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Verda.Majo (talk | contribs) (Created page with "'''Davison L. Budhoo''' (died 2001) was a Grenadian economist and International Monetary Fund senior official and whistleblower.<ref name=":0">{{Citation|author=Naomi Klein|title=The Shock Doctrine|title-url=https://archive.org/details/fp_Naomi_Klein-The_Shock_Doctrine/page/n265/mode/1up|chapter=The Capitalist Id: Russia and the New Era of the Boor Market|section="Statistical Malpractice" in Washington|page=260-262|publisher=Metropolita...") Tag: Visual edit |
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Latest revision as of 20:48, 3 November 2024
Davison L. Budhoo (died 2001) was a Grenadian economist and International Monetary Fund senior official and whistleblower.[1] In 1988, he publicly released a 100-page letter of resignation from the IMF which detailed the IMF's extensive, deliberate fraud and predatory practices which, in his words, was on a mission to "make the Third World a new bastion of free wheeling capitalism" and for the global South to be "'privatised' or die"[2] in what he describes as a "genocide of Third World peoples under the on-going, creditor-oriented, international debt strategy".[3] The letter is collected in the 1990 book Enough is Enough.
Career[edit | edit source]
After earning a degree from the London School of Economics, Budhoo became a consultant to the Economist Intelligence Unit (research division of the publisher of The Economist) in London. He then went on to work as a research economist to the International Labour Office in Geneva from 1965-1966.[4] Following this, he joined the World Bank in Washington, D.C., working with the World Bank for four years doing field work in India and Indonesia. He also served as an economic advisor to several governments of global South countries.[5]
Budhoo began his 12-year career working for the IMF in the mid-1970s, participating in the design and implementation of the IMF's Structural Adjustment Programs and policies for countries in Africa, Latin America, and the Caribbean, programs and policies which he would later condemn. He also served for two years as the IMF's Resident Representative for Guyana. [5]
IMF resignation[edit | edit source]
As the harmful impact of the neoliberal austerity policies and the consistent fraud and dishonesty of the IMF as well as its exorbitant power over global South economies became more evident to him, Budhoo grew disconcerted with the IMF and World Bank's practices. This culminated in his 1988 public resignation from the IMF. His resignation letter extensively covers the general fraud and dishonesty of the IMF from his inside perspective and also goes into detail on the specific case of IMF fraud perpetrated against Trinidad and Tobago.[1][5] In addition, the letter expresses his deep regret for his work with the IMF, and what he described as the "blood of millions of poor and starving peoples" on his hands.[6]
Post-resignation[edit | edit source]
In the 1990 preface to Enough is Enough, Budhoo wrote that at the time of writing the letter, he had believed it would bring public attention and pressure onto the IMF, sparking "internal dialogue and soul-searching" and setting a reform process into motion. However, Budhoo writes that the IMF "dug in its heels, defiant and unrepentant" and "turned all its anger and poison and frustrations on my person". Budhoo observes that "the Fund remains a law unto itself, impervious to questions about its performance, its human rights record, and its accountability to its victims and others affected by its actions. In this situation, it appears that the effort from 'outside' forces for meaningful reform that will lead to civilized and responsible behavior can continue for some time to be thwarted."[3]
In the same preface, Budhoo also made reference to "a systematic pattern" of violation of his human rights and the human rights of others associated with his work, and to "covert harassment and underhanded intimidation at the personal level" though he did not go into detail, only saying that he had "begged" the IMF to take "legal, above-the-board action", stating "For twenty one months I have begged them to take such action and they have refused".[3]
Budhoo later became executive director of the Bretton Woods Reform Movement. He authored a book titled Global Justice: The Struggle for Reform of the International Monetary Fund. In 1994, he contributed a chapter to the book 50 Years is Enough: The Case Against the World Bank and the International Monetary Fund[7] and also published a work of fiction titled Night of Destiny.[5]
Library works[edit | edit source]
References[edit | edit source]
- ↑ 1.0 1.1 Naomi Klein. The Shock Doctrine: 'The Capitalist Id: Russia and the New Era of the Boor Market; "Statistical Malpractice" in Washington' (pp. 260-262). Metropolitan Books.
- ↑ “About five years ago President Reagan effectively told us to go out and make the Third World a new bastion of free wheeling capitalism, and how we responded with joy, and with a sense of mission! Of course the entire strategy for propagating Third World economic rebirth into unfettered free enterprise was finalized and explicitly stated in the Baker Plan of 1985 and in the eligibility criteria to Enhanced Structural Adjustment Facility to the 62 'poorest' countries of the world. Thus everything we did from 1983 onward was based on our new sense of mission to have the south 'privatised' or die; towards this end we ignominiously created bedlam in Latin America and Africa in 1983-88.”
Davison L. Budhoo (1990). Enough is Enough: Dear Mr. Camdessus ... Open Letter of Resignation to the Managing Director of the International Monetary Fund. archive.org. - ↑ 3.0 3.1 3.2 Davison L. Budhoo (1990). Enough is Enough: Dear Mr. Camdessus ... Open Letter of Resignation to the Managing Director of the International Monetary Fund. archive.org.
- ↑ “Davison L. Budhoo, born in Grenada, The West lndies, was educated at The London SchooI of Economics, University of London. He has worked as Research Consultant to the Economist Intelligence Unit, London, and as Research Economist to The lnternational Labour Office, Geneva (1965-6)”
Davison L. Budhoo (1973). The integrated theory of development assistance: an initial statement. Jamaica: Institute of Social and Economic Research, University of the West Indies. - ↑ 5.0 5.1 5.2 5.3 Davison L. Budhoo (1994). Night of Destiny: 'About the Author' (pp. 701-702). The Other India Press.
- ↑ “Today I resigned from the staff of the International Monetary Fund after over twelve years, and after 1000 days of official Fund work in the field, hawking your medicine and your bag of tricks to governments and to peoples in Latin America and the Caribbean and Africa. To me resignation is a priceless liberation, for with it I have taken the first big step to that place where I may hope to wash my hands of what in my mind's eye is the blood of millions of poor and starving peoples. Mr. Camdessus, the blood is so much, you know, it runs in rivers. It dries up too; it cakes all over me; sometimes I feel that there is not enough soap in the whole world to cleanse me from the things that I did do in your name and in the names of your predecessors, and under your official seal.”
Davison L. Budhoo (1990). Enough is Enough: Dear Mr. Camdessus ... Open Letter of Resignation to the Managing Director of the International Monetary Fund. archive.org. - ↑ Kevin Danaher (editor) (1994). 50 Years is Enough: the Case Against the World Bank and the International Monetary Fund (pp. 20-23). Global Exchange.