Monday, May 16, 2011

IMF Crisis - Scuppered by a $3,000 per night hotel suite.

Enter "Sofitel" in a Google Search window and your first result will be this - "Sofitel Hotels: luxury with a French flair". No doubt many a Sunday luncheon table became the centre of much debate over the implications behind the arrest of the head of the IMF in New York testerday, and the French connection was surely not missed by many, but guilty or not of the sexual assault allegations, the damage for the IMF is already irreversible.

The resignation of his number two at the IMF., the American, John Lipsky, only last Thursday, adds all kinds of new areas of possibilties to the sordid incident, tending to lead one away from the obvious most likely culprit - old fashioned lust, unrestrained by any sense of moderation.

The IMF sits on the world's third largest gold reserves, worth at the end of last August, $83 billion, imagine how much their joint incompetent handling of the Eurozone crisis since then, resulting in the huge surge in the gold price, has enhanced those values! Yet among its 187 member countries are many of the poorest nations in the world.

Common sense should have warned those in power, that any mind having a hand in the invention of the 35 hour week, as a means of easing unemployment, would have long since lost any grasp on reality.

In the EU, where Domonique Strauss-Kahn, was in line to become the second most powerful player from next year, austerity with no point and no end, was today about to be delivered to its third peripheral victim country, the governmentless Portugal. Will this fate be delayed by the weekend events in a New York luxury hotel suite, will the Finnish voters be spared the betrayal about to be inflicted by their only recently elected politicians in today's meeting of Ecofin, will George Osborne be prevented from incurring ever greater, pointless and wasted taxpayer debts to an absolutely hopeless cause?

It could be an interesting week!

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Blogger James Higham said...

There's a lot more to this Strauss-Kahn biz than illegal entry of a back passage.

12:38 PM  
Blogger Martin said...

James, yes indeed ... and the list of potential plotters who may have had an interest in the downfall of this powerful man is long indeed.

The reaction here in rural France seems one of deep shock among the locals, there was much hope it seems that he had the intellect to bring worthwhile reform and denial that he was complicit in the 35 hour week.

7:32 AM  

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