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Tito needs the IMF, South Africa doesn’t — Dick Forslund

Summary:
It shows why the extreme economic programme of the neoliberal faction in the ANC — a programme that rules out redistribution from rich to poor and any challenge of corporate power as policy alternatives — needs to be politically locked-in almost by means of political pressure from international institutions.A further measure to prevent democratic processes and elections from changing economic policy is captured by the commitment in the Letter of Intent to the IMF, to seek government consensus for the introduction of a debt ceiling. This would have the effect of tying the government’s hands, preventing it from implementing stimulus packages and meeting the urgent needs of the population in critical times like the present....There you have it. Mail & Guardian (UK)Tito needs the IMF, South

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It shows why the extreme economic programme of the neoliberal faction in the ANC — a programme that rules out redistribution from rich to poor and any challenge of corporate power as policy alternatives — needs to be politically locked-in almost by means of political pressure from international institutions.
A further measure to prevent democratic processes and elections from changing economic policy is captured by the commitment in the Letter of Intent to the IMF, to seek government consensus for the introduction of a debt ceiling. This would have the effect of tying the government’s hands, preventing it from implementing stimulus packages and meeting the urgent needs of the population in critical times like the present....
There you have it. 

Mail & Guardian (UK)
Tito needs the IMF, South Africa doesn’t
Dick Forslund
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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