This is an important, nitty-gritty discussion of the grim prospects for Ukraine under the tender ministrations of the IMF from economists Jeffrey Sommers and Michael Hudson. Unlike many TV segments on social and economic issues, this one packs a lot of information into a short time frame. If you are time pressed, you can read the transcript here. A key section:
HUDSON: The objective of IMF loans is to deindustrialize the economy. It is to force the economy–meaning the government when you say the economy–the government has to pay the IMF loan by privatizing whatever remains in the public domain. The Westerners want to buy the Ukrainian farmland. They want to buy the public utilities. They want to buy the roads. They want to buy the ports. And all of this is going to be sold at a very low price to the Westerners, and the price that the Westerners pay will be turned over to the Ukrainian government, that then will turn it back to the Ukraine. So whatever the West gives Ukraine will immediately be taken back.
Be sure to listen to this illuminating case study of what an IMF bailout really means.
This piece is cross-posted from Naked Capitalism with permission.