The IMF’s howler: Millions in poverty To the millions of pauperised citizens of Europe, there has been an unprecedented admission of guilt by the International Monetary Fund (IMF): we got it wrong. In a New Year report entitled “Growth Forecast Errors and Fiscal Multipliers”, the IMF admitted that it had plunged nations of the Euro-zone…

Austerity doesn’t work – it’s official. An American bankers’ think tank, the Institute of International Finance, has just come out with a report which concludes the bleeding obvious: that the all-out pursuit of debt reduction at the expense of economic stimulus has made the Greek situation worse. The Institute’s chairman Charles Dallara, who worked for…

The Paris-based International Herald-Tribune carried a front-page banner headline the other day saying: “A hunt for culprits in Euro crisis.” The seasoned foreign correspondent Jack Ewing wrote from Frankfurt: “The debate about how to distribute the cost of preserving the euro zone often revolves around a fundamental question that is unspoken but implicit: Who caused…