“I said what the IMF did 10 years ago was not welcomed,” said Shoichi Nakagawa, the Japanese Finance Minister. “I think my comments were well-received.”
Ten years ago, during the Asian Financial Crisis, the IMF made the countries of Southeast Asia raise their interest rates and lower their government spending. You can guess what happened to their economies after they took those actions.
This time around, with a financial crisis in Europe and America, do you think the West would take the advice it gave East Asia a decade ago?
Did I mention that the defining characteristic of the West is hypocrisy? Oh, not yet, huh? Well, I will.