The Folly of Biden's 'Afghan Fund'
From The New York Sun
Wednesday, September 14, 2022
Not since Robert Strange McNamara used the World Bank to steer funds backed by American taxpayers to the North Vietnamese has there been as outrageous a move as President Biden's decision to set aside billions of dollars to fund Afghanistan in the Taliban era.
Mr. Biden's démarche, which involves a new Swiss-based entity called "The Afghan Fund," defies credulity by vowing to aid the Afghan people without propping up the Taliban regime.
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Mr. Biden insists that the money, some $3.5 billion, will not go to the Taliban. He claims that the funds will "be used for the benefit of the people of Afghanistan while keeping them out of the hands of the Taliban," a Treasury statement today notes.
This runs contrary to a basic rule of economics, the fungibility of money. Aid sent to the Afghan people relieves pressure on the Taliban, enabling them to prioritize their murderous intentions.
Yet the "Taliban are not a part of the Afghan Fund," Mr. Biden blithely contends, "and robust safeguards have been put in place to prevent the funds from being used for illicit activity." Such assurances are the rationalizations of the appeasement-minded, among them the deputy State secretary, Wendy Sherman, who vows that the billions will "improve economic stability for the people of Afghanistan while continuing to hold the Taliban accountable."
It should reassure no one concerned about the ethics of this plan that the new "Afghan Fund" will operate out of that haven for transparency in financial transactions, Switzerland. The money in question, currently on deposit at the New York Fed, will now migrate into an account with the Bank for International Settlements, and the White House promises "an external auditor will monitor and audit the Afghan Fund as required by Swiss law." ...
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