IMF warns of threat to global economies posed by austerity drives

[alp227]

The leaders of the International Monetary Fund, the World Bank and the World Trade Organisation on Friday issued a warning about the economic and social risks of austerity programmes in a "call to action" designed to boost growth and fight protectionism.

Expressing concern about the weakness of economic activity and rising unemployment, the IMF's Christine Lagarde, the World Bank's Robert Zoellick and the WTO's Pascal Lamy joined the heads of eight other multilateral and regional institutions in calling for policies to create jobs, tackle inequality and green the global economy.

"The world faces significant and urgent challenges that weigh heavily on prospects for future growth and on the cohesion of our societies," said the statement by the global issues group of the World Economic Forum. It was published ahead of the forum's annual meeting in Davos next week, amid concerns that 2012 will see the global economy flirt with recession as a result of the eurozone crisis.

"Our shared objective is the strengthening of growth, employment and the quality of life in every part of the world," said the statement. "But entering 2012, we worry about: decelerating global growth and rising uncertainty; high unemployment, especially youth unemployment, with all its negative economic and social consequences; potential resort to inward-looking protectionist policies."

full: http://www.guardian.co.uk/business/2012/jan/20/austerity-warning-international-monetary-fund

[3waygeek]

1. Is this the same IMF

that pushed some countries, most recently Ireland, to adopt austerity measures?

[Joe Shlabotnik]

2. that was my first thought too.

Obviously, that's just the press release for the masses. Rest assured that their agenda for next week will be more about installing unelected technocrats, and certainly "boosting growth and fight protectionism" for the benefit of banksters and transnational interests. Their only real concern is the managing the perception of whose interests they truly represent, and keeping their own necks out of guillotines.

[arcane1]

3. Is this some other IMF I've never heard of?

[carla]

6. The current disaster

is NOT of European origin. America made this huge pile of shit and dares to say someone else did it? My dad used to blame the dog when he farted...sheesh. Eurozone crisis? What utter bullshit.

[nanabugg]

4. World-wide greed and corruption have bought all nations to their knees.

The folks with all the money will continue to hoard it because there isn't much left for them to buy and nobody else has anything left to be scammed.

[bemildred]

5. Is this some sort of admission that they have been wrong all these decades?

I thought the whole "austerity" narrative was their invention, their demanded policy?

[DCBob]

7. Well this is progress..

at least they are admitting the austerity stuff might cause more harm than good.

[fascisthunter]

8. So They Now Admit Responsibility Out in the Open

[lunatica]

9. I fear Greece will become the first totally privatized nation

Worldwide economic shock and awe are in full throttle roar.

This is no coincidence or accident. I think it is by design. Own the wealth and throw the population to the curb so most will just either survive by scratching in the dirt or die off and the rest will be useful servants, or slaves.

[lovuian]

10. History shows the slaves figure out

you either die on the side of the road in poverty ...or your fight to death against the rich bastards

but bottom line all you have to lose is your life

its up to you to make the decision how