WHO FUNDS THE IMF BAILOUTS?
Under repeated speculative assaults, Asian central banks had entered into multibillion-dollar contracts (in the forward foreign exchange market) in a vain attempt to protect their currency. With the total depletion of their hard currency reserves, the monetary authorities were forced to borrow large amounts of money under the IMF bailout agreement. Following a scheme devised during the Mexican crisis of 1994-95, the bailout money, however, is not intended “to rescue the country;” in fact, the money never entered Korea, Thailand or Indonesia; it was earmarked to reimburse the “institutional speculators,” to ensure that they would be able to collect their multibillion dollar loot. In turn, the Asian tigers have been tamed by their financial masters. Transformed into lame ducks — they have been “locked up” into servicing these massive dollar denominated debts well into the Third Millennium. But where did the money come from to finance these multibillion- dollar operations? Only a small p
