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MacroScope

Shining a light on the dismal science

November 10th, 2008

Whipping up revenge on the bankers

Posted by: Emily Kaiser

Charles Dallara knows he is not very popular these days. The head of the Institute of International Finance, a lobby group representing many of the world’s biggest banks, offered up some advice for Group of 20 heads of states gathering in Washington this weekend — along with a measure of humility.

“I’m not sure that a message from the global bankers is exactly what is on the top of their wish list to receive before the meeting, given the role that financial institutions have played in this crisis,” he said at a press conference.

Dallara’s group wants government to back off from the private sector as soon as the financial crisis permits, but bristled at suggestions that banks have not done enough to acknowledge their part in the crisis or accept the need for tighter regulation.

“We’ve been rather brutal in our own industry self-criticism that some of these practices were not at all compatible and consistent with sound banking practices,” he said. “I don’t know what else we could do other than to get up here with some whips and take turns with lashes.”

Tempted anyone?

October 11th, 2008

Where’s the protest?

Posted by: Julie Gordon

There was a time when IMF/G7 meet-ups were met with hundreds of angry protesters throwing rocks and smoke bombs at police.

How things have changed…

Now the protests are scheduled, complete with press releases and carefully assembled information packets. But while the message is there, the people really aren’t.

Kenny Bruno of Oil Change International

Even without much of an audience, the colorful nature of these well-organized protests guarantees plenty of media coverage to get the message out.

So what exactly is that message?

Oil Change’s Stephen Kretzmann and Dr. Brent Blackwelder of Friends of the Earth talk greenwashing

Is it a sign of the times that violent mass protests are being replaced by media-friendly performance art? Tell us what you think.