The International Monetary Fund has pledged to help bail out the economies of Southeast Asia—thereby making matters worse. Why the IMF is "ineffective, unnecessary, and obsolete." By Hoover fellow, former U.S. secretary of state, and former U.S. secretary of the treasury George P. Shultz; Hoover overseer and former U.S. secretary of the treasury William E. Simon; and former Citicorp chairman Walter B. Wriston.