'Major global downturn' says IMF

The Washington mob often say that the tonic for such a predicament is to tighten fiscal policy and sell off a bunch of state-owned companies.

We could try cutting public spending by $700bn in the US and £50bn in the UK, and perhaps privatising a few banks and insurance giants?
 
This did not make me chuckle, but the latest (September) IMF assessment of Iceland's economy was: "Executive Directors observed that the Icelandic economy is at a difficult turning point. . . . ".

Now it's facing total bankruptcy unless the same organisation rescues it (or Russia does).
 
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