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Nationalism could destroy global economy, warns Christine Lagarde

Tensions in the global economy risk creating "more frequent and more damaging" crises unless countries put global interests above national gain, Christine Lagarde has warned.

The managing director of the International Monetary Fund (IMF) said there was an increased risk of global discord as the balance of power shifted away from advanced economies towards emerging markets, which will account for two thirds of global output within the next decade, up from half today.

"This will be a more diverse world of increasing demands and more dispersed power, she told the annual Richard Dimbleby lecture in London. "In such a world, it could be much harder to get things done, to reach consensus of global importance."

Ms Lagarde said while closer financial integration had benefited the global economy, the 2008 financial crisis – triggered by the collapse of the US mortgage market – demonstrated countries could collapse like dominos if they did not work together. She said the $1 trillion stimulus package agreed in 2009 by the G20 in London had saved the world from global meltdown.

"When linkages are deep and dense, they become hard to disentangle," she said. "The channels that bring convergence can also bring contagion."

And forcing people together like the Euro creates nationalist pressures.

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Nationalists? We're all communists now. With our central bank-driven command economies allocating resources efficiently and determining the price of everything.

.

Edited by zugzwang

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My brother works for an international organisation.

What you have to remember is that these organisations are required to be inclusive i.e. they cannot recuit the best person, they have to recruit a person who ticks a number of boxes.

Outside of the English speaking world + Northern Europe, a lot of countries are somewhat less 'meritocratic'.

And academic qualifications mean you are politically connected (we laugh at Oxford PPEs but christ that brazilain UN woman...) or rich enough to pay your way - bribes or paying someone to sit the exam.

IMF - French - Tick, Woman - Tick, Competent - Cross.

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My brother works for an international organisation.

What you have to remember is that these organisations are required to be inclusive i.e. they cannot recuit the best person, they have to recruit a person who ticks a number of boxes.

Outside of the English speaking world + Northern Europe, a lot of countries are somewhat less 'meritocratic'.

And academic qualifications mean you are politically connected (we laugh at Oxford PPEs but christ that brazilain UN woman...) or rich enough to pay your way - bribes or paying someone to sit the exam.

IMF - French - Tick, Woman - Tick, Competent - Cross.

You are wrong, advancement in the english speaking world is based on a look, wearing a $2000 dollar suit, T M Lewin shirt, church shoes and using lots of buzz words, the third world is corrupt not sure which is the worse system are you !

For competence i would go for...

Edited by macbeth79

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http://thesaker.is/the-imf-forgives-ukraines-loan-to-russia/

On December 8, the IMF’s Chief Spokesman Gerry Rice sent a note saying:

“The IMF’s Executive Board met today and agreed to change the current policy on non-toleration of arrears to official creditors. We will provide details on the scope and rationale for this policy change in the next day or so.”

Since 1947 when it really started operations, the World Bank has acted as a branch of the U.S. Defense Department, from its first major chairman John J. McCloy through Robert McNamara to Robert Zoellick and neocon Paul Wolfowitz. From the outset, it has promoted U.S. exports – especially farm exports – by steering Third World countries to produce plantation crops rather than feeding their own populations. (They are to import U.S. grain.) But it has felt obliged to wrap its U.S. export promotion and support for the dollar area in an ostensibly internationalist rhetoric, as if what’s good for the United States is good for the world.

The IMF has now been drawn into the U.S. Cold War orbit. On Tuesday it made a radical decision to dismantle the condition that had integrated the global financial system for the past half century. In the past, it has been able to take the lead in organizing bailout packages for governments by getting other creditor nations – headed by the United States, Germany and Japan – to participate. The creditor leverage that the IMF has used is that if a nation is in financial arrears to any government, it cannot qualify for an IMF loan – and hence, for packages involving other governments.

This has been the system by which the dollarized global financial system has worked for half a century. The beneficiaries have been creditors in US dollars.

But on Tuesday, the IMF joined the New Cold War. It has been lending money to Ukraine despite the Fund’s rules blocking it from lending to countries with no visible chance of paying (the “No More Argentinas” rule from 2001). With IMF head Christine Lagarde made the last IMF loan to Ukraine in the spring, she expressed the hope that there would be peace. But President Porochenko immediately announced that he would use the proceeds to step up his nation’s civil war with the Russian-speaking population in the East – the Donbass.

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https://www.rt.com/business/325152-imf-policy-ukraine-debt/

The International Monetary Fund has agreed to change its policy on lending to countries that are in arrears to other governments. With Ukraine being among the states that asks for financial aid while owing Russia, the move has angered Moscow.

"The IMF's Executive Board met today and agreed to change the current policy on non-toleration of arrears to official creditors," according to the IMF's Chief Spokesman Gerry Rice statement emailed to RT on Tuesday. "Details on the scope and rationale for this policy change" will be provided later, it added.

Previous IMF guidelines on lending to such states were relatively strict, stating that "the IMF doesn't lend to countries that are not making a good-faith effort to eliminate their arrears with creditors."

Ukraine is among such owing countries, having a $3 billion debt to Russia, with Kiev being on course to miss the end-of-the-year deadline to repay it. Going by the old rules, that would jeopardize IMF bailout to Kiev.

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Tensions in the global banking economy risk creating "more frequent and more damaging" crises unless countries put global bankers' interests above national gain, Christine Lagarde has warned.

Corrected.

Edited by billybong

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Translation; democratic accountability as expressed by a nation state's political process is a clear and present danger to the ongoing project to enshrine the interests of globalized financial capital as the single most important consideration in any and all contexts. (TTIP anyone?)

Democracy-it turns out- was one of those luxuries that was only affordable for a brief period when economic growth was sufficiently dynamic as to allow the great unwashed to be indulged with the illusion that what they wanted actually mattered.

Today's problem? How to break it to the children that Mummy and Daddy can no longer afford to indulge them in this democratic fantasy, without sparking off a nasty tantrum. The EU is the prototype here- a superstructure designed to be as insulated as possible from the reality of democratic accountability while retaining the ceremonial trappings of that accountability by having it's non elected apparatchiks vote at every opportunity among themselves to promote the idea that somehow this rancid collection of cronies is 'democratic'.

Edited by wonderpup

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IMF warns on UK housing market and EU referendum and says we should ditch stamp duty and single person council tax discount
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Publishing its annual health-check of Britain, the IMF expressed some concerns about rising house prices, a housing shortage and the 'strikingly large' UK current account deficit.

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^ she's really getting to the core of the UK's economic rebalancing and house price problem. Another hike in parking fees next plus some more double yellow lines.

Edited by billybong

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