I.M.F.
Sir,—Ralph S. Wheeler, while protesting against the exploitation of coloured people by Western nations is prepared to accept the domination by foreign bankers of the economic life of this nation. Australia's borrowing of £ll2 million from the IM F., without the additional £75 million, brought about an unemployment figure of 100.000, caused by the balance-of-payments stipulations imposed by the IMF. There is a pattern of unemployment in almost every member nation. To Ralph S. Wheeler and likeminded people I would pose the question: Where did Britain and other European nations borrow the necessary money for their development? Likewise, what nation or bank lent Russia the money necessary to raise her from a backward State to one of the most advanced industrial nations in the world today? The answer must be obvious: the nations concerned issued national credit against their national assets. —Yours, etc.. JOHN FORSTER.
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Press, Volume C, Issue 29524, 27 May 1961, Page 3
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146I.M.F. Press, Volume C, Issue 29524, 27 May 1961, Page 3
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