Timid U.S., IMF Leaving Europe In The Lurch - Commentary: Global Answers Needed To Fix Euros Dysfunction
By Darrell Delamaide / MarketWatch
WASHINGTON (MarketWatch) — The euro crisis has outgrown the Europeans. The threat posed to the global economy means that the U.S., China and other interested parties should abandon their hands-off attitude and intervene.
Harvard financial expert Hal S. Scott makes a compelling case for such intervention in the International Herald Tribune this week, warning that failure to resolve European conflicts in the past century led to two world wars.
“Europe’s failure twice plunged the world into war,” Scott says in an op-ed in the international edition of the New York Times. “In today’s globalized economic world, Europe’s failure to resolve its financial crisis could plunge the world into economic chaos.”
Reuters
The International Monetary Fund should lead the way to a global solution to Europe’s financial crisis, but Christine Lagarde is a weak leader.
Scott calls for the U.S., China and Japan to lead a global effort, working through the International Monetary Fund, to restructure the euro in a Bretton Woods II conference and mount some sort of Marshall Plan to restore the continent’s economy. Read Scott’s op-ed.
It’s a big-picture idea that has much to recommend it, but unfortunately it’s not likely to happen. Scott’s bold suggestion, however, throws a glaring spotlight on how the crisis has been allowed to grow to such proportions.
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Whistler Blowers, Insiders
What a croc. The only thing that is going to save ( and the US) is for people to stop bumbling off the rest of us. Intervention only means the lazy take us all down with them.
“The International Monetary Fund should lead the way to a global solution to Europe’s financial crisis…..”
If that isn’t a thought plant, I don’t know what is.
Central Banks and the government officials that support them have been working around the world for decades to ensure the infrastructure is in place for the IMF to be the fiat issuer of last resort when the time was right. Obama approving the IMF’s fourth article in the summer of 2009 was the last official move needed to ensure 85% of the voting participants in the IMF were ready for the change. Since then, it’s just been a waiting game.