The role of the IMF is being enhanced lately as leaders call for more of its aid to be dispensed. It is part of the world’s system of States to keep each and every State afloat and not let any State fail. The International Monetary Fund (IMF) is a big bailout agency for badly-run States that are nearing bankruptcy. The IMF is to failing States what the Fed is to failing banks.

The member States join voluntarily and contribute to its capital. The U.S. is a big contributor. Does anyone really believe that U.S. taxpayers would approve these bailouts if they understood it was their money being flushed down the toilet? The U.S. also has an Exchange Stabilization Fund to manipulate exchange rates, and that fund also has been illegally diverted to bailing out failing States.