However capitalist-minded and ruthless the International Monetary Fund is, at least it knows what it’s doing?
According to the IMF’s own independent evaluation office, which published a report on 9 February, not so.
“As late as the summer of 2008 [just a few weeks before the great financial crash of September 2008], the IMF’s management was confident that ‘the US has avoided a hard landing’ and ‘the worst news’ [was] ‘behind us’...
“The IMF’s [perception] was hindered by a high degree of groupthink, intellectual capture [i.e. deference to the bankers whose dealings it was supposed to be examining critically], [and] a general mindset that a major financial crisis in large advanced economies was unlikely.. The IMF often seemed to champion the US financial sector and the authorities’ policies.. Critical voices within the IMF’s staff... were... ignored”.
Remember this when economic “experts” tell us that the social cuts are “necessary”.
