GLOBAL MONEY CZAR BARES HER SOUL

Christine Lagarde points out that over the last few years, the IMF's role has grown tremendously. It was an intellectual leader during the crisis, with its early call for coordinated policy stimulus. It has been a flexible financial partner, reforming its lending instruments and making available a record amount of support, totaling about $330 billion. And it is helping build a stronger global economy, through its policy advice and technical assistance efforts. http://venitism.blogspot.com/

Stimulus funds stimulate government, not the economy. Downturn in a business cycle is painful but necessary medicine for restoring equilibrium to the economic system. Reject further lowering of the interest rate (stimulative monetary policy) or any other attempts (for example, deficit spending or stimulative fiscal policy) to stimulate demand.
Governments of many repressed countries, such as the Cradle of Kleptocracy, use marilizardist tools to manipulate netizens. Marilizard Libel is accusing dissident bloggers of treason, Marilizard Spaghetti is hurling charges against innocent people, Marilizard Tower is a stack of imaginary charges to scare a blogger, and marilizardism is terrorizing dissident bloggers. October 18 is the international day against marilizardism, and October-18 Mafia is the marilizardist government of Greece. http://venitism.blogspot.com/
October-18 Mafia is the most disgusting predator of internet on Earth! October-18 Mafia has robbed my computer and files at gunpoint! As the needs of IMF members change, IMF too must adapt. Kleptocracy, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard Spaghetti, and Marilizard Towers are very common in PIGS. Lagarde sees four organizing principles for an IMF that remains relevant — and they all, rather conveniently, begin with C: client-focused, connections, comprehensive, credible.
* First, the IMF must be client-focused. Who are our clients? Arguably, our most important client is the international monetary system. The IMF's Articles of Agreement mandate us to preserve its stability—with the ultimate goal of fostering a healthy global economy and increasing human welfare. But clearly, IMF member countries are also IMF clients. And IMF services them by providing policy advice, financial support, and technical assistance.
Some may see tensions between these two responsibilities. But in today's highly interconnected global economy, domestic policies have in a way become external policies. And so by focusing on the policies needed to stabilize the system as a whole, the IMF can help its members find the policies best suited to deliver strong and stable growth over the long run.
* Second, IMF must understand better the connections — both between and within countries. IMF is just completing a study of how policies in the world's five most systemically important economies — China, the euro area, Japan, the United Kingdom, and the United States — affect stability in others. IMF found, for example, that a successful rebalancing of the Chinese economy — including a stronger social safety net, a liberalization of the financial system, and a stronger currency — would generate positive spillovers for the global economy. IMF also found that the adoption of a suitably ambitious regulatory and supervisory regime in the United Kingdom would strengthen the stability of the system as a whole.
There are also connections within countries that we must understand better — especially macrofinancial linkages. Here too, the IMF has stepped up its analytical work, and is contributing to efforts to build a macroprudential framework.
* Third, the IMF must be comprehensive. When evaluating the strength of an economy, we need to look beyond the standard economic and financial criteria to make sure that we don't miss other factors — such as social concerns, or political economy issues — that may threaten macroeconomic stability.
Now, does this mean that Lagarde intends to turn the IMF into the International Multi-Disciplinary Fund? Not at all. But IMF does need new thinking on the interplay between macroeconomics and these other dimensions, and IMF should draw more on outside expertise in this area.
* Fourth, the IMF must be credible — both in how it works, and how it's governed. Candor and evenhandedness is essential for the IMF to be credible in its monitoring of economic policies. This means that all countries should get fair treatment from the IMF — fair in listening to their views, fair in evaluating their policies, and fair in reporting them to the world.
Credibility of IMF governance is also essential for the IMF to be effective. For too long, the IMF's voting structure reflected the economic realities of bygone days. But this is changing. Last year, IMF members agreed to boost the voting power of the world's fastest growing economies, such that the BRICs will be amongst IMF top ten shareholders. Getting these reforms implemented as soon as possible is one of Lagarde's top priorities.
Civil society was shocked by the brutality and stupidity of October-18 fiasco, initiated by the Ministry of Foreign Affairs of the government of Greece. That's why October-18 Mafia is the new name of the government of Greece! http://venitism.blogspot.com/
Premier Papandreou, godfather of October-18 Mafia, hoodwinks that his mafia will go straight, but nobody believes him anymore! Papandreou did not keep his promise to abolish sinecures, government ownership, kleptocracy, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard Spaghetti, and Marilizard Towers.
Lagarde has made it absolutely clear she does not trust Graecokleptocrats, because they never apply what they vote in the Grand Brothel on Syntagma Square! That's why she sends her inspectors to Athens to see things are done as promised and voted.