IMF Deliberately Lied & Obstructed an Investigation into their EU Policies

The arrogance of those in power is typically beyond belief. Those in the International Monetary Fund have been so biased that their own refusal to review what is going on within Europe has been a great contributor to the demise of the Eurozone. It has now been acknowledged that the IMF’s top staff misled their own board based upon biased misjudgments concerning Greece. Their pro-euro stance blinded them, for they never considered that the structure of the Eurozone might be wrong. They ignored all the warning signs of an impending crisis because they simply never understood modern monetary/currency theory. The IMF lacks anyone with basic trading experience on how the currency markets function and that is the cause of this problem.
The IMF’s tangled political role in the Eurozone debt crisis as a member of the Troika has created a damaging episode in the history of Europe. The IMF’s watchdog has described the organization as having a ‘culture of complacency’ prone to ‘superficial and mechanistic’ analysis. The watchdog traces a shocking breakdown in the governance of the IMF, leaving it unclear who is ultimately in charge of this extremely powerful organization. Now with Christine Lagarde ordered to stand criminal trial in France, the board has once again ignored its duty and merely said it stands by her.

This post was published at Armstrong Economics on Aug 1, 2016.