The International Monetary Fund’s consideration of whether to issue “special drawing rights” – essentially billions of dollars of grants to governments of countries all over the world, primarily funded by United States taxpayers – has provoked widespread outrage. Proposed grants to, among others, China, Iran, Nicaragua, Myanmar, and Afghanistan under Taliban rule are worse than poor policy.
The outrage against IMF special drawing rights, however, misses the mark. Instead of cancelling special drawing rights, it is the IMF that should be cancelled.
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