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Yanis Varoufakis: On the Political Economics of Dominic Strauss Kahn's Political Death (May 16, 2011)
Back in January (of 2011), DSK was being interviewed by a BBC Radio journalist in the context of a documentary on the history of the IMF.[1] Toward the end of the program, I heard the distinctive voice of DSK responding to a journalist's question about how the global economy ought to be reconfigured in the aftermath of the 2008 Crisis. His astonishing answer was:
"Never in the past has an institution like the IMF been as necessary as it has been today... Keynes, sixty years ago, already foresaw what was needed; but it was too early. Now is the time to do it. And I think we are ready to do it!"
This was, in my estimation, a bombshell of a programmatic statement by the IMF's Managing Director. What was he referring to? He was, of course, referring to Keynes' powerfully put argument (in the context of the 1944 Bretton Woods conference) that a system of fixed exchange rates cannot survive for long without an automated mechanism that treats (a) systematic trade surpluses and (b) systematic trade deficits as the different sides of a problematic coin.


Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Aug 11th, 2011 at 09:53:16 AM EST
[ Parent ]
Was more thinking what he would do as PM of France. Not optimistic about that given the constraints Germany would put on him.

As IMF head, no debate from me, better than what we had, better than what we have. Still not an ideal institution though, have spent most of their institutional life destroying economies with their "advice" and their "ultimatums" relative to the aid they mete out.

The Hun is always either at your throat or at your feet. Winston Churchill

by redstar on Fri Aug 12th, 2011 at 11:25:33 AM EST
[ Parent ]

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