Former French Finance Minister and now Managing Director of the International Monetary Fund, Christine Lagarde, admits she got it wrong.
In a recent interview with the BBC Legarde, a bureaucrat's bureaucrat, admitted, sort of, that those geniuses at the IMF underestimated the UK's austerity program and it's future impact on Britain's economy, according to Bloomberg.
A year after the IMF’s chief economist, Oliver Blanchard, said U.K. budget cutting risked “playing with fire,” the Washington-based lender said in April the U.K. economy will grow 2.9 percent this year, the fastest pace among the Group of Seven nations.
Legarde, politician that she is, skirted the issue when asked if she had apologized to the UK's Chancellor of the Exchequer George Osborne, replying: " Do I have to go on my knees?"
Just remember the IMF is one big bureaucratic morass that likes to go around telling others what they should and shouldn't do. That meets the definition of a Brussels or a Washington bureaucrat in our lexicon. It also qualifies as being quite dangerous.
No comments:
Post a Comment