'Major global downturn' says IMF

[Darat]

Just read this headline about a report from the IMF and although it doesn't make good reading it did make me chuckle.

What's their next report? "Water is wet" says IMF ?



Direct link to the PDF of the report: http://www.imf.org/external/pubs/ft/weo/2008/02/pdf/text.pdf

 

[Francesca R]

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?

 

[Francesca R]

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).