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Showing posts from January 25, 2015

Prancing in Davos

Tonight, I switched from al Jazeera International to BBC World Service.  It took about twenty minutes before I quit with disgust and switched back.

Here's what I saw.  Somewhere at the World Economic Forum in Davos, there was a stage lined with eight armchairs ready for a live BBC program.  Seated on the stage were Christine Lagarde, the current IMF director, a pretty African woman, likely representing the developing world, and several very important looking white men.
I started watching the BBC Davos report when Ms. Lagarde made her points:  IMF is now anything but business as usual.  Three IMF economists did a lot of analytic work and arrived at the following conclusions: (1) Extreme income inequality is bad for economic growth, (2) income redistribution is good for growth, and (3) jobs for the masses keep people engaged and are good for sustainable growth.

She told us that these points were met with great disbelief and scorn by her IMF colleagues, who told her: "This is n…