The Oligarchs' Escape Plan

This is the text of an email I sent Dr. Micahel Hudson at the University of Missouri:

Dr. Hudson,

Recently, in an article of yours published on CounterPunch entitled, "The Oligarchs' Escape Plan" you stated: "Since the 1950s the International Monetary Fund has made loans to support Third World exchange rates long enough to subsidize capital flight."

...and then you continue further down: "The new twist is a variant on the IMF “stabilization” plans that lend money to central banks to support their currencies – for long enough to enable local oligarchs and foreign investors to move their savings and investments offshore at a good exchange rate. The currency then is permitted to collapse, enabling currency speculators to rake in enough gains to empty out the central bank’s reserves."

http://www.counterpunch.org/hudson02172009.html

In light of this revelation, attached here is a link to a youtube video in which a congressional representative talks of a "550 billion run on the central banks":

Is this representative of the type of movement that your article outlined? Where would this money go to, to protect the oligarchs you wrote about in your piece?

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