The IMF Experts Flunk, Again – Zero Hedge 07.31.2015

The IMF Experts Flunk, Again.

Submitted by Steve Hanke via The Cato Institute

“Why all the fuss over a currency board for Indonesia? Politics. The U.S. and its allies wanted a regime change in Jakarta, not currency stability. Former U.S. Secretary of State Lawrence Eagleberger weighed in with a correct diagnosis: “We were fairly clever in that we supported the IMF as it overthrew [Suharto]. Whether that was a wise way to proceed is another question. I’m not saying Mr. Suharto should have stayed, but I kind of wish he had left on terms other than because the IMF pushed him out.” Even Michel Camdessus could not find fault with these assessments. On the occasion of his retirement, he proudly proclaimed: “We created the conditions that obliged President Suharto to leave his job.”

As the Indonesian episode should teach us, the IMF’s management can be very political and often neither trustworthy nor competent. Greece offers yet another chapter.



LNP149 Landesverrat

Das Ermittlungsverfahren gegen bestimmt die nationale und internationale Berichterstattung. Die beiden beschuldigten Journalisten Markus Beckedahl und Andre Meister berichten von den Geschehnissen der letzten 24 Stunden, bevor wir uns gemeinsam in aller Ruhe den Inhalten der beanstandeten Veröffentlichungen widmen. (…)