IMF chief warns of new Great Depression

EU Observer ^ | 16.12.2011 @ 09:29 | Valentina Pop

[Olog-hai]

International Monetary Fund (IMF) chief Christine Lagarde has warned the Great Depression of the 1930s may repeat itself unless the EU pulls together and gets foreign help. Fresh unemployment statistics added to the gloom by highlighting the social cost of austerity.

“If the international community does not work together, the risk from an economic point of view is that of retraction, rising protectionism, isolation. This is exactly the description of what happened in the Thirties and what followed is not something we are looking forward to," Lagarde said in a speech delivered to the US State Department on Thursday (15 December).

She said eurozone countries "obviously" need to make "adjustments" in order to overcome the debt crisis, but also appealed to non-European donors, just one day after the US Federal Reserve said it had no plans in contributing to a eurozone bailout. …

[Oldexpat]

She is talking to the wrong people. Fly back to Euroland and make your pitch there. Sounds like they aren’t taking the medicine and are about to revolt. The politicians have finally created an insolvable problem of unwinding the welfare state.

[Made In The USA]

We should donate. Donate the high honor of the UN offices vacating NYC and setting up shop anywhere in Western Europe. How about Spain? I like the wine. UN people like to whine too.

[PALIN SMITH]

History will repeat.

Depression

War between Germany and Russia.

[silverleaf]

Send us money or we invade Poland again!

[bgill]

I have an old Monopoly game. I could send her a million or so if that would help.

[dirtboy]

Correct me if I am wrong, but didn't they claim all of the central bank interventions and stimulus spending and bailouts averted a Great Depression?

Why after over three years are we still tetering on the edge of the same precipice?

[Farmer Dean]

Forget Spain,I hear that South Africa is nice...

[Lurker]

I hear that South Africa is nice...

I'm thinking more along the lines of Khartoum or Abuja myself.

[Utmost Certainty]

Correct me if I am wrong, but didn't they claim all of the central bank interventions and stimulus spending and bailouts averted a Great Depression?

That's what they say…

Why after over three years are we still tetering on the edge of the same precipice?

They—faithful members of the Church of John Maynard Keynes—will tell you that the stimulus spending and bailouts weren't big enough and that governments didn't act fast enough to roll them out. So of course the prescription is that we need more.

[Buckeye McFrog]

just another Euro having a visceral reaction to the thought of austerity

[Uncle Ike]

” IMF chief warns of new Great Depression “

No, you can’t have a new one until you’ve finished the one you’ve got...

And, go wash your hands!!!!

[BenKenobi]

Given that the US is more indebted than they, I would suggest that it’s up to the EU to cover their own debts.

[SENTINEL]

Druing the greta depression, around 12 million Americans died of starvation. About 7 million city folk and 5 million farmers.

Don't listen to what they wants, listen to what they are saying and prepare.

[newzjunkey]

“If the international community does not work together..."

How are all the nations of the European Economic Union unable to cope with the financial crisis of a few member states?

[familyop]

Give ‘em a few hundred tons of US dollars to inflate our currency, then start manufacturing and exporting more from the USA. ;-)

[central_va]

Fresh unemployment statistics added to the gloom by highlighting the social cost of austerity.

Steaming pile.

[RealImmigrant]

There they go again....”Isolation and Protection”. Spoken like a true Free Trader Communist

Free Trader’s cannot grasp that internationalism does not work. If you need an IMF to keep Free Traders and Free Trader nations from going broke....it does not work.

I will take Isolationism and Protectionism over Free Trader support of the UN, EU, IMF, World Bank, NAFTA, WTO..anyday.

God, I am tired of my American tax dollars going to failed Free Trade Communist Globalist organizations