A Billion Dollar Question

IFIwatchnet A Billion Dollar Question by Roberto Bissio Is at least curious this designation of the IMF, according to which milenary civilisations are "emerging countries", while the United States market is referred to as "mature", whose irresponsible managing -and sometimes fraudulent- of third party savings collapsed the global financial system. During a panel of experts convened on Monday, April 20 by the Economic and Social Forum of the United Nations, it was discussed the issue of why none of the institutions responsible for overseeing the global economy, such as the IMF, was able to alert the world about the imminence of the crisis. The answer lies not in lack of capacity, as everybody knows there are hundreds of bright economists working for that institution. The reasons might be the same as in the old children's story when no minister dared to point that the emperor was naked. Subordinates cannot monitor their boss activities and the crisis exploded at precisely the only country with veto power in the IMF and WB. (more)