GROWTH OF CASUAL EMPLOYMENT IN AUSTRALIA - 275 Words

GROWTH OF CASUAL EMPLOYMENT IN AUSTRALIA (Essay Sample) Content: Congress' Failure to Support the IMF; Neglect of Duty Name: Institution: Congress' Failure to Support the IMF; Neglect of Duty The International Monetary Fund (IMF) was established in order to deal with global economic crisis. However, some founders of this organization, such as United States seem to have forgotten about the importance of the International Monetary Fund. Recently, the congress has failed to support the International Monetary Fund. This act is both self-defeating and shameful (The Economist, 2014). The reason why the congress has decided to do so is not convincing bearing in mind that the International Monetary Fund is of importance to countries in combating economic problems. For example, Ukraine is facing difficulties in resisting Vladimir Putin. Though the nation has loaned $1 billion to Ukraine and also the European Union has supported Ukraine with about 2.2 billion euro, which has not been enough for Ukraine. The IMF has lent $15 billion to the government of Ukraine (The Economist, 2014). The IMF is the primary solution of Ukraine crisis. The International Monetary Fund has also been a g lobal financial firefighter. As such, the congress' denial of support to reforms towards strengthening the organization is surprisingly shortsighted. Analysts believe that the congress failure to support 2010 IMF reforms would harm American credibility and also weaken its power in the international arena for example G-20, which is the international forum for cooperation on economic policies. According to IMF, the economy of the United States was a help towards better global growth. Therefore, the decision of the congress was a big disappointment. As such, the fund threatened to explore other options if the US congress does not agree to support its reforms by the end of the year (Lee, 2014). This would be a greater loss for the United States as it is presumed that its veto power would lose support among nations such as India and china. The United States fears that by supporting such reforms, its veto power would be erased (Campbell, 2014). However, this is not so, the reforms are fashioned towards strengthening the IMF's resources and shifting some of its voting power to nations such as India and china. Such changes are not believe d to erase America's veto power in the international monetary fund or require new funds from Washington. According to a report made by Christine Lagarde, the IMF is just working to fulfill its responsibility (The Economist, 2014). The congress behavior has left those who support the United States leading role in global affairs with a lot of unanswered questions. Can the US congress eventually sign the IMF reforms that the national proposed in 2010 to double the IMF long term resources, enabling it to decisively deal with global financial crises? If it does not, how will America's global leadership be impacted, since other global economies such as china have agreed to support the reforms? And, will nations such as Brazil, Indian, china and Russia overt challenges to America's leadership at the IMF, World Bank and other multilateral development banks? The great risk is that the other member countries have become infuriated by the congress, and this has made them less inclined towards supporting America's priorities (Frymoyer, 2014). A situation such as that which is facing Ukrai...