The much-touted G20 meeting was a dud. As near as I can tell, nothing was accomplished.
There was some movement to enlarge the IMF. I think this is a clear sign that the deciders at Cannes have come to realize that their own central banks are not up to the tasks at hand. The thinking is that the IMF will become a lender of last resort for troubled countries in Europe.
There is not a chance in hell for this to work. The IMF has neither the resources nor the (true) backing of the member
No comments:
Post a Comment