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My real purpose here is not to point the finger at the IMF but to point out where its problems are part and parcel of a greater problem in global institutions.
During the next global recession we are going to see a continuation of the same approaches to crisis solving that we’ve seen in the past, based on the theories of defunct economists mixed with personal and institutional biases.
So do institutions, including those chartered at the 1944 Bretton Woods Conference.Their prescription is a witches’ brew that we will be told is good for us but that will in fact ensure that those of us least able to cope will bear the brunt of its impact. In a war-torn world that had yet to recover from a depression that began 15 years earlier, revamping the existing economic order probably seemed a good idea.And the results did look positive for the first few decades.The euro currency is a branch in the same family tree as the World Bank, the International Monetary Fund, and others.
Always remember that the future comes one day at a time.” – Dean Acheson “Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.” – John Maynard Keynes I don’t often agree with Keynes, but he is the most quotable of all major economists. Now his quip comes back to haunt his legacy and his followers.
Of course, he was talking about all those defunct economists who no longer kept up with his new and improved way of thinking about all things economic.