The IMF and Moral Hazard - Cafe Hayek

Read the whole thing. I especially like Cafe Hayek's tag quote:

Since 1971, the IMF has been looking for new things to do. It has now solved its problem by creating moral hazard, allowing international banks to avoid the risks they undertake by imprudent lending. The IMF encourages the behavior that creates the problems.
-- Allan Meltzer (pdf)

Meta moral hazard. Heh.