Sunday, 26 October 2008

"Ukraine granted $16.5bn IMF loan"

That's £215.64 for each Ukrainian.

And whence does the IMF get its money? From its members of course; the G7 countries chip in 44.47% of the total.

The UK's quota is 4.86%, so that means that the UK taxpayer has now unwittingly lent Iceland and Ukraine* half a billion quid. These loans are presumably the first of many, I expect to see far more of this over the next few months.

Query: how can we become wealthier by lending each other money via an unaccountable supra-national non-commercial bank? Thanks but no thanks. AFAIAC the IMF is yet another of these self-serving bureaucracies that England ought to leave.

* Which sadly dropped the 'The' when it left the Soviet Union.

2 comments:

Lola said...

Fiat money - now you see it, and ..........now you don't. BANG!

Anonymous said...

More like, now you see our money being demanded from Iceland, now you see our money being lent to it. Time to make our bloody minds up.