Friday, March 28, 2014

IMF Benevolence - High Oil Prices, Asset Stripping, and Privatization

Progressive Gazette

In its infinite benevolence, the IMF will now keep Ukraine alive just long enough to let American and European oligarchs pick its bones clean.

As reported here weeks ago, one condition of the loan is a rapid increase in the price of oil an...d gas.

As the neo-fascist dupes of Western Ukraine start to see the other costs of the loan – the cartel theft of oil infrastructure, the steel and coal industries and Ukraine's rich farmland for starters – they're going to put down their Stepan Bandera posters and swastika armbands and wonder why they rioted against the $15B loan agreement between Putin and Yanukovich. 

That offer, made in December 2013, had no such conditions or privatizations, would have lowered the cost of gas, and would have brought Russian help to rebuild Ukraine's infrastructure and productive capabilities after decades of post-Soviet decline.

Maybe now the self-satisfied Putin-haters will understand why frontman Arseniy Yatseniuk described the coup as a "political kamikaze mission." 

Or more likely they'll just toss this whole affair down the memory hole and come barking when the IMF has a new target.