IMF warns G20 over protectionism in veiled criticism of Trump
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Thread: IMF warns G20 over protectionism in veiled criticism of Trump

  1. #1
    Join Date
    May 2017

    IMF warns G20 over protectionism in veiled criticism of Trump

    IMF warns G20 over protectionism in veiled criticism of Trump

    The International Monetary Fund has warned leaders in the run-up to the G20summit in Hamburg that they are putting at risk a recovery in global growth by pursuing national policies at the expense of internationally agreed rules on trade and climate change.

    In a barely veiled attack on the US president, Donald Trump, and his Russian counterpart, Vladimir Putin, who are expected to meet for the first time in the German city, the Washington-based lender of last resort said the “myopic pursuit of zero-sum policies” would prove damaging to all countries, including those that adopted them.

    Leaders of the G20 group of countries will meet on Friday amid growing concerns about the negative effects of globalisation on lower-income groups and developing countries.

    The IMF said the global economy was on an upswing and, in the short term, trade and GDP growth were expected to improve this year. But it warned that risks to growth remained, including from protectionist polices and a failure to cooperate in areas such as climate change.

    It said: “A well-functioning multilateral framework for international economic relations is another key ingredient of strong, sustainable, balanced and inclusive growth. Myopic pursuit of zero-sum policies can only end by hurting all countries, as history shows.

    “Because national policies inevitably interact in a number of vital areas, creating strong spillovers across countries, the world economy works far better for all when policymakers engage in regular dialogue and work within agreed mechanisms to resolve disagreement,” it said.

    Germany, which is chairing the G20, has mobilised thousands of police and deployed water cannon to deal with the huge influx of protesters expected.

    The G20 was set up after the 2008 financial crash to provide a broader and more inclusive institution than the G7 group of rich states. Its membership represents about 85% of global GDP and includes Argentina, Brazil, Canada, China, India, Turkey and several European Union countries, as well as the EU being a member itself. Theresa May is expected to arrive at the summit on Friday.

    In a blogpost to accompany the IMF report, the body’s managing director, Christine Lagarde, said: “Countries need to look for ways to guard against risk, accelerate growth, and leverage the power of international cooperation. No country is an island, and policies taken by any nation can resonate stronger and last longer with coordination from the other G20 members.”

    Lagarde is known to be concerned that many of the imbalances in the global economy that gave rise to the 2008 financial crash have yet to be addressed, especially the disparity between those countries with huge savings and those with persistent debts.

    The report contrasts China, which it accuses of triggering a rapid expansion in output with borrowed money, with German policies that inhibit investment in infrastructure and encourage excessive saving.

    Lagarde is also concerned that European banks continue to lack the reserves needed to ward against another crash, and US banks will return to reckless lending under plans by Trump to loosen regulations.

    The report said: “A broad rollback of the strengthening of financial regulation and oversight achieved since the crisis could lead to lower capital and liquidity buffers or weakened supervisory stances, with negative repercussions for global financial stability.

    “In the medium term, failure to lift potential growth and make it more inclusive could damage social cohesion, and – in a self-defeating feedback loop – make it even harder to find the political consensus for necessary reforms.


    Last edited by pusinsbiz; 07-06-2017 at 12:53 AM.

  2. #2

    Re: IMF warns G20 over protectionism in veiled criticism of Trump

    The term Globalization, after all the bs is boiled out of it, equals nothing more than an organized monopoly hellbent on the theft of everyone else's wealth. It's illegal when private businesses collude to do this. Oddly enough it's okay if a group of governments cowing to the decree of the IMF colludes to do EXACTLY the same thing in the name of Global Growth.

    "Global Growth" is a false term some knucklehead appointee dreamed up to put a positive spin on outright thievery. "IMF" translated equals "New World Order", which translates further as Shadow World Government, which translates even further still as a group of purely megalomaniacal wastes of human flesh practicing a game of chess made up of live pawns with the intended end result being the permanent enslavement and shackled servitude of anyone who's not a major elite of that group. Boiled all down this equals organized crime, it's just on a global scale. Pretty easy to see when you remove all of the nonsense filler from the equation. See how easy that works? Seem oddly familiar?

    Myself, my hat's off to anyone who thumbs their nose at any such organization, no matter their reasonability or lack of. It doesn't mean I agree with them on all, or for that matter even a tiny piece of their reasoning, but I can certainly appreciate any proverbial wrench that increases friction on the rotating cogs of Globalization.

    Globalist elites personally provide nothing of value to the "global society"for which they make every attempt to manipulate. They in-fact do exactly the opposite by conning the working portion of the global society. So much so that, if they all permanently disappeared tonight, everyone left remaining would awaken to a truly better global society tomorrow, whether by the direct, or indirect effects of losing the self serving organization that was manipulating them. Ironically that should seem oddly familiar as well to anyone who's been paying attention and doing their own math.
    Last edited by Kblp; 10-15-2017 at 02:36 AM.

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