Its 2010. Do you know where your IMF is?
"Oh yes -- there it is! It has just been discovered wandering the streets, underemployed, babbling something about...Thailand...Indonesia...Russia.. Argentina..... completely failing to predict the most serious global financial crisis in 80 years... being reduced to advising AfroEuropean disasters like Liberia and Greece. Liberia and Greece !!!"
"Indeed, after decades of abysmal policy advice, IMF economists are now studiously ignored by all of the world's largest, most successful economies, including China, India, and Brazil."
"But wait! There's hope! After decades of intense effort, its 200 highly-paid, entirely tax-exempt economists have just produced a new 2-sector -- 2!! -- model, which proves that Bush-type tax cuts may lead to disastrous increased borrowing, rather than productive spending cuts!"
"Astounding. Who knew?"
"This stunning new work is an existence proof of the need for this vital 1944-vintage Bretton Woods institution-- even if its Global Board is still dominated by "developed" countries that have
virtually ceased to grow."
"With appropriate dissemination, this new paper may even be enough to get "DSK" elected President of France - another emerging AfroEuropean disaster -- in 2012. Perhaps in time to save some Roma!"
Note bene: when a new Republican administration is elected in the US in 2012,one of its many "beast-starving" proposals will be the privatization/elimination of the IMF. This will free its invaluable army of theoretical economists to return to the academic institutions where they truly do belong.
You can download the IMF's new report "To Starve on not to Starve the Beast? here.