Do As I Say…

Some people say bad things happen in 3s and it would certainly seem so for IMF Head, Christine Lagarde this week.

First, she told the Greeks off for not paying taxes then she compared the IMF to a payday loan company and finally it has been drawn to the attention of the public that in fact Christine Lagarde does not pay tax in her current role even though she earns more than the President of the United States (who does have to pay tax).

The most disturbing and telling of these three things for me is her comparison of the IMF to a payday loan company.  Payday loan companies are often described as loan sharks due to interest rates reaching heady levels of almost 2000%.  Christine Lagarde went on to describe that instead of charging high interest rates the IMF demands governments open up their markets and sell publicly owned assets in exchange for financial assistance.  In effect, once a country needs IMF financial assistance the IMF decides how much that country can spend on healthcare, education and so on.

One of the most controversial projects the IMF is connected to is demanding the privatisation of water in some of the poorest countries in the world (implemented by British companies) and the IMF admitted severe failings in its handling of the Argentine financial crisis.  One imagines that the more money that is pumped into its bailout fund the more powerful it becomes.


2 Comments to “Do As I Say…”

  1. What a disappointment. I actually thought she knew what she was doing. However, when speaking about Britain’s economy, she was as vague as someone with no knowledge at all. Is this women more right wing that Margaret Thatcher and is going to drive the world into further recession???? The Asian markets are losing confidence this week……

  2. I love that she told the Greeks off! And then saying that actually she was more concerned with starving uneducated children in Africa.

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