BEN FRANKLIN AND THE IMF

Here's a headline from a story in yesterday's WSJ: "IMF Renews Push Against Austerity."

The first paragraph, as it should, pretty much says it all.

"Seeking to keep a fragile global recovery on track, the IMF called on countries that can afford it--including the U.S. and Great Britain--to slow the pace of their austerity measures."

Forget horses. Most of these so-called leaders around the globe would give up their fiefdoms for some growth.  Well, maybe that's a bit too strong. These folks never give up anything, especially anything so lucrative and cushy.

But it's safe to say they're feeling some pressure, something the IMF is doing all in it bureaucratic power to ablate.  

In its semi-annual report on growth, the fund warned that across the board cuts, referring to sequester, would be a mistake leading to slower growth. They labeled it the "wrong way" to shrink the budget deficit.

Then they rolled out a few their favorite code terms. One of them is targeted reductions. Most likely in their vernacular cuts is too harsh, too graphic, too exact. These folks thrive on wiggle room.

It's their bureaucratic hyperbaric chamber. Like Count Dracula that's where they spend most of their time. Cuts the fund noted should take place further down the road. They failed to name the road. But a decent guess might be:  Never Lane or Circle Drive.

Keep in mind the IMF is home to more bureaucrats than a national political party convention. Fiscal cuts equals fewer bureaucrat jobs and fewer lush benefits. Slowing or halting across the board cuts is bureaucratic code speak for not right now.

A large fortune awaits some creative entrepreneurial soul who comes out with the first video game called: "Advance the Can." Every bureaucrat on the planet will want one.

If only Ben Franklin were still among us. Ole Ben was known for many things, including his aphorisms.  Here's one obviously most bureaucrats never heard: "A stitch in time saves nine."

http://online.wsj.com/article/SB10001424127887323346304578426502903053768.html