IMF Director steps aside/forced out/resigns for muppet or rather puppet

1984ReturnsForReal_2

http://www.bbc.co.uk/news/business-15767076


You will do what we say whether you like it or not...........

1984ReturnsForReal_2

I love this site.

This is the most significant piece of news all day but people prefer to stick to the bull***** bulls & bears threads.

Some peeps on here have not a clue.

Battle at the top to keep us from depression but hey lets discuss house prices in Aberdeen.

Mr_Mumble

1984ReturnsForReal,

It could be very significant but it does require the belief in some cloak and dagger politics. Personally I'm worried about the IMF - it always seems to be headed by the French and that's kind of worrying given:

1. Bank debt to GDP is higher in France than in pretty much any country on earth.
2. A lot of French bank credit has been lent to peripheral Europe.
3. They're French.
4. I'm English.

Personally I sometimes skip your posts even though I have little interest in the prices of housing in Hamish land or elsewhere. Nowt personal but your posts are prone to detailing conspiracy theories that I think are a little cranky.

vivatifosi

1984ReturnsForReal wrote: »

I love this site.

This is the most significant piece of news all day but people prefer to stick to the bull***** bulls & bears threads.

I went to bed early last night and only just picked up on this. Thanks 1984. Does it strike anyone else that the IMF seems to be stopping behaving like the IMF and instead is starting to act like the ECB? Whatever happened to the old IMF, that did say stuff like that and struck fear into defaulting nations?

America taking the World Bank post-Bretton Woods and Europe taking the IMF may now be starting to look like the wrong turn for the US. Does anyone see the non-European large investors in the IMF (US and Japan in particular) trying to re-shape this?

I'm not sure about the cloak and dagger either, but I am seeing an IMF behaving different (imo only and I don't have insight into the workings of the organisation).

nearlynew

A corrupt organisation run, and paid for, by lying thieves.

Graham_Devon

vivatifosi wrote: »

I went to bed early last night and only just picked up on this. Thanks 1984. Does it strike anyone else that the IMF seems to be stopping behaving like the IMF and instead is starting to act like the ECB? Whatever happened to the old IMF, that did say stuff like that and struck fear into defaulting nations?

.

Absolutely it does.

They have hand chosen who they want to step into these shoes. A former Goldman Sachs vice president.

And what else was he? Chairman of the hedge fund standards board. Hedge fund standards practically destroyed us, so he's propelled to the top.

It's simple in my mind. Everything is being taken over by the Eurocrats. It's very worrying, and I dread to think wheres its going....in terms of political fall outs. Could be devastating to the peace we have achieved over the last 50 years to Europe.

The IMF will soon be advising everything that Merkel and Sarkozy suggest. You can see it now.

John_Pierpoint

I remember the discussions nearly 40 years ago about the lack of a "lender of last resort" for the world, that would need to be controlled by a responsible (?!) "world government".

In those days there was discussion about building such a role based on the Bank for International Settlements (Switzerland) v the International Monetary Fund.

http://www.imf.org/external/about/history.htm

(It is interesting to see the rolling "historical highlights" strip at the top of the page - after about 2,000 the organisation was trying to find itself a role "How about a sort of charity hoovering up the basket case economies? - we can all afford to give them a second chance" )

http://www.bis.org/about/index.htm?l=2

(A creature of national central banks - at least those not languishing in the debtors prison).

The problem remains, we have a changing world order that is not mirrored by changing world institutions. Above all we have much increased world communications and much of the world is not in an economic "lost decade". This lost decade is in danger of turning into "a lost generation" (Officially a generation is 30 years but in reality it is the age difference between parents and their adolescent offspring, which differs by society).

This little "resignation" is just a small power play between an organisation in search of a new role and the "masters" of the organisation fearing a loss of their power.

There will be many more such "perturbations" as the "hidden hand" of the world economy, causes its present masters to thrash about in the dark - supposedly looking for a solution, but in reality driven by a desire to protect their own and their organisation's vested interests.

I just hope we do not end up as serfs taking orders from a class of people, whose parents insisted on gold fillings or ended up with amalgam, rather than spending their money on cosmetic white caps.

http://www.thefreedictionary.com/dental+amalgam

It is a new system of categorising your fellow man, as recogmended by some forum members, who are collectors of grey and yellow metal. A new "Appart - height" system.

Can we have some knowledgeable poster, who can explain how pre-war Germany raised itself from an indebted economy with a status like Zimbabwe, to a country that though it could take on the rest of Europe and win?
Or is that too much of a taboo subject even for this forum?

http://en.wikipedia.org/wiki/International_Monetary_Fund

http://en.wikipedia.org/wiki/Bank_for_International_Settlements

shortchanged_2

Oh well, another jumping ship, or being pushed.

Personally if he jumped he has done the right thing before all this goes spectacularly wrong.

purch

You will do what we say whether you like it or not...........

That is normally the case when you are an employee.

Generali

Lots of ex-GS in the news right now. Mario Monti (new Italian PM) is a GS consultant, head of MF Global is an ex boss of GS too and has still to explain where $700,000,000 has gone.

vivatifosi

Generali wrote: »

Lots of ex-GS in the news right now. Mario Monti (new Italian PM) is a GS consultant, head of MF Global is an ex boss of GS too and has still to explain where $700,000,000 has gone.

Glad you raised Super Mario Gen. In hindsight, I think that situation in Italy will be the more important one. How can Italy be run by a technocratic government with absolutely zero elected cabinet members. Where does democracy fit in all this?