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If you thought only Third World countries were subâ€" ject to the iron fist of the International Monetary Fund (IMF), think again. Canada is as bound by the IMF‘s orthodox prescriptions of neoâ€"liberal economic policies as is any Third World country. Most of us know the IMF as the institution that holds Third World populations ransom for debts that their corrupt leaders incurred in collaboration with loan sharks of Northern banks in the 1970s. When monetarist interest rate policies sent debt loads around the world soaring in the early 1980s, the IMF stepped in with some ideas to help countries "adjust" in order to help them repay their debts. In exchange for some rescheduling of debts, Third World countries signed agreements with the IMF called Structural Adjustment Programs (SAPs). These agreements between the IMF and debtor countries required governments to cut government spending, privatize public enterprises, deregulate prices of goods and services (including labor), raise interest rates, devalue their currencies, remove barriers to trade, and promote exports indiscriminately. Many Third World economies have been ravaged as a result of SAPs, as cuts in spending inevitably come from education and health, price subsidies for basic necessities evaporate, and more land that could be used for domestic food production is used to grow cash crops for export. Tronically, most countries who have implemented SAPs have not even achieved the objectives of ecoâ€" nomic growth and lower debts that the IMF predicted, since, predictably, commodity prices plummeted as countries around the world increased exports simultaâ€" One might be lead to conclude that Canada, since it is a net contributor to the IMF, must have benefitted from all this. However, as we all know thanks to the deluge of debt hysteria in our corporateâ€"driven media, Canada is heavily indebted, too. And a few of you probably noticed that the typical menu of a SAP looks pretty familiar right here in Canada. Canada and the IMF Yes, the Canadian government takes its orders from the IMF, too. Witness the headline in the Globe & Mail on November 29, 1994; "IMF slams Ottawa‘s deficitâ€"cutting target as insufficient." The article quotes a confidential IMF document dated March 31, 1994 that criticized the Liberal budget‘s plan to reduce the deficit to 3 per cent of GDP by 1996â€"97. It goes on to quote all kinds of financial analysts who predicted massive capital flight should the IMF not be pleased with the next budget. Most interesting, however, is the article‘s comment on how the confidential documentation reveals a sigâ€" nificantly closer relationship between the IMF and the Canadian government. Not only were the discusâ€" sgions among IMF and Canadian officials longer than usual this year, the article notes, but they also If Fred Sagel had checked his information before his November 30 column, he would not have written such nonsense about the Cambridge Liberals. The nomination meeting for the Cambridge Provinâ€" cial Liberals will be held Wednesday, Dec. 7 at 7 p.m. at the Armenian Community Hall in Cambridge. This meeting was announced weeks ago. l Check your information, Fred Thanks for the help 1 have never written a letter to the editor in my life, however I could not pass up the opportunity to thank Fred Sage! for helping me with my voting choices twice in one year. The first time came during the municipal election when he was good enough to list all the "Quality Eduâ€" cation" people so that I knew at a glance who not to vote for. The second time came on November 30 with his asseesment of the provincial parties. ‘The NDP was and never will be an option for me. Mr. Rae‘s policies didn‘t just hurt the public service sector, he singleâ€"handedly decimated Ontario‘s econâ€" omy and continues to do so. I agree that Mr. Harris‘ "Common Sense Revolution" is full of holes as Mr. I firmly believe that we need some common sense involved more and higher ranking officials from both institutions. Regardless of how much the IMF is actually dictatâ€" ing Canada‘s domestic economic policy, the fact that Canada has its own structural adjustment program is beyond dispute. With exception perhaps of currency devaluations, Canada has diligently accepted the IMF‘s crazy neoâ€"liberal logic. Allow me a short list of examples of Canada‘s SAP. In terms of direct spending cuts, lower transfers to the provinces have meant higher university tuition fees, caps on salaries for teachers and professors and cutâ€" backs to hospitals and health care provision. Unem:â€" ployment insurance has become harder to qualify for, its benefit levels reduced and its duration reduced. Caps on the Canada Assistance Plan have meant repeated cuts to provincial welfare programs. Previâ€" ously universal social programs like Old Age Security and the Family Allowance Benefits have been deinâ€" dexed and changed to targeted programs. Privatization? Between 1985 and 1993, 23 Canaâ€" dian Crown corporations were privatized, most notably Air Canada and Petro Canada. Dairy and poultry marketing boards seem to be on the GATT chopping block, putting an end to stable prices for Canada‘s farmers. Our interest rates have traditionâ€" ally been kept a few points above the American rate to maintain foreign investment. The Canadaâ€"US Free Trade Agreement, NAFTA, and GATT speak for themselves in terms of efforts to remove barriers to trade. So as Lloyd Axeworthy and his local Liberals John English and Andrew Telegdi continue to pretend to seek our input in their Social Policy Review, the real decisions will be made behind closed doors, in the next round of discussions between Canada‘s Finance offiâ€" cials and the IMF. What‘s not up for discussion in the Liberals‘ review of Canada‘s social programs is whether or not cutting government spending is the only way to solve our debt crisis. The IMF has already made that decision. Marc Xuereb works for Waterloo‘s Global Commuâ€" nity Centre, which is currently offering public work: shops on the links between Canadian and Third World debt. but the last thing we need in this world or in Canada is another revolution. If Bob Byron has been a Tory during all the years that Mr. Sagel knew him and attended Conservative meetings regularly, I am left to assume that Mr. Sagel was also there. His endorsement of Mr. Byron as a "competent canâ€" didate" and his opinion of him as "adding strength to the local Liberal ticket" is enough for me. All 1 need now is a number where I can reach Mr. Byron so I can help him beat Bozo the singing clown and Mr. Madiâ€" son Avenue. Thanks again Fred and good luck, Bob Byron. ‘The Waterloo Chronicle welcomes letters to the editor. They should be signed with name, address and phone .. + #romber and will be verified for > <be published and the Chronicle Letters policy ul ddano * % % Waterloo y us OVER $110 COUPON VALUE = 182 Weber St. N. Waterioo (Just south of University Ave.) 576â€"1520 Jv1c38 KING ST. 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