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Updated: May 15, 2025
Governments ran surpluses. As the IMF puts it: "To err is human and this is as true of private sector investors as anyone else." Anarchy as an Organizing Principle By: Dr. Sam Vaknin The recent spate of accounting fraud scandals signals the end of an era.
The recent upheavals in the world financial markets were quelled by the immediate intervention of both international financial institutions such as the IMF and of domestic ones in the developed countries, such as the Federal Reserve in the USA. The danger seems to have passed, though recent tremors in South Korea, Brazil and Taiwan do not augur well.
The IMF perceived in Europe as the long and heartless arm of the Americans has dismantled the coffee regime and marketing structures causing irreparable damage to its indigent growers, Gaymard said. The CAP, insists Gaymard, does not encourage environmental ills. The policy does not subsidize the husbandry of disease-prone poultry and pigs, nor does it support genetically modified crops.
Conversely, the IMF's refusal to assist Russia in 1998 and Argentina this year should reduce moral hazard. The IMF, of course, denies this.
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