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The IMF Gets It Wrong (Again)

Tyler Durden's picture




 

Having previously admitted its an idiot and a liar over Greece forecasts, constantly missed world expectations with a much more rosy picture of hockey-stick-like growth than actually occurs, and now Ukraine's insanely optimistic assessments; we thought it only fair to point out that, yet again, Christine Lagarde has been forced to say "we got it wrong." This time the IMF underestimated UK growth - a year after blasting the nation's planners for "playing with fire" by cutting its budget spending. As Bloomberg reports, pressed on whether she had apologized to Chancellor of the Exchequer George Osborne, Lagarde stopped short of saying so and said “Do I have to go on my knees?”

 

As Mises Canada's David Howden notes,

Christine Lagarde admits that the International Monetary Fund “got it wrong” when it chastised the British government’s austerity plans. One year ago the IMF’s chief economist Oliver Blanchard claimed the U.K. was “playing with fire” by cutting its budget.

 

With the benefit of hindsight, the IMF has changed its stance. The U.K. economy is set to grow 2.9% this year, the fastest among the G7 nations. Furthermore, the growth is being driven by investment spending, not consumption as the IMF had long thought necessary.

 

Though she stopped short of apologizing for the Fund’s poor recommendations in the past, Lagarde allude to begging for forgiveness. Rather than seeking forgiveness after the IMF makes a mistake, why doesn’t it stop giving out bad advice so that it doesn’t find itself in these embarrassing situations in the future.

We coul dnot agree more...

 

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Mon, 06/09/2014 - 12:46 | 4837393 lordylord
lordylord's picture

They didn't get it wrong.  They just lie.

Mon, 06/09/2014 - 12:47 | 4837397 Colonel Klink
Colonel Klink's picture

Stole the words right off my finger tips.  Exactly like Bernanke's predictions, when you're wrong 100% of the time, it's not a mistake, but a LIE!!!

Mon, 06/09/2014 - 12:49 | 4837401 lordylord
lordylord's picture

 What is the use of central planning if they can't plan anything? Waiting to hear back from a Statist...i'll give you a hint, it is not about planning, it is about CONTROL.

Mon, 06/09/2014 - 12:52 | 4837413 smlbizman
smlbizman's picture

please with all we have, keep the transgender tangerine off her knees....amen

Mon, 06/09/2014 - 12:55 | 4837426 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Yes, it is not about being right it is about getting your way.

Mon, 06/09/2014 - 13:10 | 4837472 insanelysane
insanelysane's picture

Those in control want to direct where the money is going.  They get paid to make winners and make losers.  Free markets are a real problem for them.

Mon, 06/09/2014 - 14:00 | 4837695 Muddy1
Muddy1's picture

“Do I have to go on my knees?”

I dunno, is Bill nearby?

Mon, 06/09/2014 - 14:58 | 4837981 COSMOS
COSMOS's picture

Don't matter to them if they get it wrong, they are always 'RIGHT' next to the money tap.  She gets her big fat paycheck taxfree guaranteed no matter what happens.  Hope someone sets the tanning salon Light tubes 'phasers set to kill'  I can't stand this tangerine BITCH.

Mon, 06/09/2014 - 15:07 | 4838025 mvsjcl
mvsjcl's picture

Question is, who's doing the "investment spending"? Next question is, what are they "investing" in? Next question is, where is this "investment" money coming from? Next questioon then becomes, who's getting the bulk of this "investment" money?

 

Mon, 06/09/2014 - 15:11 | 4838039 Anusocracy
Anusocracy's picture

You're just jealous because you don't look like a poorly carved Halloween pumpkin.

Mon, 06/09/2014 - 16:13 | 4838320 45Condor
45Condor's picture

...I took a different approach when explaining her appearance in my little book (For Pip's Sake!):

Well, there you go. The big cheese with the Mimolette-coloured tan, reassures a continent with a stale expression of pale hope; whilst other women within the countries wrought with financial rape by the institutions that Largarde is in league with, have to swallow an assault to their dignity. This denigration of pride witnessing more and more women uncrossing their virtues, closing their eyes, and submitting to carnal exploitation… the current price to pay in order to scrape enough money together for the bread on their tables.

I wasn't too flattering about her institution, either:

I don’t think those in the IMF are stupid, that’s for sure. Nor are they cheap, with annual administration and travel costs in excess of 850 million US Dollars. This bill, allegedly, also covers 3000 US Dollar a night sex parties, and goodness knows what else, for top officials within an institution that is supposedly in place to help the poor, but which often leaves populations wondering just who exactly benefitted from the filling of the begging bowl.

Nor of her work within it:

Take, for example, her comment that: “The criteria have specifically included an element that foresees a degradation of the situation of some states so as to push the hypothetical conditions to the extreme."

If this is the best that the current managing director of the International Monetary Fund, commonly abbreviated to the IMF, can come up with to explain a situation, then I foresee that we are truly you know what.

I could go on, but I feel that I would be preaching to the converted...

 

 

Mon, 06/09/2014 - 15:00 | 4837991 SDShack
SDShack's picture

"it is not about being right it is about getting your way."

The sociopath manifesto.

Mon, 06/09/2014 - 12:57 | 4837433 JRobby
JRobby's picture

Has she selected her swimming costume in preparation for the tsunami yet?

Like her presence was going to make some kind of difference?

Just another tool in the oligarchy's box.

Mon, 06/09/2014 - 12:53 | 4837414 Pladizow
Pladizow's picture

  “Do I have to go on my knees?” - NO THANKS, I'll pass!

Mon, 06/09/2014 - 12:55 | 4837419 Grande Tetons
Grande Tetons's picture

Do not forget about the shitting on her face option. 

Mon, 06/09/2014 - 13:06 | 4837453 ParkAveFlasher
ParkAveFlasher's picture

I wouldn't stick my ass anywhere near that face.  I mean that.

Mon, 06/09/2014 - 14:35 | 4837872 WarPony
WarPony's picture

This is so coincidental I must reply.  I heard that story years ago and had not remembered it since until it disgustingly popped into my mind last night when I awoke in the middle of the night with ears ringing and couldn't go back to sleep.

This is not IMO "Celestine Prophecy," but more like mass mind control from the GWEN towers (or, something?)?  The chem-trailers have been working hard lately.  We must resonate on the same frequency or this is a ELF base-type "transmission."  And, stop it!  You're freaking me out!!

Mon, 06/09/2014 - 15:02 | 4838000 COSMOS
COSMOS's picture

She must have a sex tape out there somewhere where she sticks a 24K gold bar up her ass and another up her vagina, that is the only thing that will make a central banker cum, well that and videos of dead and dying women and children in Ukraine and around the world where IMF loans are being forced on the population.

Mon, 06/09/2014 - 13:36 | 4837581 CPL
CPL's picture

The romantic Cleveland Steamer then?  Nothing says I love you like the triple pile.

Mon, 06/09/2014 - 12:56 | 4837432 BlackChicken
BlackChicken's picture

That was the edited version. She really said "do I have to go on my knees AGAIN?"

Mon, 06/09/2014 - 13:23 | 4837526 Cacete de Ouro
Cacete de Ouro's picture

IMF-GILFS.org

Mon, 06/09/2014 - 13:59 | 4837684 nope-1004
nope-1004's picture

^^^  lmao  ^^^

Mon, 06/09/2014 - 13:08 | 4837463 astoriajoe
astoriajoe's picture

What, is DSK back in the house?

Mon, 06/09/2014 - 13:13 | 4837480 ParkAveFlasher
ParkAveFlasher's picture

Only if he has the element of surprise! 

Mon, 06/09/2014 - 12:53 | 4837415 Shizzmoney
Shizzmoney's picture

RE

What is the use of central planning if they can't plan anything? 

Central planning *is* working - for them.  All of the gains from these countries "centrally plan" themselves right into the bankers' accounts.

Mon, 06/09/2014 - 12:55 | 4837422 BlackChicken
BlackChicken's picture

The controll was established from day one; the planning however is pure evil.

If satan decided to be a female, Lagarde would probably make a good host.

Mon, 06/09/2014 - 13:23 | 4837516 inky
inky's picture

"If satan decided to be a female, Lagarde would probably make a good host."

I think satan is in hillary at the moment.

Mon, 06/09/2014 - 13:57 | 4837682 The man with po...
The man with pointy horns's picture

No, no, no! The satan is in Feinstein.

Mon, 06/09/2014 - 14:34 | 4837869 HamRove
HamRove's picture

Sorry guys, you're all wrong. The devil has been transferred to none other than Chairman Yellen. You can tell cuz she looks like a coked up oompa loompa on her off hours. Make up and photo shop have done wonders for her TV image. 

 

Mon, 06/09/2014 - 14:54 | 4837963 BlackChicken
BlackChicken's picture

"...she looks like a coked up oompa loompa..."

Thanks HamRove; that was priceless.

Mon, 06/09/2014 - 13:45 | 4837617 DetectiveStern
DetectiveStern's picture

She was right first time. Unless you're in London things are going tits up here.

Mon, 06/09/2014 - 14:07 | 4837727 SAT 800
SAT 800's picture

Agreed. It's an example of accounting fraud on a massive scale. England is a country with no visible means of support.

Mon, 06/09/2014 - 12:51 | 4837410 Relentless101
Relentless101's picture

No skin in the game, so who cares. Make these fucks bet their own money on the words that come out of their mouth and I bet predictions get a lot better. Still impossible to predict the future, but sick of people who have no risk telling the world how it is. Most banksters never have or will run an actual business and therefore will never truly know what the fuck they are talking about.

Mon, 06/09/2014 - 19:36 | 4838966 Perfecthedge
Perfecthedge's picture

Nope.  They watched Scarface: "Don't get high on your own supply".  The words and forecasts are only for OTHERS, not them. 

Accounting rules? Only for the small guy that is trying to earn his bread.  Money laundering laws? Only for the stupid fucker that is trying to send 25 US$ from his PayPal account (not shitting you, THIS happened to me.  They are investigating me over 25 bucks....)

FUCK.

THEM.

ALL.

Just

fuck em.

Mon, 06/09/2014 - 12:54 | 4837421 williambanzai7
williambanzai7's picture

Mon, 06/09/2014 - 12:57 | 4837431 Dr. Engali
Dr. Engali's picture

I just got done eating lunch William.

Mon, 06/09/2014 - 13:00 | 4837441 DoChenRollingBearing
DoChenRollingBearing's picture

Indeed, now that´s just a nasty one.  LOL.

Mon, 06/09/2014 - 14:00 | 4837696 nope-1004
nope-1004's picture

Susie-squench?

Mon, 06/09/2014 - 13:00 | 4837442 williambanzai7
williambanzai7's picture

How does it look ;-)

Mon, 06/09/2014 - 13:06 | 4837457 Winston of Oceania
Winston of Oceania's picture

I'm going to assume it is still better than seeing the real thing...

Mon, 06/09/2014 - 13:07 | 4837458 nmewn
nmewn's picture

lol...looks like Leatherface Borat got all excited and popped a Draghi.

Mon, 06/09/2014 - 13:10 | 4837471 ParkAveFlasher
ParkAveFlasher's picture

I interpret it as a sort of surreal hermaphroditic marsupial.

Mon, 06/09/2014 - 13:14 | 4837484 nmewn
nmewn's picture

The shoes & socks really set it off ;-)

Mon, 06/09/2014 - 13:18 | 4837502 Jena
Jena's picture

It could have been worse:  Birkenstocks.  With socks.

Mon, 06/09/2014 - 17:37 | 4838616 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Quato.

Mon, 06/09/2014 - 13:43 | 4837609 remain calm
remain calm's picture

Better than I thought she would.

Mon, 06/09/2014 - 12:57 | 4837434 Relentless101
Relentless101's picture

Honestly, I would have assumed more hair. More like a werewolf mid change.

Mon, 06/09/2014 - 14:34 | 4837467 oddjob
oddjob's picture

The direction of the gender reassigment schedule is questionable.

Mon, 06/09/2014 - 13:18 | 4837503 BeetleBailey
BeetleBailey's picture

LaGarde needs to stay in the fucking spa....lay on the beach...get fucking browner....lick pussy and balls day and night....eat Brussel sprouts and swill Chardonnay...

....AND STAY THE FUCK OUT OF FINANCE....FOREVER....

Mon, 06/09/2014 - 13:22 | 4837522 Anglo Hondo
Anglo Hondo's picture

Just now printed a copy of that, and mailed it to Cameron, 10 Downing Street, and Osborne, 11 Downing Street.

I hope you don't mind, William.  (Also going to send a copy to Nigel Farage).

 

Mon, 06/09/2014 - 12:55 | 4837424 kchrisc
kchrisc's picture

Isn't that like saying Bernie Madoff got all of his returns wrong?!

A "ponzier" serves his ponzi."

Mon, 06/09/2014 - 12:56 | 4837427 Dr. Engali
Dr. Engali's picture

The International Monetary Fund is just a groups of liars. Even their name is deceptive. They call themselves a monetary fund, yet they don't deal with real money..... they enslave with debt.

Mon, 06/09/2014 - 13:28 | 4837548 Cacete de Ouro
Cacete de Ouro's picture

They were created as an International Currency Stabilization Fund and then scope creep kicked in and they interferred in economies to continue to justifify their existence and expansion; structural adjustments, debt imposition, meddling, ...and exorbitant salaries and ridiculous expense accounts and hotel bills and expensive wine.

Fuck em!

Mon, 06/09/2014 - 14:09 | 4837748 SAT 800
SAT 800's picture

You don't get to fuck em; but you do get to fund them. Lucky you !

Mon, 06/09/2014 - 12:59 | 4837439 whoopsing
whoopsing's picture

IMF tweet to Tyler in 3..2..1..

Mon, 06/09/2014 - 13:03 | 4837449 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

And who is spending this investment spending and on what in the UK in the first place?

Mon, 06/09/2014 - 13:07 | 4837460 lakecity55
lakecity55's picture

I wonder who the poor guy is who has to fuck her.

Mon, 06/09/2014 - 13:09 | 4837470 semperfi
semperfi's picture

Hillary

Mon, 06/09/2014 - 13:09 | 4837466 semperfi
semperfi's picture

“Do I have to go on my knees?”

open mouth - insert ...

Mon, 06/09/2014 - 13:12 | 4837477 agstacks
agstacks's picture

"Do I have to get on my knees?"

"Yes, and just slide your head inside here."

Mon, 06/09/2014 - 13:15 | 4837489 Colonel Klink
Colonel Klink's picture

:klunk...plop:

Mon, 06/09/2014 - 13:12 | 4837478 IridiumRebel
IridiumRebel's picture

It's wrong on purpose.

Mon, 06/09/2014 - 13:25 | 4837531 LawsofPhysics
LawsofPhysics's picture

Please, the IMF is a small club.  It has "gotten" it exactly right for it's owners.

 

Hedge accordingly.

Mon, 06/09/2014 - 13:39 | 4837589 Downtoolong
Downtoolong's picture

“Do I have to go on my knees?”

Well, let me put it this way Christine, here's a bottle of Scope mouthwash.

 

Mon, 06/09/2014 - 13:43 | 4837613 bugs_
bugs_'s picture

It seems that the DeflationOgre isn't everything Christine has to fear.

Mon, 06/09/2014 - 13:48 | 4837630 Nue
Nue's picture

"Do I have to get on my knees"

Actually there is one situation where all the members of IMF on there knees that would actually help fix the worlds problems.

http://a.abcnews.go.com/images/Blotter/abc_execution2_080215_ssh.jpg

"Look at the flowers."

 

Mon, 06/09/2014 - 13:50 | 4837642 no more banksters
no more banksters's picture

IMF new tactics: It is better to appear unreliable than to let people understand that you serve specific interests

http://failedevolution.blogspot.gr/2013/02/imf-new-tactics-it-is-better-...

Mon, 06/09/2014 - 14:03 | 4837707 novictim
novictim's picture

Not so fast.  I call bullshit on the Austerity triumphalism.   

We know the books are being fudged on both sides of the Atlantic.  Fundamentally, we see wages being slashed both in the UK and in the USA(and even in China).

This causes a drop in consumer spending.  Do you get this?  It is not rocket science.  

Wages and Consumer spending are directly related.  

So if you then add to lower wages actual cuts to general Government spending you should see even less money in consumer pockets.

No, I don't believe that the Growth of the UK GDP was dramatically different from expectations.

This is another "the sky is green" story.

Mon, 06/09/2014 - 14:27 | 4837844 Aussiekiwi
Aussiekiwi's picture

'DO I HAVE TO GET ON MY KNEES'

Not at all, he's English, an apology would be fine.

Mon, 06/09/2014 - 14:30 | 4837853 Kreditanstalt
Kreditanstalt's picture

What "UK growth"?

It's all fake -GDP - which is denominated in fiat currencies, not in jobs, products, consumptions, savings or debt reduction!!!

But governments and big corporations love to hear it.

Mon, 06/09/2014 - 14:51 | 4837951 Billy Shears
Billy Shears's picture

Single-handedly destroying the world economy. But that's their job!

Mon, 06/09/2014 - 14:57 | 4837977 topshelfstuff
topshelfstuff's picture

IMF = US Treasury

Mon, 06/09/2014 - 16:11 | 4838314 messystateofaffairs
messystateofaffairs's picture

“Do I have to go on my knees?”

That's the job her City of London masters sent her there to do. Male or female, it's no problem.

Mon, 06/09/2014 - 18:10 | 4838698 Sirius Wonderblast
Sirius Wonderblast's picture

The fragrant Lagarde on her knees, at her own suggestion...scary!

Mon, 06/09/2014 - 18:38 | 4838793 Notsobadwlad
Notsobadwlad's picture

Coyote Ugly ... (yeah I'd chew off my own arm)

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