IMF and Other Things

So Christine Lagarde has been appointed Managing Director of the IMF. It is a pity that someone from a developing country or from the BRIC countries didn't get it, someone not so interested in pursuing the failed bail out policy of the EU and the IMF. Perhaps Lagarde will surprise us but I doubt it. If she were wise she would take Lord Lawson as an adviser. He was in great form on Jeff Randall live this evening reminding us that whilst the euro was first under discussion he had said it would fail as a currency union will not work unless there is both fiscal and political union and there was not then and never will be a desire for political union amongst the various EU countries and their peoples. Lord Lawson was also scathing about those euro politicians who believed that a political vision alone could bring about successful monetary union and decried their lack of attachment to reality. He also thought those bankers who had invested in Greek debt should be sacked without compensation as to have thought Greek debt was a safe investment was negligent. Jeff Randall also had Charles Jenkins of the Economist Intelligence Unit on his show this evening who stated that if Greece were to default the UK could manage the outfall. He thought that Ireland and Portugal might suffer a knock on effect from Greek default but that rather than Spain, Italy was another country to worry about.