Third World nation, and we here at the World Bank and the International Monetary Fund want to be among the first to welcome you to the community of states in desperate need of international economic assistance. As you spiral into a catastrophic financial meltdown, we are delighted to respond to your Treasury Department's request that we undertake a joint stability assessment of your financial sector. In these turbulent times, we can provide services ranging from subsidized loans to expert advisors willing to perform an emergency overhaul of your entire government.
As you know, some outside intervention in your economy is overdue. Last week -- even before Wall Street's latest collapse -- 13 former finance ministers convened at the University of Virginia and agreed that you must fix your "broken financial system." Australia's Peter Costello noted that lately you've been "exporting instability" in world markets, and Yashwant Sinha, former finance minister of India, concluded, "The time has come. The U.S. should accept some monitoring by the IMF."
We hope you won't feel embarrassed as we assess the stability of your economy and suggest needed changes. Remember, many other countries have been in your shoes. We've bailed out the economies of Argentina, Brazil, Indonesia and South Korea. But whether our work is in Sudan, Bangladesh or now the United States, our experts are committed to intervening in national economies with care and sensitivity.
Go to the full story
Scoop
Scoop Independent News
Scoop is NZ's largest independent news source; respected widely in media, political, business and academic circles for being the place on the internet for publishing "what was really said", and for the quality of its analysis of issues.
Peter Dunne: Luxon Gets Out His Butcher's Knife - Briefly
Binoy Kampmark: Warring Against Encryption, Australia Is Coming For Your Communications
Gordon Campbell: On Fast Track Powers, Media Woes And The Tiktok Ban
Binoy Kampmark: Censorship Wars, Elon Musk, Safety Commissioners And Violent Content
Gordon Campbell: On The Public Sector Carnage, And Misogyny As Terrorism
Ramzy Baroud: NATO’s Never-ending War: The 75-Year-Old Bully Is Faltering