Friday, February 03, 2012

OECD shakes off its seasonal stupor!

Some take a day off for Christmas, others a couple and two more for the New Yeat, in Britain it has become traditional to spread the break out to two or even three weeks with leftover days from annual vacation allowances. The OECD it seems manages to extend this into February.

The Washington Post carries an article that informs us in a headline from its 2nd February edition "OECD paper says Europe’s bailout fund needs be doubled to stem crisis, shore up banks" well who would have thought it. Talk about crying wolf when your flock are scattered and partly eaten!

Here is a paper from the OECD in pdf format, which repeatedly informs us that the OECD is for a "STRONGER, CLEANER, FAIRER, WORLD ECONOMY" alongside a picture of the Parthenon. Tell that to the Greeks I would suggest.

The newspaper article, linked here, begins as follows:

By Associated Press, Published: February 2

PARIS — Europe needs to double the size of its bailout fund to €1 trillion ($1.3 trillion) if it is to shore up its banking system and stop the spread of its spiraling debt crisis, according to a paper published Thursday by the economic organization that represents developed countries.

The paper, written by Adrian Blundell-Wignall, who is the special adviser to the secretary-general of the Organization for Economic Cooperation and Development, laid out a list of steps Europe has to take “if a fracturing of the euro is to be avoided.”

Read the rest of the article, or trace the OECD paper and read the whole thing if you wish, then ask yourself what purpose the OECD can possibly serve, other perhaps than to preserve a failed system by propping up a failed banking system.

Blog editors note on copyright. I have noted AP prohibition on reproducing this article and have quoted the small portion used to attempt to draw attention to the topic and more readers to the original article and the copyright holder. If AP considers this still infringes their rights I will remove the quotation. I have been grappling with the problem of how best to report news sourced by AP for some considerable time and would welcome their guidance.



Post a Comment

<< Home