The head of the International Monetary Fund urged governments to step up action to stem the global economic crisis or risk delaying a recovery and sparking violent unrest on the streets. Using a speech last night in Madrid to issue his stark warning, Dominique Strauss-Kahn argued that government efforts to tackle the economic downturn so far have been uncertain and largely insufficient, which could lead to severe consequences. He singled out the euro-zone nations as he attacked the inadequate global response. His hard-hitting comments came as fears of a prolonged slumped intensified after China showed signs that its economy could be in more trouble than initially expected next year. Factory output in the rapidly growing economy registered the weakest growth in almost a decade last month. The IMF’s managing director said such news signaled that a world recovery may not take place until late next year or into 2010 unless swift action is taken. “A lot remains to be done, and if this work is not done it will be difficult to avoid a long-lasting crisis that everyone wants to avoid,” he said. Governments in leading economies have been called upon by the IMF to commit a combined 2% of global GDP, equivalent to £1.075bn, to try combat the dangers of a global recession. But the IMF chief blamed governments, saying they were unwilling or unable to use more public funds to jump-start economic activity. “If we are not able to do that, then social unrest may happen in many countries – including advanced economies,” Strauss-Kahn said.
Article Courtesy of Angela Balakrishnan – TheGuardian.co.uk
I like and respect your blog. Would you consider exchanging blogroll links?
I don’t care about whether blogroll links and comments agree or disagree with my views as long as they are witty or intelligent, as your blog is.
The only important thing is that we all have intelligent discussions about how to improve and lift up America for our best possible future, and to lift up every person in America.
Our future is what we make it, and idiot Congress and moron elected officials have proven by example that if we do nothing, we have no future.
It helps to have some entertainment, satire and laughs along the journey.
My blog address is http://franklynchusa.wordpress.com
Simply name it “franklynchusa”
My ideological website is http://www.franklynch.org
Kindly please name it “ Frank Lynch the Futurist “
With passion for our future,
Frank Lynch the Futurist
frank at franklynch dot org
By: franklynchusa on December 19, 2008
at 12:10 AM