The International Monetary Fund is proposing reduced spending by developed nations so as to “ensure long-term fiscal sustainability.”
According to the International Monetary Fund, the global economic crisis has not only screwed over the poor but has left “deep scars” on the developed world. The level of debt owed to richer countries is the highest since World War II, the IMF says.
The high level of indebtedness, IMF official John Lipsky says, will push developed nations to reduce spending because money will be slow to return to lenders.
The grim prognosis, though, is typical IMF speak, which abhors state spending and pushes a strong free-market agenda. —JCL
The New York Times:
The global economic crisis has left “deep scars” in the fiscal balances of the world’s advanced economies, which should begin to rein in spending next year as the recovery continues, the No.2 official at the International Monetary Fund said Sunday in Beijing.
In a speech at the China Development Forum in Beijing, the I.M.F. official, John Lipsky, who is the deputy managing director, offered a grim prognosis for the world’s wealthiest countries, which are at a level of indebtedness not seen since the aftermath of World War II.
For the United States, “a higher public savings rate will be required to ensure long-term fiscal sustainability,” Mr. Lipsky said.
The United States and other industrialized countries, as well as some developing countries, have been putting pressure on the I.M.F. to criticize China for its large-scale intervention in currency markets to hold down the value of the renminbi against the dollar. But Mr. Lipsky refrained from chastising China in his speech, which Chinese officials would have found particularly offensive if he had done so in Beijing.
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Hydra headed: Party Ponzi Patriots
Murdocked and Feded;
bearing down on the destiny of dysfunction,
the juggernaut of freedom fried destruction,
heading for the junctions of functionless paths,
to plan the new dominant order of the meister reich.
Encrypted they walk holding their heads
like the noble Osgyth;
or…
the waning cycle of freedom’s scythe.
“According to the I.M.F., the global economic crisis has not only screwed over the
poor, but has also left “deep scars” on the finance balances of the developed
world…” Oh boo hoo boo hoo! Poor venal IMF. Crocodile tears all around. Bastards
like Lloyd Blankfein of Goldman Sacks and his scurvy greedy pals should be
summarily guillotined in public. You know, a 4 reals ‘reality’ show. Then for
viewing dessert, we guillotine the treasonous swine at the command of the IMF.
Their bullshit just isn’t funny anymore. Nope, not in the least.
Greenland’s Great Melt Is Pinned On Climate Change
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By Glen Wayne, March 22, 2010 at 1:42 pm Link to this comment
The Master Plan empirePie March 22cnd, 2010
Hydra headed: Party Ponzi Patriots
Murdocked and Feded;
bearing down on the destiny of dysfunction,
the juggernaut of freedom fried destruction,
heading for the junctions of functionless paths,
to plan the new dominant order of the meister reich.
Encrypted they walk holding their heads
Report thislike the noble Osgyth;
or…
the waning cycle of freedom’s scythe.
By Hal (GT), March 22, 2010 at 9:18 am Link to this comment
(Unregistered commenter)
“typical IMF speak, which abhors state spending and
Report thispushes a strong free-market agenda” seriously? “strong
free-market agenda” surely you jest?
By purplewolf, March 21, 2010 at 4:28 pm Link to this comment
Skulz I like your way of thinking. I cannot feel one bit of empathy for these greedy heartless skanks. They are finally reaping what they have sow.
Report thisBy Miko, March 21, 2010 at 11:51 am Link to this comment
(Unregistered commenter)
The IMF does not promote a free market ideology. To
Report thisthe contrary, in a free market the IMF would cease to
exist.
By skulz fontaine, March 21, 2010 at 11:48 am Link to this comment
“According to the I.M.F., the global economic crisis has not only screwed over the
Report thispoor, but has also left “deep scars” on the finance balances of the developed
world…” Oh boo hoo boo hoo! Poor venal IMF. Crocodile tears all around. Bastards
like Lloyd Blankfein of Goldman Sacks and his scurvy greedy pals should be
summarily guillotined in public. You know, a 4 reals ‘reality’ show. Then for
viewing dessert, we guillotine the treasonous swine at the command of the IMF.
Their bullshit just isn’t funny anymore. Nope, not in the least.