Gilbert Gutknecht: “This is a product that we can export anywhere in the world. Asia loves to buy more Spam. But when you devalue…”

“This is a product that we can export anywhere in the world. Asia loves to buy more Spam. But when you devalue currencies, when you raise taxes, as the IMF is recommending to many of these economies, it really is the wrong prescription. It is a little like giving poison to someone who is already weakened. This is like the old remedies that they had during the Dark Ages where if a patient had a fever, they would do bloodletting. And that is exactly what the IMF has been doing to so many economies. It is the wrong remedy and wrong prescription. And what is the answer that we are asked to deliver? More taxpayers' money to do exactly the wrong thing. Mr. McINNIS. Mr. Speaker, I would just like to say that the summary of what the IMF is asking us to do is to subsidize the IMF so they can turn around and subsidize mismanagement. These economies, these large private families that took private risks now want the American taxpayer, who by far is the largest contributor to the IMF fund, they want the American taxpayer to subsidize overseas their mismanagement, their miscalculation and their risk.”