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International Relations Essay

1161 words - 5 pages

Pros and Cons of U.S. Financing of the IMFBy: C.B. Rodgers, for The Paper Store - October 1998VISIT more information on using this paper properly!MEMORANDUMTO:FROM: Yahya Al MurshidiDATE: October 27, 1998RE: U.S. Financing of the International Monetary FundNumerous factors must be taken into consideration regarding the decision of whether or not the United States should be part of the financing of the International Monetary Fund (IMF). For purposes of discussion, this information has been grouped in sections supporting or arguing against U.S. involvement. The final section will present related recommendations for consideration.It is a given that technological advancements and changing regulatory structures that have significantly reduced market restrictions have caused the global financial system to expand much more quickly than either simple border crossing trade or gross domestic product. The International Monetary Fund provides an important reserve of financial support to address the economic instability created by such rapid expansion but the issues of the involvement, support and financing of the fund by the United States must be carefully analyzed before any larger decisions are agreed upon.This past February, Federal Reserve Board Chairman, Alan Greenspan spoke to Congress regarding the topic and presented numerous points for consideration. Greenspan believes that the ever-expanding global system of trade has proven itself to be a "highly efficient structure that has significantly facilitated cross-border trade in goods and services and, accordingly, has made a substantial contribution to standards of living worldwide" (Greenspan 257). He also pointed out to members of Congress that it is actually its high level of efficiency that exposes economic systems and their weaknesses swiftly and decisively and has, therefore, aided in the transmission of financial disturbances far more effectively than ever before (Greenspan 257).Greenspan fully backs the Clinton Administration's plan to augment the financial resources of the IMF. He is convinced that it is better to have additional U.S. funds available if quick response to a pending crisis is essential. He also finds it essential that mechanisms be in place that permit the United States, in exceptional circumstances, to provide temporary bilateral financial support, often on short notice, under appropriate conditions and on occasion in cooperation with other countries (Greenspan 258).Last December, U.S. News &World Report (31) pointed out that the IMF can halt a global financial meltdown. What the pundits have referred to as the real "Asian flu" that spread from Thailand to the larger economies of Japan and South Korea could spread on to the United States as it has spread to several South American nations. With "the flu" causing many big companies to bankrupt and proven the...

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