Comments on: Cooperation among economies is fraying, says IMF head

By: Neander

Neander — Mon, 27 Dec 2010 05:23:59 +0000

The heads of bodies such as the IMF will hold stability and cooperation as the highest of values, to the point where these have become absolute in their minds and where these heads are quite happy to sacrifice other human virtues on the altar of their so-called harmonious global society. They have all become Chinese.

Some of us are much less taken by this mediocre hurge towards cooperation at any cost, and would not mind that chaos and pain took center stage, as we see a profound need to unroot fundamental intellectual dishonnesty.

By: calhar

calhar — Sat, 25 Dec 2010 19:45:36 +0000

It would be nice if our economist could explain how this so called growth that some expect is going to happen in a shrinking economy that is increasingly being offshored.Maybe the learned Profesors will come up with a new hokus pokus.

By: breezinthru

breezinthru — Fri, 24 Dec 2010 04:14:33 +0000

I think the cooperation was too good when the Collapse first began. Banks should not have been allowed to slide their toxic assets on to taxpaying citizens, yet it occurred all around the world.

I’m not a lawyer, but I can’t imagine that it was legal. I am dead certain that it was morally wrong. Insolvent banks should have been allowed to collapse. I know it would have caused great financial harm, but so has keeping those insolvent banks alive.

The only difference is that the aristocracy would have been forced to share in the pain which might have prevented further shenanigans down the road. Every MBA student who enters the field of banking and finance has just been taught that they can take whatever risk they like. The cost of any major failures will be borne by people who had no horse in the race.