We have been informed today that the IMF is (once again!) set to cut growth forecasts!
This notorious institution has become infamous for not getting anything right. It keeps revising its forecasts every few months and never gets them right anyway. Not only that, it has the arrogance (others might call it hubris) to forecast what, say, Greece’s Debt to GDP ratio will be in 2020!
Which means it doesn’t know its as* from its elbow, since if Greece carries on under the IMF terms of its so called “bailout”, it will no longer have a GDP to speak of by 2020. You see, they are notorious for only taking one side of the equation into account and forgetting all about the other. What would you do with a first grade student who consistently did that? Yes. Quite so.
But this is the grand IMF, sort of a latter day Grand Inquisition that not only can do no wrong, but is the sole possessor of the Truth, and woe betide anyone or anything who dares question that! And like the Holy Inquisition, the “remedies’ it decrees and imposes on pain of death lead to… well, yes, death anyway. Death of Economies one after another.
And as if that record were not enough to condemn this vile, but worse, incompetent institution, we find it is being run by clueless, unaccountable, arrogant people. The current Director, Mme Lagarde, aka Marie Antoinette, was appointed after the ignominious end of her predecessor and fellow countryman Dominique Strauss Khan. Who didn’t even lose the job because of any of the atrocities he may have committed as Director of the IMF, but because of some possibly trumped up murky sex scandal!
Now Mme Lagarde simply revels in the role of supra national finger wagger par excellence. This lady like all her predecessors gets paid an exorbitant sum in remuneration for getting everything wrong. As witnessed by the frequent need to change forecasts. And she doesn’t even pay taxes on any of this anyway.
Do we really need such a counter productive not to say destructive institution, run by incompetent, arrogant people who only get these cushy jobs because of the global crony elite system? It costs far too much. And not only in the untaxed exorbitant salaries, but in the misery and destruction they collectively cause to economies and… yes! People!!!!
[Photograph from The Guardian]
Mme Lagarde in a pensive mood. What is she thinking about? Isn’t it obvious? No! Not the botched up forecasts. That is after all routine for her, and besides she would never be in a mood to worry about anything as tedious as that! No, she is thinking about buying a new Hermes scarf. What else has this lady to think about after all?