The world' most powerful dictatorship is beginning to crack

It may be true that some of the biggest economies in the world are TNC's. George Monbiot reckons that the world's biggest dictatorship is a trans-national agency and here's why.

The International Monetary Fund is a body with 184 members. It is run by seven of them – the US, Japan, Germany, the UK, France, Canada and Italy. These happen to be the seven countries which (with Russia) promised to save the world at the G8 meeting in 2005. The junta sustains its control by insisting that each dollar buys a vote. The bigger a country’s financial quota, the more say it has over the running of the Fund. This means that the IMF is run by the countries which are least affected by its policies.

The democratic deficit has been noted for several years. It needs reforming and perhaps there are signs that it is feeling guilty, so to speak, for the injustices it perpetrates.
Monbiot.com � Still the Rich World’s Viceroy:
Filed in: IMF, World_Bank, governance, UN