Western remedies toxic to Asian economies

From the time it was set up nearly 70 years ago, the International Monetary Fund has been controlled by Western Europe in partnership with the United States. Even today, long after Asia has overtaken all other continents as the global engine of growth, its focus remains Europe.

The present Managing Director, Christine Lagarde, is trying to persuade Asian economies to surrender the savings of their peoples so that the IMF can continue to funnel the bulk of its funds into Europe, despite the risk of bankruptcy if Greece leaves the eurozone, to be followed by Spain, Portugal and Ireland and possibly Italy and France.

Even though the Western countries were bad global citizens and created the conditions that led to the 2008 financial crash, they will not admit their fault and are not prepared to suffer the pain resulting from their actions. Instead, they seek to make the poorer economies, such as China, India and Brazil, suffer.