Global Financial Rescue Mission Is Slow Going

Who ever said we don't follow-up on a theme here at NBfPB...? Awhile back I noted that the world was fortunate enough to have the International Monetary Fund take on the task of saving us from certain financial collapse. Alas, I am sorry to report that after "two rounds of multi-lateral consultations with senior finance ministry and central bank officials..." nothing has been achieved. I know, I know. I am as shocked and disappointed as you are. At least Stephen Roach will go back to being grumpy again.

If the macroeconomy were a Dilbert cartoon, the IMF would be the dopey guy from 'corporate' with 'dotted line reporting' who shows up at your business unit's annual strategy planning meeting and won't shut up.

The good news in all of this is that the IMF has moved from tangibly destructive to ineffective. That is progress in my book.