In this Peter Schiff Fox appearance, he discusses the IMF with Judge Napolitano. The IMF at any time can take up to $100 billion of taxpayer money and spread it around the world under the guise of stabilizing the world economy. Why is it that the IMF institutionalizes moral hazard?
The Federal Government has no constitutional authority to give money to an institution like the IMF. It is just bureaucrats passing money to other bureaucrats. They bail out corrupt politicians, but they don’t actually help the countries. The people suffer, and they create moral hazard.
In this Peter Schiff Fox Business News segment, he even relates a story about how an economist from Argentina joked that when they want to scare little children, they joke that someone from the IMF is coming to get them.
The austerity measures that the IMF imposes hurt the poor and the middle class. It would be better to let these countries default. The IMF exists to protect their banker buddies and politicians.
There are no strings on the money that the IMF gets. They can do whatever they want. It compromises our soverignty. We shouldn’t even be giving them any money. We don’t have any money. We are borrowing money from China at interest to then give to the IMF. And who knows what the Fed is doing with the IMF. That’s why we need an audit of the Fed.
The Peter Schiff Fox segment wraps up by mentioning how some people are talking about going to a new currency created by the IMF. That is like jumping out of the frying pan and into the fire. We need to be moving toward something like a gold standard, not a currency created by the IMF.