The BBC trumpeted the IMF’s support for the EU during the referendum, making no mention of course that Lagarde owes her job, not once, but twice, to Osborne’s support, but now, now the BBC has decided all things IMF are not worth bothering about really.
Way, way down on the World page, didn’t make it to the frontpage, we have this small story:
IMF ‘overly optimistic’ of EU bailouts
Doesn’t give much away does it that title? Doesn’t give away that the IMF has been savaged in an excoriatinig report that utterly undermines its competence and credibility. The BBC instead produces a very anodyne analysis and ends up saying all is well with the world….and utterly fails to note that the IMF comes in for serious criticism about its unthinking and highly damaging support for the EU. Who can doubt that a body that produces “superficial and mechanistic” analysis and is a unquestioning supporter of the EU is not one that can be trusted to pronounce on anything as complex and controversial as Brexit….no wonder the BBC doesn’t want to talk about it too much.
What the BBC fails to do the Telegraph thankfully does:
IMF admits disastrous love affair with the euro, apologises for the immolation of Greece
The International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory.
This is the lacerating verdict of the IMF’s top watchdog on the Fund’s tangled political role in the eurozone debt crisis, the most damaging episode in the history of the Bretton Woods institutions.
It describes a “culture of complacency”, prone to “superficial and mechanistic” analysis, and traces a shocking break-down in the governance of the IMF, leaving it unclear who is ultimately in charge of this extremely powerful organisation.
Asia and Latin America are clearly incensed at the way EU insiders used the Fund to rescue their own rich currency union and banking system.
The three main bail-outs for Greece, Portugal, and Ireland were unprecedented in scale and character. The trio were each allowed to borrow over 2,000 percent of their allocated quota – more than three times the normal limit – and accounted for 80pc of all lending by the Fund between 2011 and 2014.
The report said the whole approach to the eurozone was characterised by “groupthink” and intellectual capture. They had no fall-back plans on how to tackle a systemic crisis in the eurozone – or how to deal with the politics of a multinational currency union – because they had ruled out any possibility that it could happen.
“Before the launch of the euro, the IMF’s public statements tended to emphasize the advantages of the common currency, “ it said. Some staff members warned that the design of the euro was fundamentally flawed but they were overruled.
“After a heated internal debate, the view supportive of what was perceived to be Europe’s political project ultimately prevailed,” it said.
This pro-EMU bias continued to corrupt their thinking for years.
At root was a failure to grasp the elemental point that currency unions with no treasury or political union to back them up are inherently vulnerable to debt crises. States facing a shock no longer have sovereign tools to defend themselves. Devaluation risk is switched into bankruptcy risk.
IMF? Useless! I’d rather the KLF! Although they were politically inept with money, too.
The very fact that the BBC gives the story such a low profile shows how significant it is regarding the credibility, if any is left, of the IMF in relation to the eurozone and EU. Understandably the Asian and Latin American members of the IMF are livid. But since when did the EU care about the developing world?
Flexdream,
The EU only cares about ripping off the developing world. I have personal experience of the effect of industrial fishing off West Africa. The EU don’t give a damn about poor people in third world countries. They just do their dirty deals with the corrupt “leaders”. But then the EU is all about exploitation and corruption.
Thank you Alan for this. It is always great to catch up on news I would miss otherwise during the day and in this case I would have for sure.
Makes one wonder what the “IMF’s top watchdog ” was doing while the printing, bale-outs and “groupthink” was in progress. Also this put a smile on my face “leaving it unclear who is ultimately in charge of this extremely powerful organization. ” let me think. I put my money on Goldman Sachs. I think it is a reasonably good bet. I was not sure if the appointment of Mark Carney – Governor of the Bank of England (2013–) and former Governor of the Bank of Canada (2008–2013)[3] was a good idea, but then I though, if you can ‘t beat them, get them in. After all Carney’s actions as Governor of the Bank of Canada are said to have played a major role in helping Canada avoid the worst impacts of the financial crisis that began in 2007.[18][19] according to WIKI.
A valuable ex Goldman employee would know what to do if “poo” hits the fan.
No matter what subject to discuss, my vocabulary always alludes to certain words. Criminal, delusion, wrong, why, madness, treacherous, liberalism, neglect, and help
An important report will be published this evening at 9pm (note the timing, well after markets have closed for the week, and when it is less likely to be picked up by daily scribblers) by the European Banking Authority (yet another EU institution which is rarely in the public eye). This is a report on EU-wide banking stress tests. The report will include detailed balance sheets and exposure data as at the end of 2015. We can expect that this report will reveal some of the key bank vulnerabilities in some of the southern EU nations (not just in Italy) and with one German bank in particular. As I have reported before, Deutsche Bank shares have been on the slide for three years, and fell by 60% in the last twelve months. Post tax profits are down 98% to £17m. The bank has a derivatives portfolio of £35 TRILLION, and were it to fail it could trigger another global crisis. Forget BREXIT, this is the real economic vulnerability in Europe and while our own banks are stronger and better prepared than before, the sooner we withdraw from the EU and its euro-induced vulnerabilities the better.
Gunner,
Many thanks for that tip-off. We should all keep an eye on how the BBC report this or not, as the case may be !
I winced a bit, Gunner, when I saw that the BBC describe the DB results as ‘profits collapse 100%’! Glad to see you get it right.
Just a thought (although I probably should post this on the main Weekly/Weekend Threads), what if the BBC ditched a load of its distinctly ‘under-performing’ staff and employed B-BBC members in their place? Kamal Ahmed and Simon Jack have had a really poor week or month, even.
DB is a black hole that could suck a great deal of Europe into it. What is truly remarkable is that we have had warnings, especially from Europe, via bank failures a long time before 2007-2009 and nobody in power, Gordon Brown and the EU hierarchy especially, paid the slightest bit of attention.
BTW, do you hold with the view that the EBA stress tests were completely fudged in the first couple of years after 2009?
Up2. I used the word “reveal” with regard to tonight’s EBA report, but not because I think the report will be crystal clear, but rather because the balance sheet info and the exposure data should (ought to) tell their own story.
BREXIT has become the excuse of first resort for politicians and business execs who either have had bad news to pass on or who want to do things which will incur the wrath of their constituencies, customers or staff. The Lloyds Bank story yesterday being a case in point. Lloyds have been running their “Simplification” programme (a euphemism of Double Speak proportions which means staff reductions and branch closures) for several years and further reductions had already been planned through to 2017. Closures to date have already helped Lloyds increase their profit margins considerably but one can imagine that both customer and union resistance may be increasing, so a bit of BREXIT cover comes in handy. And a cheap shot for Brussels BC too.
Hide it, or discover that famous editorial integrity, no space, no time, not enough money or staff means that it really can’t be mentione at all as ‘not newsworthy’ ((c) A. Newsroom Tealady)?:
https://bbcwatch.org/2016/07/29/why-bbc-accuracy-matters-for-its-funding-british-public/
Guest,
Let me translate Chris Grayling’s reply ” We are not going to do anything “.
For me the most telling aspects of the report is the section you listed above:
“Before the launch of the euro, the IMF’s public statements tended to emphasize the advantages of the common currency, “ it said. Some staff members warned that the design of the euro was fundamentally flawed but they were overruled.
“After a heated internal debate, the view supportive of what was perceived to be Europe’s political project ultimately prevailed,” it said.
In other words, when it came to judging the Euro politics over ruled economics – just like the BBC
Luckily, impartiality is in their DNA.
http://www.conservativewoman.co.uk/mark-ellse-bbc-abandons-all-pretence-of-balance-and-threatens-post-brexit-riots/
Excellent reminder Alan, of how the BBC fails in its role as the British (not EU or Corbynista) National Broadcaster, which should inform the British public of important matters relevant to their country. The IMF interfered in a blatant and political way before the Referendum in order to influence the vote. Why you might ask? Well, Lagarde is a useless Managing Director for a start, heavily obligated to Osborne and pro-EU at all costs . Moreover, as the Telegraph article points out, the Board Directors are. collectively, being hoodwinked by staff and there is consequently a failure of corporate governance at the IMF. Lagarde was a blatantly political appointment. Politics is always involved here, notably in the habit of appointing French politicians or bankers to the role. This must stop from now onwards. Moreover Lagarde is a slick and possibly corrupt corporate lawyer, not a banker or economist. She was simply not up to the job.
The IMF has always been a second best solution to the problem of international payments problems and currency stability. The proposal for a bank-based Clearing Union, devised by John Maynard Keynes during WW2 and advocated by Britain against American opposition, was always a better structure. Interestingly the American Harry White, who devised the IMF, was a secret communist, Now is the time to reform the IMF and move towards a Clearing Union type solution.
We have the worst violent crime in Europe and worse than USA and south Africa. Multiculturalism is not working. We need to protect and strengthen the frontline. Police, army, social workers, prison officers, and Israel.
Mackers,
Jesus, worse than SA ? And that is based on UK govt. figures, so the reality is even worse.
I would dispute the South Africa claim. Let me tell you of some of my own personal experiences.
I lived and practiced my profession in the small city of Pietermaritzburg for 20 years. A city in which my Yorkshire gr-grandparents were pioneer settlers in the 1860’s.
It has been listed as the second most violent place on the planet this year and for good reason.
After St Nelson became President all semblance of law and order disappeared down the plug hole in a storm open political and tribal violence. At the centre of this the ANC.
The first case I bear witness to was in 1996. An ANC official (read war lord) liquidated 68 members of the Inkatha Freedom Party in the Richmond area between 1992 and 1995. Said official was brought to trial in 1996. The State had some 80 witnesses. The defence council, under SA law was allowed access to witness statements and personal details for the purposes of preparing a defence. The State was unable to protect these witnesses and during the trial not one single witness testified because they were all murdered.
The State was forced to abandon the case because of a lack of witness testimony. When the defendant left the High Court steps he killed in a hail of gunfire from men carrying AK47’s. They were never found.
I was friends with the CID head of Murder and Robbery. He had 10 detectives and each had at least 2 new murder dockets land on their desks daily. Only those with clear forensic and witness statements were ever followed up.
The second instance involved a colleague who had a business down the lane off the main High Street. Two robbers held up a bank with AK47’s. Police in the area engaged them with military grade weapons and in the gun fight 3 civilians were killed in that lane along with one of the robbers. The other was never found.
I was also friends with the head of Organized Crime Unit. In 1998 he had over 300 political and Government employees under investigation for corruption. All tied to the ANC. One evening he had a visit at his home in the presence of his wife and young daughter by 2 agents of the National Intelligence Agency. They suggested that these investigations were “unhelpful in the progress towards the equality programme” and implied that they were better equipped to deal with it. It was suggested that his wife and daughter might not be safe under the circumstances.
Sorry, but that really is abject nonsense.
You need to examine the various official definitions of “violent crime” used in different countries. You will find massive variations.
The Daily Mail tried to peddle this rubbish six or so years ago. It was disproved and ridiculed at the time and, frankly, I’m surprised to be still hearing it.
…. Or one might say in relation to the Independent article link below that ‘Everyday is a good day to make up a story about something that doesn’t really exist.’
The Independent (of reality) is having a bad time of it of late. No-one reads it apart from childish drama students so it has had to resort to online readership only…. and for a paper that is based in England isn’t strange that they seem to consistently relish the opportunity to criticise the English white working classes as bigots so much whilst associating the English flag with ‘racist’ behaviour? I always say to these self-loathing, guilt-ridden leftie assholes: if you hate England so much why don’t you sod off to another country and take your Ryvita salads and hobnail boots with you? However, the Independent is very quiet on instances of anti-English racism from ethnic minorities. Perhaps if they had recognised that racism cuts both ways and supported the English working classes a little more their god-awful toilet roll of a newspaper might still be popular enough to sell a few copies.
http://www.independent.co.uk/news/uk/politics/brexit-racism-uk-post-referendum-racism-hate-crime-eu-referendum-racism-unleashed-poland-racist-a7160786.html
Yes, a joke. I put up the following: 500….. In five weeks – ie, 100 per week… In a population of 65 million…. WOW!!!!!! That’s a lot….. of shite! Where was the fantastic Independent reporting on an increase of racism against Jews by Muslims in certain areas? Last year… Where is the fantastic Independent reporting on people in marches chanting Death to the Infidel? At a usual number of about 500 participants, that makes 500 hate crimes there and then! But, hey! That’s done by the Religion of Peace’s followers. so, that’s OK, isn’t it….. It is “awaiting moderation….” The good point is – not many commentators actually support the stance taken by the Independent
More stuff you won’t see on the beeb: attack at a job centre in Cologne yesterday involving a number of asylum seekers; vicious stabbing at a department store in Cologne today. Strangely no details are given about the attacker, but they do know his age, 58 (?!) Of course, no link to terrorism, just another disgrunteled shopper, probably called David-definitely-not-Ali.
http://www.express.co.uk/news/world/694628/Cologne-stabbing-knifeman-kitchen-blade-stabs-shop-worker-Germany
Oh, and German police raid Mosque accused of radicalising Muslims. Mustn’t report THAT in the UK, might give our own coppers ideas.
http://www.dailymail.co.uk/news/article-3711543/German-armed-police-smash-way-mosque-raid-homes-group-accused-radicalising-Muslims-grooming-jihad.html?ITO=1490
Big Brother
I was blocked from accessing Biased BBC at a council library today:
Access to the requested web page (http://biasedbbc.tv…) has been blocked as it is categorised as Profanity…
peter,
That is interesting. Did you try and access even more profane sites than this to see if they were blocked ? On the other hand , I suppose any criticism of the BBC is profane for some people.
I didn’t have time to experiment with other sites. Worrying development though.
ptg
Development.? Have you been able to access this website hitherto?
I find that surprising, the library is, or at least was until the creation of the internet, the place to go for information.
Thus a high priority target for lefty dodgy dealings, cannot have the proles accessing reading material that counters the Marxist “truth”.
I doubt if the censorship is based on what most people consider profanity. Otherwise few websites would be accessible.
Never tried before.
When leftists speak of ‘our NHS, our libraries and our schools’ they know that these institutions are controlled by their ilk. They truly BELONG to them and like all leftist rhetoric mask their control by appealing to the masses.
Plastic.
Exactly
If profanity, a quick review of the last 24 hrs post history reveals the culprits.
I believe it is called ‘poisoning the well’. Crude, and hence effective.
However I suspect access criteria from public resources are governed more by the same integrity filter as BBC editorial.
Guest,
You can bet the BBC and the Left would close this site down if they could. They must hate it !
Grant, Guest,
Maybe they will. If Jerrod et al report back to the BBC and a case is made to the Appeaser, it might turn up on her list of extremist sites to close down
GWF,
That would not surprise me ! I would not trust that woman one inch !
yes … i noticed 3 weeks ago
Google : PRX Proxy ..pick one and login to this site
B-BBC banned ? Google PRX proxy, then select one and login to BBBC
..I noticed 3 weeks ago the problem ..this library also banned viewing of that Conservativewomanwoman blog page also
..I wouldn’t go all conspiracy theory yet.
Am copying this from another thread, needs saying:
Recent op article in Grauniad (or Indie, I forget) was effusing over the ‘moderate’ ‘restrained’ French reaction to the gruesome ritual slaughter of the priest, which ‘showed true Christian spirit of forgiveness’ bla bla.
Don’t believe a word of it. I checked some French blog sites: they are INCANDESCENT with rage!
Dust down those guillotines, citoyens.
Allons enfants de la patri-i-e … Marchons, marchons, qu’un sang impure, Abreuve nos sillons.
English lyrics
Arise children of the fatherland
The day of glory has arrived
Against us tyranny’s
Bloody standard is raised
Listen to the sound in the fields
The howling of these fearsome soldiers
They are coming into our midst
TO CUT THE THROATS of your sons and consorts
To arms citizens Form your battalions
March, march
Let impure blood
Soak our furrows…
Thanks Peterthegreat, I’ve been wondering what ordinary French and Germans are saying off the mainstream media. Unfortunately my grasp of both languages is not sufficient to get a clear picture and I don’t know anybody in those countries. In the UK there still seems to be those saying ‘it’s all the fault of the west’ (although this seems to be lessening). Is there anything similar in France?
Well I did stick around on Any Questions for as long as I could.
Near on twenty minutes-not bad…waited until Tim Martin had tries to tell us why Cornwall voted to leave the EU.
But what would he know?
He lives in Devon and makes a living on his own, without taxpayers money.
So he spoke to silence, and even scoffing from the “audience”.
Can only guess that the REAL Cornish are actually doing something else this Friday night…and the Guardian holiday homes lefties have blagged all the tickets to the show.
Ah well-Trump will stick their fat heads back up their own arses in November…until then, best to listen elsewhere…Radio 4 are a disaster.
More militant feminism on today’s Any Questions. It’s the BBC’s genius to trawl the mainstream and political activists likely to make one grind one’s teeth in rage. Cue militant feminist Corbyn-sympahtising Green MEP Molly Scott Cato – no me neither. An Oxford educated PPE student now a lecturer in green economics.
Don’t tell me the left-leaning establishment is not a very deep well indeed. Cue the usual agenda of militant feminist propaganda from these stormtroopers as they stomp their way through our public life. Truly horrifying.
Apart from Gil Scott Heron…has anybody with a double barreled name NOT been a toff or a Lefty?…if you can`t decide on which surname you want…or which of two blokes is the father of the likes of Molly( now THERE`S a name that reeks of toytown lesbian leftihood!)…than what use are you to the rest of us?
Just a theory….
As for the name Cato…say no more…Green Hornets sidekick wasn`t he?
Bloody West Country lefty liberal fusion of wankpads…from Jeremy Thorpe through John Pardoe and up to Paddy Ashdown…Molly won`t even get a name check in future years seeing as she`s never been elected in her own names…just an MEP list of muppets for the Eurostar jamboree.
At least David Laws fiddled his expenses…Molly`s probably Natalie Bennett on scrumpy…well at least the Tories will be in for ever.
That Any Questions bunch of audience braying need a visit from the good lads of St Austell..who actually DO work for a living, as opposed to sniff Polly Toynbees hydrangeas for a lark…Will now knock Cornwall off my tours, until they get some decent people round Falmouth again.
No mention yet on bbc website of the anti-Merkel / anti-open-door demo in Berlin.
Mustn’t give the fascists the oxygen of publicity.
Or perhaps waiting for some Far-Right group to do something stupid.
Which, sadly, they will sooner or later. Then the beeb will be all over it like a rash.
peter,
When are the Germans going to get rid of Merkel ? She is the biggest problem in Europe now .
The Germans are still torched souls of the past, brough up to make up for their sins of the last century so I think they will keep her till elections come along.
Grant /WTF
Yes, their war guilt has created a strange psychosis in them. It’s that that was partly behind Merkel’s absurd policy in the first place (Look how nice we are!) – as well as hard-nosed economics and demographics (need for young work force with an ageing population). And it’s that same war guilt and terror of appearing racist that has prevented mass demonstrations demanding she go NOW, and close the border behind you! There was a demo in Berlin yesterday, completely ignored by beeb of course, but from the footage I saw it looked pretty small. Their supine acquiescence amazes me. But not forever.
Mind you, the UK has no war guilt but we are just as paralysed by political correctness. Sweden likewise, even worse. I’m Nice Please Like Me Syndrome? A sort of feminisation of politics? But suppress common sense and normal, legitimate self-interest long enough and dark forces will start to brew.
Am I being paranoid or does the bbc account of Ansbach suicide bomber (below) sound like:
1. He committed suicide cos he was so upset about being sent to Bulgaria. (Not that bad is it? Some nice beaches there.)
2. He committed suicide cos those nasty German racists wouldn’t let him into their Aryan music festival.
3. The 15 injured were collateral damage, quite accidental.
4. He just happened to have a bomb in his rucksack.
So the narrative has completely shifted from ‘murderous Jihadist tries to cause carnage at music festival’.
Whatever happens we mustn’t suggest Jihadis are sneaking in as asylum seekers.
How does an innocent asylum seeker even know how to make a bomb and where to get the materials?
Post still on beeb website at time of writing: http://www.bbc.co.uk/news/world-europe-36880758
Ansbach explosion: Syrian asylum seeker blows himself up in Germany
A failed Syrian asylum seeker has blown himself up and injured 15 other people with a backpack bomb near a festival in the south German town of Ansbach.
The 27-year-old man, who faced deportation to Bulgaria, detonated the device after being refused entry to the music festival…
I guess to a 24 year old junior Beeboid reporter, ‘being refused entry to a music festival’ is social death and therefore justification for suicide. It would be the equivalent of excommunication to a medieval person.