I could have told you that...
Looks like an opportunity to scare us all into Socialism.
An just think, we’re going to have an inexperienced, race-baiting, community organizing, ACORN Marxist to deal with it for our side. Congratulations America! You done good with your presidential selection this year!
“IMF Chief Warns of Global Financial Meltdown”
Okay, let’s warn him of the French Revolution. Where in blazes do you find guillotines these days? I can’t even speak French.
Excuse-moi, Monsieur. You got-em head chopper in you adobe, Kemo Sabe? Domo arigato gozaimasu, dude.
Just setting the stage for the glorious New World Order.
The US, Europe and Japan did and got a financial crisis when tin pot dictators pocketed the loans and the countries defaulted on their debt.
I generally regard the IMF as a good source of ideas ... providing one does the opposite of what they recommend.
In America we don’t have a credit crisis. We don’t have a liquidity crisis. We have a confidence crisis. No amount on injected credit or lquidiity will solve a confidence crisis.
The financial crisis in America can be solved in 24 hours. It has specific identifiable causes that can be resolved with the stroke of a pen. Not saying everything would return to normal that quick, but we could be on the way back to normal that quick.
As for the rest of the world, I suspect their problems are similar. Not credit. Not liquidity. Confidence. And could likely be solved just as quickly.
But that’s the point. “They”, whoever “they” are, don’t want the problem to be solved. Crises, manufactured crises to be specific, are vehicles for all manner of draconian actions, laws, etc.