Visit ‘s Davison L. Budhoo Page and shop for all Davison L. Budhoo books. See search results for author “Davison L. Budhoo” in Books. Enough is Enough(Davison Budhoo’s Open Letter of Resignation to Mr. Camdessus, Managing Director of the IMF) by the Capitalist Kids. Interview: Davison L. Budhoo. Millions die every year in IMF’s new Holocaust. The following is part of an interview with Mr. Budhoo con.
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Dear Mr Camdessus Today I resigned from the staff of the International Monetary Fund after over 12 years, and 1, days of official Fund work in the field, hawking your medicines and your bag of tricks to governments and to people in Latin America and the Caribbean and Africa.
To me resignation is a priceless liberation, for with it I have taken the first big step to that place where I may hope to wash my hands of what in my mind’s eye is the blood of millions of poor and starving peoples. Mr Camdessus, the blood is so much, you know, it runs in rivers. It dries up too; it cakes all over me; sometimes I feel there is not enough soap in the whole world to cleanse me from the things that I did in your name Thus begins the unprecedented, open, page resignation letter of Davison L Budhoo, who this year relinquished his position as an economist on the staff of the IMF in order to raise public clamour for the Fund’s reform.
Blasting through the grey language that usually cloaks such matters he accuses the Fund of corruption, self-interest and deceit. According to Budhoo, IMF employees ‘manipulated’ a key indicator of Trinidad and Tobago’s ability to compete and export the labour cost index to hammer home the point that massive devaluation was needed if the country was not to head for mounting economic chaos; the true davisn he says, was far more encouraging. Even when the inaccuracy was exposed by the Fund’s own statisticians, the IMF neither owned up, nor apologized to the government, nor publicly corrected its misinformation despite the implications of its judgement for foreign investment.
Publication of a correction would have damaged the case for further devaluation, real wage cuts and other demand management measures wanted by the Fund. Budhoo puts the excesses of such ‘joyrides in the IMF bulldozer when the moon is buudhoo down to the zeal of davisob he calls the Fund’s ‘professionalized’ political ideology, rather than to a political conspiracy. The generous financial rewards paid in salaries and extras to Fund staff, combined with a lack of accountability, have produced a ‘honeypot’ mentality; a preoccupation with material gratification and a lust for power which has stimulated personal greed and ambition, commitment to the status quo and an environment of ‘yesmanship and stultifying conformity’.
A staffer on the same rate of pay but on assignment in the Third World and with five children being educated in Geneva ‘compliments of the honeypot’receives more than the basic pay of any head of state. And the IMF’s charms become virtually irresistible when supplemented by the ‘intangibles’: VIP treatment at airports, royalty-class and first-class travel, Dallas-style hotels, generous allowances for overnight stays in playground cities and for high-class nightclubbing in ‘sin cities’, personal secretaries on every mission, G-5 Visas allowing staff to bring maids into the United States, not to mention medical, insurance and nudhoo perks.
Hopes of joining what Budhoo dubs the ‘new nobility’ in this ‘ultimate paradise’ buddhoo often enough to gain the compliance of Third World officials who might otherwise oppose the introduction of Fund programmes. The honeypot’s charms make it easy for the Fund to poach skilled personnel from Third World administrations already desperately short of such skills. Lured by the honeypot, staff sent davisoj IMF missions to applicant countries develop an evangelical zeal.
Similar authors to follow
This is the programme. We must get it anyhow – whatever is necessary to budhooo it”. It’s from this spirit that a lot of the manipulation comes.
It’s the way the Fund operates. Less flamboyant and more measured in person than in print, Budhoo speaks with disillusionment about the Fund: It was established by the Bretton Woods conference of to restore economic and financial order to the Western world.
There was no element of compassion for humanity in bidhoo formulation.
The Fund’s aim is first and foremost to secure the interests of developed countries. Budhoo asserts that the IMF and World Bank are key elements in an economic order that is deepening Third World poverty, the debt crisis, and a flight of capital from developing to developed countries which has soared in recent decades: This programme required the removal of Government subsidies from basic food-stuffs, school books and drugs, The Fund also wished to cut the public wage bill increase unemployment ; lift import controls allowing an influx of consumer goods, thereby undermining local production ; privatize national industries at outrageously discounted prices; raise interest rates also hitting the competitiveness of local producers ; and remove exchange controls ‘so that a privileged few could legitimately drain the country of the few remaining dregs of foreign reserves’.
Such packages – which are repeated in scores of countries around the world – affect the poorest first, and amount to economic suicide for the governments concerned. In effect, Budhoo writes, ‘we are asking the Government of Trinidad and Tobago to Budhoo also explains why the IMF never suggests cuts to defence, police or public control measures instead of to basic services and subsidies for the poor: But with the arms industry you are talking about very powerful people – both inside and outside the country.
They won’t be pushed around. They are supposed to be among those who benefit. The US being a Fund shareholder and the staff taking its cue from the US, who is the Fund to tell a country to limit its arms expenditure? You can tell them to let people die, but not to limit their arms. Meanwhile, there is little evidence that IMF programs have set countries on any sort of breakthrough path. Claims have been made about Taiwan and South Korea, but tremendous amounts of US aid have been pumped into those countries for political purposes.
And this is not an empty challenge. For Budhoo deals in cold, stark facts. He is a man in the know, whose voice is now unfettered. As from today conscience becomes my only guide. I would like to enlighten public opinion about our role and our operations in our member countries of the Third World. Do I hear you bristling with disapproval?
Well, not so for me. In my new dictionary, ‘enlightening public opinion’ spells the only means to salvation. For If I can do that – if I can get people to begin to comprehend the bydhoo and bidhoo depth of our perversion – I would have achieved something rare and precious for the starving and dispossessed two-thirds of mankind sic from whose ranks I come, and for whose cause I must now fight.
Anthony Swift is a freelance journalist who is currently working on a book about children in difficult and dangerous circumstances. Hunger In one ddavison of recent cases countries were required by the IMF to reduce badly needed food subsidies. The result was a dramatic increase in malnutrition: The grim harvest of these cuts was an increase in preventable diseases and hence deaths – especially in Ghana.
Poverty Between and inflation soared, and wages crashed by 9 per cent in Latin America and 15 per cent in Sub-Saharan Africa from to From Adjustment with a Human Face: This article is from the November issue of New Internationalist.
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Please support us with a small recurring donation so we can keep it free to read online. It is free to read online — please support us so we can keep it that way. About us Ethical shop. Anthony Swift interviewed him in London.
Help us keep this site free for all New Internationalist is a lifeline for activists, campaigners and readers who value independent journalism. X New Internationalist is a lifeline for activists, campaigners and readers who value independent journalism. Challenging exploitation in the gig economy.
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The economics profession was partly to blame for the financial meltdown of Nick Dowson dismantles the notion that the private sector does things better.
Enough Is Enough (letter) – Wikipedia
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