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« How Long Will We Have to Wait? | Main | The G20 London Summit and a New Gold Standard! »

The Quiet Coup

Atlantic mag photo

This mornings mail bag includes this article sent to us by one of our readers which we think makes some interesting points and hope that you find interesting and informative:

The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.

One thing you learn rather quickly when working at the International Monetary Fund is that no one is ever very happy to see you. Typically, your “clients” come in only after private capital has abandoned them, after regional trading-bloc partners have been unable to throw a strong enough lifeline, after last-ditch attempts to borrow from powerful friends like China or the European Union have fallen through. You’re never at the top of anyone’s dance card.
The reason, of course, is that the IMF specializes in telling its clients what they don’t want to hear. I should know; I pressed painful changes on many foreign officials during my time there as chief economist in 2007 and 2008. And I felt the effects of IMF pressure, at least indirectly, when I worked with governments in Eastern Europe as they struggled after 1989, and with the private sector in Asia and Latin America during the crises of the late 1990s and early 2000s. Over that time, from every vantage point, I saw firsthand the steady flow of officials—from Ukraine, Russia, Thailand, Indonesia, South Korea, and elsewhere—trudging to the fund when circumstances were dire and all else had failed.

To read this article in full please click here.

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Thanks go to Doug, one of our readers for alerting us to this article in the

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Reader Comments (2)

Old Chinese proverb: "do not give up while there is still hope but do not hope for the impossible".

Is it tooooo late as we face the New World Order??


March 31, 2009 | Unregistered CommenterJohn Ell

This an article from the Atlantic, written by a guy who knows what he's talking about. (Thanks to the Gold Prices Newsletter folks for the link.) I completely disagree with his solution to nationalize the banks (let 'em fail), but he's a central banker's central banker, so you have to consider the source. That said, I agree completely with his diagnosis and his fingering of the banking power elite. What I find funny is that he writes as if the bankers are somehow a separate entity from government officialdom. Ha. The bankers ARE the government and everything that's done is ...surprise surprise...designed to funnel money from you to them and keep them alive and bonused up, even when they should be wearing a toe tag.

First the snippet. Alternative 2 is what we'll get. The fascist "elite" will drag us down. Understand this and you understand just about all you need to know. My bolding.

March 31, 2009 | Unregistered CommenterT

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