The first week of April sees two big economic events: the April 7th Irish budget is preceded by the G20 summit on April 2nd. There is an interesting article by Simon Johnson on The Atlantic’s website: you can read it here.
The first week of April sees two big economic events: the April 7th Irish budget is preceded by the G20 summit on April 2nd. There is an interesting article by Simon Johnson on The Atlantic’s website: you can read it here.
4 replies on “The IMF and the Global Financial System”
In the case of Ireland, I think we know who are the oligarchs or those taking the coup are: the unions, the bankers & the builders
Why omit the public servants, who form the membership of many unions?
Their attitude is best typified by the remark attributed to Senator Joe O’Toole (former General Secretary of the INTO) that benchmarking is just an ATM.
Simon Johnson makes the point that Russia’s default/crisis was caused by an inability to refinance their short term debt.
Should we be worried about Ireland’s recent return to short term financing? Michael Somers made an interesting sales pitch for Irish Debt on Friday http://www.bloomberg.com/apps/news?pid=20601087&sid=asadtlDx3UnA&refer=home
As a self confessed neophyte in economics but desperately trying to get a handle on what the hell is happening, should I be worried by the article? My first reaction is why did he spend so short a time at the IMF? moved out because his face didn’t fit, or too honest, or…..?
It reads a bit bitter, sour grapish, and my reaction was can he actually do anything, apart from writing frightener articles? We all know that finance is looked after by various cabals, I am reminded of an Alvin Berg opera, where the evening dressed singers bemoan the fact that South American railroad shares have failed….. but bouyed by the fact that they will find something else….What I’d like to know is what is the something else at the moment, or will I have to go on reading and panicking??