Re: Reuters: IMF chief says global intervention needed on credit crisis

Re: Reuters: IMF chief says global intervention needed on credit crisis

I would add that during times of boom, the one-size-fits-all model dictated that
the
success of the Asian dragons and tigers must have been a "miracle," at least to
the World
Bank.

I would also add that "arrogant incompetence" is not limited to Bush and the
neo-cons and
can be found all around the world. Investment, particularly high-paying
speculative ones,
sometimes lose money, and I believe there is quite a lot of collaboration among
the big
guys to protect their wealth, most often at the expense of the little guys. You
see this both
in the US and Malaysia, and all around the world. In Malaysia in particular,
this is obscured
by communalist rhetoric.

-joanie


In beritamalaysia@yahoogroups.com, pelanuk@... wrote:

At 11:38 PM +0800 4/7/08, Y.W.Loke wrote:
http://www.straitstimes.com/Latest%2BNews/Money/STIStory_224661.html

IMF chief says global intervention needed on credit crisis
April 7, 2008

LONDON - GOVERNMENT intervention at a worldwide level is needed to address
the credit crisis, the head of the International Monetary Fund said.
'I really think that the need for public intervention is becoming more
evident,' IMF Managing Director Dominique Strauss-Kahn told the Financial
Times in an interview on Monday.

and indeed that was the problem in the asian financial crisis, when
the imf, still then touting the washington consensus and
neo-liberalism, insisted on a one size fits all order.

whatever, thank god neo-liberalism is well and truly on its last
legs, possibly really dead, thanks to the merill-lynches, citicorps
and bear-stearns -- and to the arrogant incompetence of the neo-cons
and bush. requiescat in pacem. and no resurrection please. although
the damage is done and, by some lights, it may well take up to a
decade to sort through all that mess.