Sunday, June 08, 2014

Yes, Mme. Lagarde, We Would Like You To Grovel

I said that the ever so mild fiscal conservatism of the Cameron government in the UK would a) not result in a slowing economy, b) wasn't really "austerity" and c) would be used mercilessly by the media to lambaste putative austerity and the Cameron government.

Of course, leading the charge of anti-"austerity" and anti-Cameron catcalls was not other than the IMF, the grand poobahs on Euro-Keynesian nonsense.  Alas they got it entirely wrong and now Christine Lagarde has to answer for it publicly.  Her answer is interesting.
Christine Lagarde has asked whether she needs to grovel on her knees before George Osborne over the IMF’s incorrect warnings on the UK economy, as she warned against raising taxes.
“Do I have to go on my knees?” Ms Lagarde, the head of the International Monetary Fund said, when asked whether she has apologised to George Osborne over the fund’s low growth forecasts and calls to adopt a ‘Plan B’ of less austerity – calls the body now accept it got wrong.

Well, yes actually, it would be nice if you did get on your knees and beg for forgiveness, but we'll spare  Madame Lagarde the embarrassing ritual if we could disband the IMF.  Otherwise, yes, get down on bended knee and repudiate your statist, Keynesian nonsense once and for all.


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