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Euro Zone Crisis: The IMF’s Failure, The March of the Unemployed (Video)

Euro Zone Crisis: The IMF’s Failure, The March of the Unemployed (Video)

An International Monetary Fund economist, Peter Doyle, who said he is leaving the institution after twenty years of service, has written that he is “ashamed” of being associated with the fund and accused it of having failed to address the deep challenges facing Europe:

“The consequences include suffering — and risk of worse to come — for many including Greece, that the second global reserve currency is on the brink, and that the fund for the past two years has been playing catch-up and reactive roles in the last-ditch efforts to save it.”

Doyle was a division chief in the European department, overseeing Denmark, Sweden and Israel. His June 18 letter was addressed to a senior member of the IMF board, Shakour Shaalan, as well as to IMF and government officials and Bank of Israel Governor Stanley Fischer; CNN first reported about his letter.

“Tainted” is how Doyle describes Christine Lagarde, the managing director of the IMF, as “neither her gender, integrity, or elan can make up for the fundamental illegitimacy of the selection process.”

Like her predecessor, disgraced politician Dominique Strauss-Kahn, Lagarde is French. During deliberations about who would be the IMF chief after Strauss-Kahn resigned when Nafissatou Diallo, a New York City hotel maid, accused him of rape in May of 2011, the possibility of an individual from a developing nation had been raised. But a “tacit agreement” between the US and Europe has meant that the IMF head is a European and the head of the World Bank, an American, notes Agency France-Presse (via Raw Story).

Certainly the ongoing debt crisis in the euro zone has consumed the IMF’s energies, at the expense of other nations including Egypt, whose economy has floundered after last year’s revolution.

The human toll of the debt crisis becomes more apparent every day, with every news report. Thousands of jobless Spaniards, some of whom had marched 500 kilometers (about 310 miles), filled the streets of Madrid this Saturday to protest 65 billion euros ($80 billion) more in austerity measures — including cuts to wages and unemployment benefits — announced on July 17 by Prime Minister Mariano Rajoy:

“They pee on us and tell us it’s raining,” read one yellow sign waved by the jobless protestors on Saturday.

“I can’t tighten my belt and drop my trousers at the same time,” read another.

While euro zone finance ministers approved a 100 billion fund to rescue Spain’s failing banks on Friday, the euro still fell to new lows. Also indicative of a vote of no confidence in the euro bailout bid was a resulting rise in Spain’s borrowing costs, to above 7.2 percent. Credit ratings agency Egan Jones downgraded Spanish bonds to junk status after which the Madrid stock market experienced its biggest one day fall in two years.

Spanish officials had predicted the GDP would rise 0.4 percent in 2013 but are now saying this projection was too optimistic and the economy will instead contract by 0.5 percent.

These two video below shows Spaniards protesting in Madrid on July 21 in the “marcha de los desempleados” (“march of the employed”).

 

 

Related Care2 Coverage

Euro Zone Crisis: The Can Stops Here

Euro Zone Crisis: Wildfires in Greece

Euro Zone Crisis: Pay Cut For Spanish King, No Time For Siestas

 

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Photo taken in Madrid on July 21, 2012, by Popicinio_01

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13 comments

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3:36AM PDT on Jul 23, 2012

We have come to a point where the capital/money markets define the financial evolutions of countries and play games to increase profits .
But European Union should be about people and nations and not about banks bankers loans and money !

3:14PM PDT on Jul 22, 2012

We've put the wrong people in charge of us.

10:42AM PDT on Jul 22, 2012

I'm glad Peter Doyle is finally coming clean with the truth. Will anyone else at the top wake up>

6:19AM PDT on Jul 22, 2012

I find the mess and the greed overwhelming.

6:17AM PDT on Jul 22, 2012

Before someone can help clean,some other house,they should first clean their own...

6:06AM PDT on Jul 22, 2012

WHAT WERE THESE PEOPLE WARNING US ABOUT?

'The study of Money, is one in which complexity is used
to evade truth, not to reveal it"
John Kenneth Galbraith

"The bankers own the earth. Take it away from them, but leave them the power to create money, and with a flick of the pen they will create enough money to buy it back again.

However, take away from the the power to create money, and all the great fortunes like mine will disappear, for this would be a happier and better world to live in.

But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money."
-Sir Josiah Stamp
Former Director of
the Bank of England

"I believe that banking institutions are more dangerous than standing armies...
If the American people ever allow private banks to control the issue of currency,
the banks and corporations that will grow around them, will deprive the people of their property until their children wake up homeless on the continent their fathers conquered"
Thomas Jefferson

"The issuing power (of money) should be taken from the banks and
restore to the people, to whom it properly belongs"
"The government should create... all the currency and credit needed to satisfy
the spending power of the government and the buying power of the consumers... Money will cease to be the Master and will then become servant of humanity"
Abraham Lincoln

6:00AM PDT on Jul 22, 2012

WHAT WERE THESE PEOPLE WARNING US ABOUT?
It is about the FRAUDULENT nature of the Fractional Reserve Banking System we use today, whereby Private Banks create the Money Supply as loans.


"Until the control of the issue of currency and credit is restored to government and recognized as it's most conspicuous and sacred responsibility, all talk of sovereignty of Parliament and of democracy is idle and futile...Once a nation parts with the control of it's credit it matters not who makes the laws...Usury once in control will wreck any nation."
MacKenzie King,
Canadian Prime Minister

"There are two ways to conquer and enslave a nation,
One is by the sword. The other is by Debt"
John Adams

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
Henry Ford

"I have never yet had any one who could through the use of logic and reason, justify the Federal Government borrowing the use of its own money"
"There is not a single person within range of my voice, who does not know the Federal Reserve is an illegal organization that puts people in debt unnecessarily"
Wright Patman
US Congressman

"History records that the money changers (bankers) have used every form of abuse,intrigue, deceit and violent means possible to maintain their control over government by controlling Money and its issuance."
James Madison

'The study of Mone

5:48AM PDT on Jul 22, 2012

Of course it's a failure it's run by the U.S.

5:45AM PDT on Jul 22, 2012

Richard B.
YES Desempleados means Jobless.
---------
Stephen B.
Your are ABSOLUTELY wrong.
Your judgement is based on the wrong assumptions. The IMF has been unmasked for many years as having the function to deceive and ensnare countries into a debt trap. John Perkins explained it well in his book CONFESSIONS OF AN ECONOMIC HIT MAN, this is actually old news.
Not only Spain, but the whole world is suffering from a 100 year culmination of the largest gigantic PONZI scheme ever, that started in earnest in 1913 when the FED and the IRS were established by the CABAL you so gallantly are dismissing because of your inability to shed the Main Stream false narrative we're dished out day in and day out in the Tely..

The creation of Money is the key to understanding how the Cabal reigns over everybody else.

This means THE PEOPLE ON THE STREETS IN SPAIN KNOW MORE THAN YOU WHAT'S HAPPENING.

To explain in detail what I am saying watch these videos in FULL.

A Simple Solution to the Debt Crisis
http://www.youtube.com/watch?v=CrKV6bfqOck&feature=player_embedded

Debunking Money - Myth and Machiavelli 1 of 5
http://www.youtube.com/watch?v=5iBSBVew-3Y

RENAISSANCE 2.0
http://csper.org/renaissance-20.html

WHAT ARE THESE PEOPLE WARNING US ABOUT?

"Until the control of the issue of currency and credit is restored to government and recognized as it's most conspicuous and sacred responsibility, all talk of sovereignty of Parliament and of democracy

5:13AM PDT on Jul 22, 2012

Does " desempleados” mean "jobless"?

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Kristina Chew Kristina Chew teaches ancient Greek, Latin and Classics at Saint Peter's University in New Jersey.... more
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