Saturday, 14 February 2009
Gordon Brown is not the only political celebrity to fashionably use the D-word, for Dominique Strauss-Kahn managing director of the IMF last week evidently used the D-word, whilst on a two-day trip to Kuala Lumpur.
THE International Monetary Fund (IMF) is no stranger to financial and economic crises. Thus, when it recently admitted that this is indeed a grave time for the global economy, those hanging on to the final threads of optimism must have felt shivers down their spine.
He said, steep declines in consumer confidence, global trade, consumption and a number of other economic indicators, paint a bleak picture for the world. And there may be more bad news ahead.
Abrasively conveyed by IMF managing director when he used the D-word, saying the advanced economies are already in a ‘’depression’’ and that the financial crisis may deepen unless the banking system is fixed, he continued; “The worst cannot be ruled out. There’s a lot of downside risks,” he was quoted as saying.
It’s scary considering the IMF has witnessed 122 banking emergencies!
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