My real purpose here is not to point the finger at the IMF but to point out where its problems are part and parcel of a greater problem in global institutions.During the next global recession we are going to see a continuation of the same approaches to crisis solving that we’ve seen in the past, based on the theories of defunct economists mixed with personal and institutional biases.Yet that era also bequeathed to us some new problems.What we now call the European Union grew out of a postwar Franco-German coal and steel trading pact.Always remember that the future comes one day at a time.” – Dean Acheson “Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.” – John Maynard Keynes I don’t often agree with Keynes, but he is the most quotable of all major economists. Now his quip comes back to haunt his legacy and his followers.
And the results did look positive for the first few decades.
In today’s letter we are going to look closely at the International Monetary Fund and a scathing report from its own internal auditors.
For those of us who have been following the IMF for decades, the report is not all that surprising.
The euro currency is a branch in the same family tree as the World Bank, the International Monetary Fund, and others.
With US help, Europe and Japan launched huge rebuilding projects.Here in the States we enjoyed rapid growth and a Baby Boom that produced me and perhaps you.