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Who This essay is about the International Monetary system and what theyve done to Argentinas economy It descusses the pros and cons of this organization It could probably use some more examples of the IMFs hand in other nations economies Who Does the IMF Truly Benefit Over the course of the last fifteen years Argentina has served as the poster child for the plusses and minuses of an economy controlled by the IMFInternational Monetary Fund In this time disregarding the few good things the IMF has done they have single handedly helped to destroy the economy of Argentina as well as the economies of other countries The IMF policies tend to go against all proven economic history and in the end somehow seem to always deepen the pockets of fat cats such as the United States who coincidently has a large say of what goes on in the IMF because they contribute roughly 18 of its income During the late 1980s the IMF contributed many loans to Argentina helping the government get its foreign policy monetary policies and government fiscal policies in order Doing all this helped give Argentina their incredible economic growth rate of 45 per year Unfortunately this economic growth was built upon a seriously weak foundation Along with the growth came substantial debt to private banks the IMF and foreign governments In the midst of inflation during the early 1990s the government created a Currency Board whose job was to monitor and appropriately adjust the monetary value and supply This method was very effective in fighting off inflation because they kept the monetary supply in circulation very low to help prevent rising costs However when a recession started to kick in they could not stimulate economic activity by expanding the money supply This problem deepened when US currency appreciated causing the price of the peso to increase This therefore caused a raise in price for their exports which were already at
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