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Monday, September 05, 2011

The Downward Spiral

Christine Lagarde, the IMF's CEO, has told Der Spiegel that the global economic outlook has worsened over the summer.

Hardly a revelation!

She is quoted:

"There has been a clear crisis of confidence that has seriously aggravated the situation. Measures need to be taken to ensure that this vicious circle is broken.
The spectrum of policies available is narrower because a lot of ammunition was used in 2009. But if governments, institutions and central banks work together, we'll avoid recession."

She is correct in that measures need to be taken. However, there is neither the political will nor hegemony necessary to resolve the economic issues that are destroying the global economy.

The endgame, as far as the Euro experiment is concerned, is now being played out.

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