No more foot-dragging in IMF reform
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E-mail Xinhua, April 20, 2015
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A new round of currency war [By Jiao Haiyang/China.org.cn] |
The ship is leaking, but the captain is reluctant to do the repair. That is exactly what the United States, veto-wielding master of the International Monetary Fund (IMF), is doing in the reform of the global lending body.
With pretty much all of the IMF members voicing deep disappointment with the U.S. Congress' block of the reform plan at the ongoing annual spring meeting of the Washington-based lender, U.S. Treasury Secretary Jack Lew said Saturday that he still believes that the Congress will pass the reform "soon."
The U.S. foot-dragging tells three things.
First, the United States has been habituated to let the whole world pay for the spillovers of bipartisan politics in Washington.
Second, it considers the reform as a potential threat to the U.S. hegemony in the international financial system.
Third, the nearly-recovered world's top economy ignores the outcry of other members for reform, including its European allies, which are still suffering from a lasting sovereign debt crisis.
From fiscal cliff to intermittent political stalemate on Capitol Hill, Uncle Sam, whether with intention or not, has created plenty of "crises" for America itself and the whole world at large.
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