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Bank Of Israel Governor Stanley Fischer Barred From IMF Job Race For Being Too Old

Tyler Durden's picture





 

Luckily, the IMF does not bar candidates for being too thin, or too male. But when it comes to those at the archaic age of 67, one is a no go. Reuters reports: "The International Monetary Fund's board on Monday blocked Bank of Israel governor Stanley Fischer from the race for the top IMF job, further boosting the chances of French Finance Minister Christine Lagarde. In a surprise move, the 24-member IMF board rejected changing the IMF's rules that would have allowed 67-year-old Fischer to run, two board official told Reuters. IMF rules stipulate an age limit of 65 for an incoming managing director. The officials said changing the rules for Fischer, who is highly respected by both advanced and emerging economies, would have required a reopening of the selection process to allow other candidates older than 65 to participate in the race." We wonder how Mohamed El-Erian will feel about this after he first accused the IMF of a "Feudal" electoral system, and now, 24 hours ago, wrote an extended Op-Ed praising Fischer's candidacy. Expect to see another prompt oped tomorrow with more angry words by El-Erian who seems to not be too happy with the organization that he himself was once supposed to be a frontrunner to head.

From Reuters:

Front-runner Lagarde is backed by Europe, which holds one-third of the votes, and a handful of other countries including Indonesia, whose Finance Minister Angus Martowardojo said he personally supports her candidacy.

If she wins, Lagarde would become the first woman to head the IMF, which has been central in providing rescue loans to countries in crisis including Greece, Ireland and Portugal.

Carstens has the support of a dozen Latin American countries, including Colombia, in a race which, despite being one of the most hotly contested in IMF history, is widely expected to result in Europe maintaining its 65-year grip on the job.

Brazil, the region's largest economy, has not yet said whether it will back Carstens.

Carstens acknowledged on Monday that he was a long-shot candidate and he knew chances were "quite high" that Lagarde would get the job left vacant by Dominique Strauss-Kahn, who was arrested in New York in May on sexual assault charges. He has denied the charges.

 Fischer, who was born in what is now Zambia and carries both an American and Israeli passport, announced his last-minute candidacy over the weekend, saying he had been encouraged to enter by a number of governments. Applications were due by Friday.

Board officials told Reuters previously the IMF rules could easily be changed if there was enough support for Fischer.

With 17 percent of the vote, the United States is the key to who becomes the next IMF managing director. Fischer's late entry into the race on Friday complicated its decision because it would be hard-pressed not to vote for an American passport holder, according to financial diplomats.

By tradition, the United States has always supported Europe's candidate under a gentlemen's agreement that has seen a European head the IMF and an American lead its sister institution, the World Bank, since the end of World War Two.

Lagarde still faces tough questioning from emerging market economies when she is interviewed by the 24-member board, which is heavily represented by European countries.

Developing nations want their growing economic prowess reflected more in their clout at the IMF, which means she will need to undertake more ambitious reforms that boost the voting power of emerging economies.

 

 


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Tue, 06/14/2011 - 00:40 | Link to Comment zaknick
zaknick's picture

The arrest of the IMF Director General has spurred hostilities among the global power elites [1].
This time, it goes beyond a mere fencing bout regarding economic doctrines, or States vying for a better representation within the institution. There is an existential crisis afoot which has been rapidly spreading throughout the system, splitting it into two irremediably opposed camps.
On one side, there are those who are bent on rescuing the United States from bankruptcy; on the other, those who prefer to bail out the banks. In one camp, we find those who feel that the number one world power ought to summon all energies so as to solve its problems; in the other, those who believe that capital has no country that the future belongs to the BRICs (Brazil, Russia, India and China).
In this context, Christine Lagarde’s candidature for the IMF top position represents a desperate attempt to keep the dollar’s reserve currency status regardless of the consequences for world peace, while that of Stanley Fischer points to London’s willingness to forsake its special relationship with Washington, to put its chips on the BRICs and to chaperone the dollar’s downward spiraling.
Mr. Fischer embodies an original vision which shifts traditional boundary lines. The reserve currency issue would be put in abeyance against a compartmentalization of the financial system to prevent the probable collapse of the United States from infecting the rest of the world.
The time for pleasantries is over; the "civil war of the elites" has begun.
During the somber period that lies ahead, most of the players on the world financial stage will suffer losses, starting with those who were slow in finding their bearings, followed by those who bet on the wrong horse. Many political figures with ties to Wall Street and the City, to Goldman Sachs and HSBC, will have to choose sides and sacrifice part of their interests.
===
"Obama, financial war and the elimination of DSK”, by Thierry Meyssan, Voltaire Network, 28 May 2011.

Tue, 06/14/2011 - 00:51 | Link to Comment zaknick
zaknick's picture

ZH should hire me to proof read their stuff. On the economics issues and instincts they are on the ball; what's missing is the unvarnished meat.

Notice how this piece of fluff only has coherence after reading what I posted?

Calling all bankster zombies! Your masters, the British and Dutch Crowns and the Zionista hard core banksters (joos, of course!), have deserted the FRN. It doesn't matter if they resist; you can't change on the ground facts. Amerikkka is broke!

Tue, 06/14/2011 - 01:08 | Link to Comment Id fight Gandhi
Id fight Gandhi's picture

I thought you had to be a Joo for the job. Guess they want a French joo.

Tue, 06/14/2011 - 08:49 | Link to Comment BigJim
BigJim's picture

What makes you think she's Jewish? She's a zionist, of course, but then they all are.

Tue, 06/14/2011 - 07:52 | Link to Comment YHC-FTSE
YHC-FTSE's picture

Haven't seen any evidence to support your assertions about Fischer regarding the BRICs. But if true, he'll be pumped full of viagra and found in the Sofitel of his choice with a menagerie of boys, maids, dogs, and horses. 

 

Look, at this juncture there's no point in framing imaginary adversaries in the banking echelon, because almost everybody on the planet has woken up to the fact that America is a giant gangster state whose promises to pay its debts (Debts incurred on the backs of the American public) well into the next millenia are as trustworthy as promises from a teenage kid to his girlfriend that he'll pull out when the time comes. The World has been financially fucked over already with America's toxic subprime debt, multiples of derivatives on that debt, and the ensuing bailouts. It's unlikely to bend over for more. 

 

I think we're running on instinct. The instinct to survive the biggest financial tsunami the World has ever seen. Call it Zimbabwe x infinity. In the coming months we will see more and more jingoistic finger pointing about who is really to blame for the crisis, and it will never be the American fuckwits who caused it in the msm. Individuals and bankers around the world are running away from the FRN not because of some grand conspiracy, but simply to save themselves from a bunch of irresponsible, criminal, egomaniacal nutjobs hellbent on taking everyone else with them as they go down. Are you buying gold and silver because you hate America and conspire in its downfall? No, you're doing it to save yourself and your family. It is no different for anyone else on the planet.

Tue, 06/14/2011 - 00:56 | Link to Comment AgShaman
AgShaman's picture

I wanna girl with smooth liquidations

I wanna girl with good dividends

 

They should just walk around and test the people of the world....

....when they find someone that knows the words to this song:

http://www.youtube.com/watch?v=X5KmB8Laemg

I hereby dub thee.....new IMF Chief

Tue, 06/14/2011 - 01:05 | Link to Comment williambanzai7
williambanzai7's picture

Vice Chairman of Citigroup, what better qualifications to lead the bailout fund?

Tue, 06/14/2011 - 01:20 | Link to Comment Problem Is
Problem Is's picture

I nominate Lloyd Blankdick...

Amerika would be better off with that worthless cock sucker off shore...

Tue, 06/14/2011 - 01:45 | Link to Comment Bazza McKenzie
Bazza McKenzie's picture

You'd think Japan, China, or Germany might warrant a go.  But clearly the producers and lenders are not to be allowed to put their hand on the throttle.

Tue, 06/14/2011 - 02:44 | Link to Comment The Navigator
The Navigator's picture

The trend of the day - producers have no say, only cocksuckers have their sway.

Tue, 06/14/2011 - 02:56 | Link to Comment i-dog
i-dog's picture

Russia and China are in the magician's other hand. Can't upset the illusion just yet...must keep the proles pontificating over Europe, America, Israel for a while longer. :)

Tue, 06/14/2011 - 02:27 | Link to Comment Jasper M
Jasper M's picture

I wonder if this guy's candidacy wasn't a "works program" bone thrown to conspiracy theorists. After all, what's more conspiracy friendly than the head banker of a Jewish state trying to be head banker of the world?

Kind of an unfortunate choice. Like a guy named Weiner exposing himself. 

Tue, 06/14/2011 - 02:25 | Link to Comment MobBarley
MobBarley's picture

'Austerity measures'

'The unexpected collapse of America as an economic power'

'the terrible health toll of radioactive fallout continues unabated'

'a true nightmare'

'back to you Nancy'

 

Tue, 06/14/2011 - 02:40 | Link to Comment Yen Cross
Yen Cross's picture

 Can someone push that North korean MINI NUKE story?

Tue, 06/14/2011 - 03:29 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

He wasn't blackballed for being Jewish. It was being Israeli what done him in.

A nation of kidnappers and shoot first, and prentend to be sorry second.

Feh.

Tue, 06/14/2011 - 07:29 | Link to Comment cbaba
cbaba's picture

+1, its the Image of Isreal, not his age. In fact Fisher is very good in his job.

Tue, 06/14/2011 - 09:31 | Link to Comment machineh
machineh's picture

+1 Fischer's qualifications aren't in doubt. But citizenship in the world's last apartheid state is a fatal handicap for heading the IMF, in the context of Boycott, Divestment and Sanctions against Israel. 

Tue, 06/14/2011 - 04:02 | Link to Comment achmachat
achmachat's picture

i have been waiting to post this since forever.

Now is the best time. ever.

http://www.youtube.com/watch?v=kGJuA8LhlV0

Tue, 06/14/2011 - 04:09 | Link to Comment dellbalboa
dellbalboa's picture

Well i would like to have sympathy for that old geezer, but i dont! he's just like the rest of them, Scums!

 

 

 

Tue, 06/14/2011 - 05:33 | Link to Comment falak pema
falak pema's picture

The only question worth asking is if Lagarde's multiple tits, as portrayed so eloquently by WB7 in his parody, have enough milk to impress Dilma Rousseff, the key latin american player. If the euro she-wolf does impress fellow tit-carrier bag (no slur meant, I love tits), then the mexican guy can put his pistolero back in his holster and try bolster Latin support to IMF new female boobs presidency by lobbying around "more dole-outs for us, frenchy babe" spiels to support new President-ista. Ole, amigo! Vamos muchachos!

Disclaimer : Please note all feminista parody meant affectionately not derogatively.

Tue, 06/14/2011 - 05:38 | Link to Comment Version 7
Version 7's picture

At least he wouldn't  present any danger to hotel maids.

Tue, 06/14/2011 - 05:42 | Link to Comment Jendrzejczyk
Jendrzejczyk's picture

If too thin ain't in, how bout BURRITO GRANDE from Mexico.

http://romancatholicworld.files.wordpress.com/2011/05/agustin-carstens-m...

Tue, 06/14/2011 - 06:07 | Link to Comment dearth vader
dearth vader's picture

Nosediving is one of Lagarde's former abilities. So, when it occurs, she'll know how to handle it.

Tue, 06/14/2011 - 06:23 | Link to Comment Zero Govt
Zero Govt's picture

all ex-bankers should be barred from the IMF job ...the entire banking elite have proven themselves to be totally incompetent

i vote Ronald McDonald who is spare now that McDonalds are trying to retire him

Tue, 06/14/2011 - 06:24 | Link to Comment Shylockracy
Shylockracy's picture

You know there's internecine rivalry in the elite when an administrative rule is invoked to keep an Elder of Zion from getting a job that belonged to another Elder of Zion.

 

Tue, 06/14/2011 - 07:16 | Link to Comment TruthBeforeAll
TruthBeforeAll's picture

What, they haven't heard of Viagra?

Tue, 06/14/2011 - 17:10 | Link to Comment Loose Caboose
Loose Caboose's picture

Mark Carney, governor of the Bank of Canada attended the recent Bilderberg meeting in St. Moritz.  I was wondering if he might be a behind-the-scenes candidate.  Not European, but Canada has a good record for fiscal matters and he's not an American.  A Canadian might be viewed as being somewhat neutral. He's young and capable.  No scandals - yet. 

 

Disobey.

Tue, 06/14/2011 - 09:19 | Link to Comment Jesse
Jesse's picture

Fischer is Bernanke's close friend and mentor, and pro-US.

Make sure you put that in your equations.

Tue, 06/14/2011 - 13:05 | Link to Comment davepowers
davepowers's picture

and faculty advisor on Ben's doctoral degree

Tue, 06/14/2011 - 09:22 | Link to Comment Mont Bleu
Mont Bleu's picture

Where do all these antisemites come from (Shylockracy , bid the soldier...Id fight GandhiBigJim...)? I miss the ZH days when smart people read/commented the blog, not the mentally limited racist sheeps...

 

Tue, 06/14/2011 - 09:49 | Link to Comment Shylockracy
Shylockracy's picture

There is no hyperbole in calling DSK or Fisher "Elders of Zion".

The committed Zionist DSK is famous in France for having said: "every morning when I wake up, I ask myself what I can do for Israel". As to the Israeli Fisher, he did not move to Israel to promote the Palestinian cause, I presume.

Mont Bleu, it is about time you start accepting the new reality that you will be held accountable for your crimes, like anyone else. The time you could obfuscade, disinform, white-wash and get away with your crimes with your "antisemite" shtick is over.

Tue, 06/14/2011 - 10:31 | Link to Comment Mont Bleu
Mont Bleu's picture

I knew you were a nutcase, but thanks for confirming it.

Tue, 06/14/2011 - 09:49 | Link to Comment Shylockracy
Shylockracy's picture

Double post.

Tue, 06/14/2011 - 10:01 | Link to Comment minsky4ever
minsky4ever's picture

Ah, Mont Bleu, mon dieu, that old anti-Semite canard is starting to wear thin. The world has seen the Israeli Occupation Forces for the murderers that they are and soon, any day now, the facade of Israel as a democracy will come tumbling down.

Maybe we can have a tandem event. Maybe Bibi can come back and he and the members of congress with dual citizenship can stand in congress and declare the US democracy dead also, nothing but a shadow government for the AshkeNAZIS.

Tue, 06/14/2011 - 10:34 | Link to Comment Mont Bleu
Mont Bleu's picture

The voices in your head are after you, and these damn medications only make them disappear for a while, but you should really stick to it

Tue, 06/14/2011 - 11:38 | Link to Comment MrPalladium
MrPalladium's picture

It does not help your cause that your only response is to evade the substantive issues with the classic argumentum ad hominem.

Tue, 06/14/2011 - 11:44 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

Anti-semitic? Not me.

I call a spade a spade and a land grabber a land grabber. Eventually you'll see that the Holocaust does not entitle the Israelis to play the game of statecraft by their own demented rules.

By defending Israel at every twist and turn in the road, you pro-Semites enable Israel to slaughter their neighboring Arabs like they were the elite Waffen SS ambushed in the desert.

Tue, 06/14/2011 - 12:44 | Link to Comment Mont Bleu
Mont Bleu's picture

Your logic is impeccable, I must say.

Maybe you should write a book and enligthen us further, something in the likes of the brilliant thinkers like Mahmud Abbas':  " The Other Side: The secret relations between Nazism and the leadership of the Zionist movement " 

Tue, 06/14/2011 - 17:50 | Link to Comment bid the soldier...
bid the soldiers shoot's picture

Perhaps you are right, Mont Bleu. Perhaps it is self-delusional to expect self-professed mortal nations, not only like Israel but like the U.S. as well, to behave better than Vlad the Impaler and not to scrape thre flesh from the bones of their enemies because their enemies did it first to them.

Yes, Mont Bleu, let the Jews descend before God, who gave them Promised Land, to the lowest common denominator and out do the worst among us while loudly praying at the Western Wall.

God loves the Jew's hypocrisy more than anything else He created.

Tue, 06/14/2011 - 09:53 | Link to Comment minsky4ever
minsky4ever's picture

Can't we just get some sort of moral compass and bar all members of rogue states from holding important jobs?

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