When do we, the people of the world, stop listening to these self-serving jackasses who caused the distortions that the world now suffers under in the economic realm and stop trying to protect those who stole their wealth from everyone else?
“Downside risks to the outlook have increased, particularly for emerging market economies. Against this backdrop, policy priorities have taken on even more urgency since we last met in April,” IMF Managing Director Christine Lagarde said after a meeting of top finance officials from the Group of 20 largest economies.
“A concerted policy effort is needed to address these challenges, including continued accommodative monetary policy in advanced economies; growth-friendly fiscal policies; and structural reforms to boost potential output and productivity,” Ms. Lagarde said.
Note: In the United States when one removes the debt addition from GDP, which you must do under the basic laws of mathematics in order to get an honest view of economic output, there has been an effective zero net real economic growth per-capita since 2007.
Yes, there has been nominal growth. But instead of the reported roughly 3% rate it is in fact approximately 1% when one adjusts for the new (increased) amount of debt. Since all dollars are equal in the economy when it comes to their purchasing power, whether produced by new debt or production, one must subtract all of those new dollars before attempting to compute GDP change in order to have an invariant unit in which to denominate economic output.
This is basic first-year algebra.
GDP($) = C($) + I($) + G($) + (X-I)($)
To get an invariant-unit result from GDP today in relationship to 2007 (that is, how much economic output has actually changed) one must adjust the “$” term so it is the same today as it was in 2007. Since all money is issued as debt in a modern economy and The Fed issues a document called the “Z1” all the data necessary to do so is available to us.
If you bother to do this (as I have and written on the exercise) you find that all the so-called “policies” since 2007 have not led to one shred of economic expansion in the United States on a per-capita (that is, per-person) basis.
Got that folks? Not one bit of economic growth has occurred.
What Lagarde is pushing here is a continuation of theft from you, the common man and woman, under knowing and intentional false pretense.
For this she, and her cohorts in governments and at central banks, deserve derision and prison, in that order.