[lbo-talk] Bloomsberg columnist: Summers Wants IMF to Run $500Bln Hedge Fund

joanna 123hop at comcast.net
Tue Mar 28 21:36:31 PST 2006


The brazenness of it is astonishing. But no worse than the S & L stuff I guess.

Socialize the losses; privatize the gains.

Joanna

Carl Remick wrote:


>> From: Willy Greenfields <filthydirtyunwashed at yahoo.com>
>>
>>>
>> <http://tinyurl.com/mlgfa>
>
>
> Wow, there is no end to smartest-guy-in-the-room Larry Summer's bright
> ideas. It would appear that the whole purpose of this IMF hedge fund
> would be to ensure that there is no domestic political accountability
> whatsoever for speculating with national reserves -- brilliant!
> That's the way I read this excerpt from the article: "To counter
> their misplaced apprehension of risky assets, so they could earn a
> better return on reserves, developing nations require 'some form of
> legitimated international scrutiny and monitoring of central bank
> reserve investments,' Summers said. That opens a whole new opportunity
> for the IMF and the World Bank. They could create 'an international
> facility in which countries could invest their excess reserves
> *without taking domestic political responsibility* for the process of
> investment decision and ultimate result,' Summers said." [emphasis
> added.]
>
> Carl
>
>
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>



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