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Of Raising Rates and the Stakes | afoe | A Fistful of Euros | European Opinion
As Edward put it recently, it is difficult not to note a irrevocable pattern in the (unfortunate) countries subject to IMF intervention whereby they collapse under the yoke of the measures demanded in trade for the loan.
The IMF hasn't learned anything from the 1997 Asian crisis, has it?

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Tue Mar 31st, 2009 at 10:53:13 AM EST
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The IMF's actions are a result of the Nincompoopery of Neo-Classical Economics.

Knowledge begats Action and if your Knowledge is gibbering nonsense your Actions cannot be anything but foolish.  In order to align Actions with reality Knowledge needs to be aligned with reality.  The first step the IMF needs to take to align Knowledge with reality is admitting they're an alcoholic¹ their Knowledge -- NCE -- is bogus.  

¹  Lined it out but there is a truth in there

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Tue Mar 31st, 2009 at 11:58:20 AM EST
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