IMF Chief Economist: impact of austerity underestimated

IMF Chief Economist apologizes for underestimating impact of austerity on Greece and other European economies. Oh, you don’t say!

Well, on one hand, one can say “how has it come to be that this was unknown”, and on the other hand, one can say “I’m not surprised that they ‘didn’t know'”, and on a third hand (the one behind the scenes), one can say “it was willful ignorance or done intentionally and they’re now just playing like it was an accidental misjudgment”. Ah, whatever… money changes hands when the market moves, regardless of why it moves. At this point, the article is just confirming what was already obvious to the professional traders of the world.

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/01/03/an-amazing-mea-culpa-from-the-imfs-chief-economist-on-austerity/

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