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In Russia, at least as Stiglitz tells the story, the IMF came in before the devaluation and used dollar-denominated loans to prop up the overvalued currency, thereby extending the window of opportunity for asset stripping.

It boggles the mind how anybody at the IMF could possibly have though that using borrowed dollars to prop up the exchange rate could even be within shouting distance of sanity, let alone a good idea.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu May 6th, 2010 at 11:50:47 AM EST
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