The report, entitled "A Bigger, Bolder Role Is Imagined For the IMF", also suggests that the IMF would be less ideological. I find this very, very hard to believe. For decades the IMF has been notorious for intervening in economies across the world offering help but in return those economies had to undergo substantial opening up to American and European corporations and implementing severe cuts in social welfare such as health and education.
Three weeks ago the IMF was given a significant injection of money at the G20 London Summit.
The Managing Director of the IMF is Dominique Strauss-Kahn, who attended Bilderberg in 2000 and became MD of the IMF in 2007 with very strong support from the USA and Europe. Within months he was under investigation.
A Bigger, Bolder Role Is Imagined For the IMF
Changes Suggest Shift in How Global Economy Is Run
By Anthony Faiola
Washington Post Staff Writer
Monday, April 20, 2009
Inside a cavernous assembly hall in downtown Washington, dignitaries gather twice a year for routine meetings of the International Monetary Fund. Before long, though, the room could take center stage in the IMF's transformation into a veritable United Nations for the global economy.
Surrounded by blond wood paneling and a digital screen the size of a cinema's, central bankers and finance ministers would meet to convene a financial security council of sorts. Serving almost as ambassadors to the IMF, they would debate ways to put out the world's economic fires and stifle reckless policies before they ignite new ones.
Bowing to a new economic world order, the IMF would grant fresh powers to the likes of China, India and Brazil. It would have vastly expanded authority to act as a global banker to governments rich and poor. And with more flexibility to effectively print its own money, it would have the ability to inject liquidity into global markets in a way once limited to major central banks, including the U.S. Federal Reserve.
That image of a radically transformed IMF -- whose role in the global economy had turned largely advisory in recent years -- is now coming together through internal IMF documents, interviews and think-tank reports. Finance ministers from major nations will begin grappling with the formidable details of the IMF's makeover this weekend when they converge in Washington for the fund's biannual assembly.
The changes, broadly outlined by President Obama and other leaders of the Group of 20 nations in London earlier this month, could take months, even years to take shape. But the IMF is all but certain to take a central role in managing the world economy. As a result, Washington is poised to become the power center for global financial policy, much as the United Nations has long made New York the world center for diplomacy.
The IMF's mission is expanding so broadly that its managing director, Dominique Strauss-Kahn, said in an interview that the organization -- which underwent deep cuts last year before the financial crisis swept the globe -- may boost staffing in coming months, potentially creating dozens of high-paying jobs in the District.
A Satan never changes its spots.
Why is it that the United Nations is based in the USA and the IMF is based in the USA? The World Army-in-waiting, NATO, is currently based in Brussels. I suspect that it too will soon move to the USA.