Thursday, July 07, 2011

IMF set to break its own rules by next Greek payment.

Labour yesterday voted against increasing Britain's commitment to the IMF by £9.45 Billion, that is £9,450,000,000!

Given the speech made by the new Managing Director of the IMF, Christine Lagarde, see my report on her first press conference from yesterday below, this seems to be entirely justified.

Last evening the media reported that someone from the People's Republic of China could be appointed as her deputy MD. A telling indictment when a communist from a regime such as that in China is appointed near the very top of an organisation supposedly dedicated to the advancement and protection of Western Capitalism. On the brighter side, the Chinese are generally brilliant at mathematics and figures, which may serve to compensate for the general ineptness of the French, whose citizens are first taught to count with a base of ten from twenty to sixty, then have to switch to a base of twenty until they reach one hundred. This often results in a deep-seated fear of figures, yet one more reason this blog opposed Mme Lagarde's appointment.

 Ian Talley reports as follows from the Wall Street Jounal site, linked here:
 WASHINGTON (Dow Jones)--Some International Monetary Fund officials--including executive directors on the Fund's board--fear the Greece loan program will ultimately prove unsustainable.
Despite those concerns, the IMF board is expected to approve the next tranche of loans to Greece to stem the sovereign debt crisis from spilling over into the rest of the euro zone. The IMF's new managing director, Christine Lagarde, the former French finance minister who helped to negotiate financing for Greece, said the sovereign debt crisis was her top priority and the board would consider the loan Friday.

In the world of foul life forms that bottom feed in the sludge and sewage of the political pond, maybe there is some form of natural balance at work, which has allowed this clearly charming French lady to rise to the top. Perhaps it is because she is so clearly an air head!

The IMF should not be allowed to break its own rules. Britain should not grant the increase in IMF resources approved in Committee yesterday.

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