quote:

---

Current conditions in this hemisphere are without precedent. Never before has American hegemony in its backyard been so widely questioned by the subcontinent, and within full view of Washington’s own politicians. And never in the history of Latin America, have so many governments – in unison - exercised their powers in open disagreement with the White House.

And there is something else to consider … In no other moment of recent history has the United States been seen on the world stage in such a weakened condition. It is militarily and politically bogged down by a criminal war without future in Iraq. Its hegemony in Asia is lost. Its lectures on democracy are rendered moot by atrocities committed by its own military and intelligence corps in various parts of the world. Domestically, its government has been discredited by corruption, inefficiency and mendacity. Washington has lost any room to maneuver, after so many decades of being allowed to line up Latin American leaders and to have them replaced with bloody dictators.

---

Bank of Canada governor David Dodge made a hawkish speech in New York yesterday, calling for a revamped and strengthened International Monetary Fund that would engage in "ruthless truth telling," according to the Globe and Mail.

quote:

---

He proposed retooling the IMF to make it the global institution responsible for co-ordinating market-friendly reforms around the world, and for issuing warnings when countries fail to heed danger signs in their own economies.

"It could and should be the umpire for the world economic order, unafraid to call out countries that aren't playing by the rules," Mr. Dodge said.
....

The [IMF] was set up by the Allies in 1944 to stabilize currency fluctuations and co-ordinate monetary policy, and now has 184 member states. But the G7 nations dominate its voting system -- with 45 per cent of the votes -- and its board of directors.

The IMF, along with the World Bank, has been sharply criticized for lending policies that force highly indebted Third World countries to adopt market reforms and slash government spending to qualify for additional loans or aid.

---