Is Argentina the coup de grace of the IMF’s flawed policy mission?

The article finds that:

• IMF's activities in Argentina, deviate radically from it's original mandate. This is because it was designed to support the U.S. free market globalization strategy
• in practice, the IMF neither urged borrowing countries to tighten capital controls nor denied credits when used to finance capital flight
• as the IMF pursued its campaign to rid developing countries of capital controls, it steadily expanded the policy conditions it demanded of countries seeking its credits
• the expanded IMF conditions and their adverse consequences sparked popular unrest and political crises
• mounting resistance to policy meddling and heightened austerity has contributed to the crisis enveloping the IMF
• as currency/banking crises have become more frequent and severe, there is mounting resistance in the U.S. and other creditor countries to the increased fiscal burden of replenishing IMF coffers and providing supplemental bailout funding
• increased capital mobility has caused global growth to slacken for two main reasons: 1) heightened volatility of both nominal and real exchange rates, and 2) much higher real interest rates generated by the explosive growth of cross-currency financial flows

What are the reasons for the cotinuing support of IMF and U.S. government for destructive free capital policies?:

• risk/reward structure biases its bureaucrats toward status quo positions
• frequent interchange of personnel has formed a Wall Street-U.S. Treasury complex
• an ideological antipathy toward reinvigorating welfare capitalism or toward subordinating U.S. sovereignty to strengthened international institutions