April the 2nd 2009, all the important players in the global economy were gathered in London for the 2009 summit. Aces in their sleeves, the 20 leaders reached an agreement to solve the international economical crisis by bailing out the world with a bill of one trillion dollars.
Contrary to their initial assessments and our expectations, the countries of the world did reject their nature call? favoring protectionist measures. To implement successful reforms, the concerned countries had to face the reality by adopting a Keynesian approach to eradicate the downfall spiral.
Contrary to the Great Depression and the 80’s crisis self-centered attitudes, to counteract the brutal economic disruption, governments this time learned their lessons by praising unity and cooperation.
The instrument of their action is summarized in one organization : the IMF. Disposing now of $ 750 billion as pocket money to distribute to its meriting children, the IMF is the winner of the party as the biggest beneficiary. But is it a wise investment considering its resume and background?
Born in the tumultuous postwar era, born from the womb of the Bretton Woods system, its primary function was/is (?) to stabilize the international exchange rates and facilitate the economic development. As a reference when it comes to lending financial aids, the IMF strategy was criticized because of the “conditionalities” clause and the Structural Adjustment programs imposed to demanding countries. With their monetarist approach advocating currency devaluation, inflation strikes, impoverishing the considered country. Tied up to their loan that becomes their debt, governments sell up their national assets at discounted prices!
The IMF as well as the World Bank are tools for the richest countries to put a restrictive hand on? poorest countries natural wealth.
One day was dedicated to save the world. No real measures were taken concerning the economies besides financial regulations attached to fiscal havens, hedge funds…

So, what was it? if not a strict program to control the banking business and the financial sphere. A black list was established omitting deliberately (?) the Delaware, Honk-Kong…(financial havens). Are they real measures or smoke screens?

Nonetheless, the optimism that prevailed in London summit transpired in the different stock exchange places with the increase in value of indexes like the CAC 40…
In September in NY will be the consequence of those intentions, the concretization of those measures, the result of the implementations. Let’s not put our expectations too high, we as individuals will be deceived. The measures are international meaning macro-economic with little influence on the principal actors of the economy, you or I.
Meanwhile, unemployment, foreclosures, inflation are the logic consequences of their restless behavior.

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