Wednesday, July 06, 2011

Lagarde suggests re-directing the IMF towards Employment

In the first press conference of Mme Christine Lagarde, new MD of the IMF she placed her intended emphasis in her new job, at three C words; Connectedness (of the world's financial structures) through Calibre, to Comprehensiveness. Meaningless Claptrap, as far as this observer could discern, all nervously delivered with much fidgeting.

The closing section of her prepared remarks were devoted to an intention to consider the social implications of the IMF's objectives which always should be to provide economic stability. Social objectives, neither should, nor indeed can, play a role in such a mission. This blog had fears over Mme Lagarde's suitability for this job, they have been deepened by this opening statement.

(Comments made in regard to Greece and the Euro crisis during the Q & A session now underway, will be posted here, if this burning issue is eventually addressed)

On Greece she replied to Canal + that a meeting of the Executive  Board on Friday would decide on whether or not the next tranche under the first bail out will be made to Greece.

A German TV reporter asked about potential damage to European Banks from the Greece crisis. Mme Lagarde avoided this question stating she had a briefing on Greece after the press conference. ( Blog editor's comment - "What dazzling arrogance") The crisis is here and now, the briefing on Greece should have been underway, night and day since her appointment!!!!!!

MMe Lagarde, referred to her memory of the 30th September 2008, without making clear what she had learned from that. As The Washington Post reported yesterday that she had received instructions on ethics on her first day at the IMF, let us hope that here memory of that day does not relate to her propensity to work outside the legality and terms of international agreements.

I can watch no more!

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