Political Quotes

“I opposed this amendment for several reasons. First and foremost, the IMF has a very poor track record in its promotion of economic growth. According to Johns Hopkins University economist Steve Hanke, 'Few nations graduate from IMF emergency loans. Most stay on the IMF dole for years on end.' Indeed, one study of IMF lending practices in 137 mostly developing countries from 1965 to 1995 found less than one-third have graduated from IMF loan programs. In fact, the IMF often encourages loan recipient nations to implement policies that further reduce economic growth. These policy recommendations have included raising tax rates, devaluing currencies, delaying regulatory reforms, and a host of additional austerity measures that compound nations' economic distress. Unless the IMF changes these counter-productive policies, I see no reason to put more American taxpayer dollars at risk. Second, this IMF bailout for Asia is entirely unprecedented.”