{"id":21567,"date":"2025-04-28T08:47:58","date_gmt":"2025-04-28T12:47:58","guid":{"rendered":"https:\/\/jimbovard.com\/blog\/?p=21567"},"modified":"2025-04-28T08:47:58","modified_gmt":"2025-04-28T12:47:58","slug":"america-should-bolt-from-the-world-bank-and-imf","status":"publish","type":"post","link":"https:\/\/jimbovard.com\/blog\/2025\/04\/28\/america-should-bolt-from-the-world-bank-and-imf\/","title":{"rendered":"America Should Bolt From the World Bank and IMF"},"content":{"rendered":"

\"\"<\/a><\/h1>\n

America Should Bolt From the World Bank and IMF<\/a>\"\"<\/a><\/h1>\n

by James Bovard, April 28, 2025<\/p>\n

U.S. Treasury Secretary Scott Bessent complained on Wednesday that the World Bank and the International Monetary Fund (IMF) are suffering from \u201cmission creep.\u201d But Bessent announced that the Trump administration will be \u201cdoubling down<\/span><\/a>\u201d on supporting the largest foreign aid gushers on earth.<\/strong> \u201cFar from stepping back, \u2018America First\u2019 seeks to expand U.S. leadership in international institutions like the I.M.F. and World Bank,\u201d Bessent declared.<\/p>\n

Bessent complained the IMF \u201cdevotes disproportionate time and resources to work on climate change, gender, and social issues.\u201d What should the U.S. government expect when Congress and endless presidents give the IMF billions of U.S. tax dollars to play with? The U.S. government is on the hook for $52 billion<\/span><\/a> to the World Bank and has a financial commitment of $183 billion<\/span><\/a> to the IMF.<\/p>\n

The International Monetary Fund was created in 1944 to shore up currencies and help nations with temporary balance-of-payment problems. In the decades since the IMF\u2019s founding, global capital markets and fluctuating currency exchange rates have made the IMF a relic. But too many people have gotten rich from IMF largesse to permit the curtain to be closed on this institution.<\/p>\n

World Bank President Ajay Banga \u201chas sought to emphasize the bank\u2019s focus on job creation\u2026<\/b>and to prioritize private sector<\/span><\/a> involvement in projects around the world,\u201d The New York Times<\/em> reported. But the World Bank\u2019s notion of private sector has often been either a fraud or a political smokescreen. In the late 1980s, the World Bank <\/span>touted its loans to<\/span><\/a> communist nations as private sector-oriented loans\u2014one bait-and-switch too many, as I detailed in a 1988 Wall Street Journal<\/em> article. And permitting the Bank to exonerate its handouts by counting illusory jobs created is a recipe for make-work scams.<\/p>\n

American politicians have pissed and moaned about these agencies forever. In 2002, then-<\/span>Treasury Secretary Paul O\u2019Neill denounced the IMF and the World Bank for driving many poor nations \u201cinto a ditch\u201d with excessive lending which governments subsequently wasted. IMF and World Bank handouts allow politicians to entrench themselves and scorn their own people. Those loans to bad governments are \u201codious debts\u201d for the people in those nations.<\/strong> The downtrodden masses will be taxed to repay loans that their rulers pocketed, squandered, or used to tighten their fetters or maybe their nooses.<\/p>\n

The IMF and World Bank have helped turn many foreign nations into kleptocracies\u2014governments of thieve<\/strong>s. A 2002 American Economic Review analysis<\/span><\/a> concluded that \u201cincreases in [foreign] aid are associated with contemporaneous increases in corruption,\u201d and that \u201ccorruption is positively correlated with aid received from the United States.\u201d<\/p>\n

Most importantly, neither the IMF or the World Bank have any qualms about bankrolling tyranny. A 2015 report of the United Nations\u2019 Special Rapporteur<\/span><\/a> on extreme poverty and human rights, Philip Alston, concluded that the World Bank \u201cnow stands almost alone, along with the International Monetary Fund, in insisting that human rights are matters of politics which it must, as a matter of legal principle, avoid, rather than being an integral part of the international legal order.\u201d The Bank justifies this position by insisting that it cannot involve \u201citself in the partisan politics or ideological disputes that affect its member countries\u201d by improper methods such as \u201cfavoring political factions, parties or candidates in elections,\u201d or \u201cendorsing or mandating a particular form of government, political bloc or political ideology.\u201d<\/p>\n

But any time an international organization financially bails out a regime, it bolsters its power<\/strong>. After the United States invaded Afghanistan and Iraq, the Pentagon coined a term that perfectly captures the effect of foreign aid: \u201cMoney as a Weapon System.\u201d<\/p>\n

The 2015 UN report noted that \u201cthe existing approach taken by the World Bank to human rights is incoherent, counterproductive and unsustainable. For most purposes, the World Bank is a human rights-free zone.<\/strong> In its operational policies, in particular, it treats human rights more like an infectious disease than universal values and obligations.\u201d<\/p>\n

The World Bank actively blindfolds itself to avoid hearing about atrocities in nations ruled by governments that it is bankrolling<\/strong>. The Special Rapporteur noted, \u201cBy refusing to take account of any information emanating from human rights sources, the Bank places itself in an artificial bubble.\u201d That bubble continues despite the ravages resulting from the World Bank financing brutal resettlement programs in Tanzania, Ethiopia, Indonesia, and elsewhere. American taxpayers should never forgive the bank for its late 1970s aid to the government of Vietnam\u2014<\/span>after the communist North Vietnamese conquered the American ally in the south. The Bank financed a forced collectivization policy that turned hundreds of thousands of farm families into refugees, many of whom drowned in the South China Sea.<\/p>\n

The Trump administration\u2019s lust for \u201cdoubling down\u201d on the IMF and World Bank is dicey to reconcile with their <\/strong>terminating 90% of foreign aid<\/strong><\/span><\/a> contracts from the U.S. Agency for International Development (USAID). Cynics across the land rejoiced that Washington policymakers finally recognized one of the biggest swindles of the past 80 years.<\/p>\n

But\u2014no such luck? But if Trump\u2019s team can\u2019t even get sound policy on the World Bank, then what hope is there of them resolving any more complex challenges? I was briefly a consultant for the World Bank in the late 1980s, getting paid to co-author a report<\/span><\/a> on the follies of farm subsidies. At that point, Ronald Reagan\u2019s administration officials had periodically caterwauled about the Bank for almost a decade, and they were followed by sporadic howling by the U.S. Treasury Department ever since. Treasury Secretary Bessent complained on Wednesday that the World Bank \u201cshould no longer expect blank checks for vapid, buzzword-centric marketing accompanied by halfhearted commitments to reform.\u201d But after almost a half century of failed American attempts to reform the Bank and IMF, there is no reason to expect any boondoggles to be left behind.\u00a0 \u00a0<\/span><\/strong><\/p>\n

Or do President Trump\u2019s appointees believe that laundering U.S. tax dollars through international entities somehow makes them beneficent<\/strong>? Or maybe U.S. Treasury Department honchos want to make sure they continue to get invited to the most lavish parties in Washington DC and around the world.<\/p>\n

Regardless\u2014American taxpayers must no longer be on the hook for hundreds of billions of dollars to organizations that don\u2019t give a damn about the United States.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

America Should Bolt From the World Bank and IMF by James Bovard, April 28, 2025 U.S. Treasury Secretary Scott Bessent complained on Wednesday that the World Bank and the International Monetary Fund (IMF) are suffering from \u201cmission creep.\u201d But Bessent announced that the Trump administration will be \u201cdoubling down\u201d on supporting the largest foreign aid […]<\/p>\n","protected":false},"author":1,"featured_media":21569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[82,98,4549,4550,4520,2462,708,252,115,99],"class_list":["post-21567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-foreign-aid","tag-imf","tag-private-sector","tag-resettlement","tag-scott-bessent","tag-treasury-department","tag-trump","tag-tyranny","tag-united-nations","tag-world-bank"],"yoast_head":"\nAmerica Should Bolt From the World Bank and IMF - 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The Wall Street Journal called Bovard \"the roving inspector general of the modern state\" and Washington Post columnist George Will called him a \"one-man truth squad.\" His 1994 book, Lost Rights: The Destruction of American Liberty, received the Free Press Association\u2019s Mencken Award as Book of the Year. His Terrorism & Tyranny won the Lysander Spooner \"Best Book on Liberty in 2003\" award. He received the Thomas Szasz Award for Civil Liberties work, awarded by the Center for Independent Thought and the Freedom Fund Award from the Firearms Civil Rights Defense Fund of the National Rifle Association. Bovard\u2019s writings have been publicly denounced by FBI director Louis Freeh, the Secretary of Agriculture, the Secretary of Housing and Urban Development, the Postmaster General, and the chiefs of the U.S. International Trade Commission, the Drug Enforcement Administration, the Equal Employment Opportunity Commission, and the Federal Emergency Management Agency, as well as by many congressmen and other malcontents.","sameAs":["http:\/\/www.jimbovard.com","https:\/\/www.facebook.com\/jim.bovard","https:\/\/x.com\/jimbovard"],"url":"https:\/\/jimbovard.com\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts\/21567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/comments?post=21567"}],"version-history":[{"count":2,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts\/21567\/revisions"}],"predecessor-version":[{"id":21570,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/posts\/21567\/revisions\/21570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/media\/21569"}],"wp:attachment":[{"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/media?parent=21567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/categories?post=21567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jimbovard.com\/blog\/wp-json\/wp\/v2\/tags?post=21567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}