The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
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. 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.
"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!"
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.
by Luis de Sousa - Sep 28 17 comments
by gmoke - Oct 1
by Frank Schnittger - Sep 24 15 comments
by ATinNM - Sep 24 16 comments
by DoDo - Sep 12 26 comments
by DoDo - Sep 10 23 comments
by gmoke - Oct 1
by Luis de Sousa - Sep 2817 comments
by ATinNM - Sep 2416 comments
by Frank Schnittger - Sep 2415 comments
by gmoke - Sep 23
by DoDo - Sep 1226 comments
by DoDo - Sep 1023 comments
by epochepoque - Sep 8