muses of the moment

July 20, 2012

Doyle speaks the truth

Mr. Doyle who worked at the IMF for 20 years explains how the IMF is broken. Very telling letter! Groovygirl commends him for telling the truth, if not a bit late.

Click here.

Bold is groovygirl’s:

After twenty years of service, I am ashamed to have had any association with the Fund at all.” Pretty much says it all. This is a scandal in the making, and one which may shake to the core the credibility of the IMF in the context of international organization.

This is not solely because of the incompetence that was partly chronicled by the OIA report into the global crisis and the TSR report on surveillance ahead of the Euro Area crisis. Moreso, it is because the substantive difficulties in these crises, as with others, were identified well in advance but were suppressed here. Given long gestation periods and protracted international decision-making processes to head off both these global challenges, timely sustained warnings were of the essence. So the failure of the Fund to issue them is a failing of the first order, even if such warnings may not have been heeded. The consequences include suffering (and risk of worse to come) for many including Greece, that the second global reserve currency is on the brink, and that the Fund for the past two years has been playing catch-up and reactive roles in the last-ditch efforts to save it.

Ladies and Gentlemen, the exact same thing happens at the Fed and ECB……we are doomed.

Jim Rickards

Filed under: Credit Derivatives, Economic Crisis, Gold and Silver Investing, Precious metals — totallygroovygirlfriday @ 11:28 am

If you haven’t seen it, this interview on Max Keiser’s show with Jim Rickards is very good. Click here.

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