Submitted by Claude Bogardus, Apr 25, 2007 10:12

All bureaucracies tend to assert one Grand Mission as they evolve~~ The enrichment and comfort of their officers and staff. The Vatican of the Renaissance was a tragic example, as is the World Bank today. One of the many benefits of modern Capitalism is the Free Market's penalty, bankruptcy, that is imposed upon this pathology of a failing bureaucracy. Schumpeter's prevailing winds of creative destruction must howl in the Market-Place if Mankind is to be spared the degenerate modernity of the now defunct USSR, a polity of bureaucracy gone mad and steeped in evil.

At the end of World War II the global financial system was crippled by tariffs and blockade. The World Bank and International Monetary Fund were created to jump start the planet's economic entities by providing financial liquidity. It worked. We now have an essentially global market. But the IMF and the World Bank remain, both organizations captured by their bureaucracies, and not restrained and controlled by the salutary restraints of a competitive Market-Place. They must be abolished or privatized. The International Banks of The Cty, Zurich, WallStreet, and Hong Kong (for example) are more than able to finance the trade and economic improvement of the Mankind. This abolition might even nudge the economic system toward an ethical improvement.

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