HJ: A reader on Zero Hedge made an interesting comment, that the IMF is being accused here of not living up to its stated goals and intentions, which are inherently working against positive societal changes. And so, if that is why this gentleman quit, then how is that in any way positive. Thats a great point, however, what is positive is that the image of the IMF in the eyes of the unawakened is being tarnished, which helps the cause of transitioning to a new financial system. The new system needs all the support it can get, and all though this is not direct support, even indirect support can be a major help in affecting a sea change in public opinion. – Truth
By Tyler Durden on 07/20/2012 14:58 -0400
The rats everywhere are now jumping furiously off the titanic, but few had taken the time to write a letter explaining in detail just how cracked and broken the hull really was. This has now changed, with the departure of Peter Doyle, formerly a division chief in the IMF’s European Department responsible for non-crisis countries and currently an adviser to the Fund. Not content with quietly slinking off the scandal ridden organization which has become the butt of all jokes in the international community, where humor about Lagarde’s Louis Vuitton panhandling bag is as pervasive as punchlines about just how incompetent the organization is at actually doing its duty, Doyle has penned the following scathing letter which tears down every myth about the IMF: from its impartiality, to the selection process of its head, to its effectiveness. The letter also contains the following gem: “After twenty years of service, I am ashamed to have had any association with the Fund at all.” Pretty much says it all. This is a scandal in the making, and one which may shake to the core the credibility of the IMF in the context of international organization.