by James Rickards
Daily Reckoning
U.S elections are only months away and monetary policy is swirling. At the helm of much of the discussion is international policy at the International Monetary Fund (IMF).
The IMF (also known as the Fund) is driven by bureaucrats that are not based around any democratically elected government. In fact, it exists outside of a government. It’s an autonomous part of an emerging scheme of global governance accountable only to a small elite of central bankers, finance ministers and heads of state.
As an institution it seemingly extends outwards and on the surface extends exponentially within the international community. It functions as the central bank of the world, taking deposits, called “borrowings,” from countries around the world and making loans to its members.