If you like the United States Constitution, our independence and unique freedoms, maintaining a strong defense of our borders and interests abroad so we can enjoy the fruits of our labor, then you agree, now is the time to move away from global governing bodies like the IMF and World Bank.

The International Monetary Fund (IMF) was established in 1944 by the member nations of the newly formed United Nations (UN).  Its original intent was to manage a fixed exchange rate regime for member country’s.  Since the early 1970’s, up until just recently, the role of the IMF has been focused on advising and loaning money to developing countries for the purpose of managing currency problems associated with bad public policy and severe trade imbalances.

The World Bank, was also established in the aftermath of WWII to advise and loan money to poor nations to help develop their economies.

Both international governing bodies have at best a spotty record of success and have lined the pockets of many a dictator, unscrupulous governments, and well connected “businessmen” with tens of billions of dollars.

The formation of the UN, the IMF, and the World Bank were the early efforts of a-national elite thinkers (including Americans) who concluded WWII was convincing evidence that the individual nation state dedicated to a unique geographic boundary with a common language, culture, and lifestyle was the cause of two world wars.  These elites believed only the elimination of the independent nation state and the associated patriotism could bring about real peace in the world.   

So began the slow and deliberate move towards global governance that today is moving aggressively to usurp the US Constitution, the Presidency and Congress, and our financial system.  If the global governing bunch can get the US to capitulate, the rest will follow.

The IMF and World Bank have gained great stature in the aftermath of the financial turmoil we have all witnessed these past two years.  Now, in the face of increased frustration on the part of most of the developed world over the fixed exchange rate practice China maintains, the IMF and World Bank have gained further traction towards their goal.

We must not allow the IMF or the World Bank to interfer with the US Constitution when it comes to the actions of the US Congress, the President and the Treasury department, or Federal Reserve policy.

The IMF and World Bank, much like the Obama administration, see this most recent turmoil as a crisis they shouldn’t let go to waste.  Here is a chance to impose global solutions upon domestic problems.  Global governing bodies should not be allowed to dictate fiscal, monetary, or currency policy to US officials.  US officials should not be engaging the IMF and World Bank to help solve our own problems.

President Obama and his Treasury Secretary Geithner seem all to willing and happy to follow the advice of the IMF and World Bank.  It’s almost like they are looking to the global governing bodies for cover.

We can deal with China one-on-one.  The world can independently decide which currency in the world they wish to hold as their reserve currency.

The US dollar will not “collapse.”  It will fluctute, it will rise and fall.  The US dollar will mostly fall until we get our fiscal imbalances taken care of, until the Fed starts raising the federal funds rate and halts their quantatiive easing policy, and until we get serious about our trade imbalance with China and level the playing field based on the concept of reciprocity.  The Permanent Normal Trade Relations act signed by President Clinton has proven to be nothing but a multi-trillion dollar wealth transfer program from US citizens to Chinese citizens.

In any event, like the UN, the time has come for the US to withdraw membership in both the IMF and the World Bank.  And like the UN, let these global governing bodies move their offices out of the US to a more welcoming country.