Friday, November 04, 2011

My post to John Redwood's Diary this morning on the IMF

The last post of yesterday on this blog, immediately beneath this and also here, together with the post by John Redwood, to which this posting is a response, linked here, are both best read before considering the following remarks:

Martin Cole

Posted November 4, 2011 at 7:43 am
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All very good factual points, very gently made. I was harsher in my own comments, on the same topic, made last evening, as I could not find it within myself to put the argument solely into economic terms. I believe one has to pose these questions concurrently with addressing the even more worrying fact that national democracies, were being destroyed all across the EU at the same time as the economic problems were being allowed to grow and fester.
Although the argument about whether IMF aid should be conditional upon democracy is far too big for this space, surely all the countries within the EU, witnessed by their signatures to the EU Treaties, cannot deny that concept. I believe the democracies within the G20, if they today decide to boost IMF resources for the Euro Zone, should stipulate that any such funding is conditional on basic democratic rights and representation being established across the Euro Zone ( preferably direct and a la Swiss) before economic governance is imposed!

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