Joined up thinking for the Irish Left
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Beyond Grexit & Brexit, Advocating an Irish and a British role in solving Europe... Tue Jun 21, 2016 12:18 | Tony Phillips
Hardship never lasts forever? Wed May 04, 2016 15:50 | Raymond Deane
DDCI calls on New Government to Strictly Regulate Vulture Fund Acquisitions Wed May 04, 2016 15:22 | Irish Left Review
Warning: Ultra-Low Spend Economy Ahead Wed May 04, 2016 11:59 | Michael Taft
Irish Left Review >>
Of Tankies, Trots and Social Democrats Thu May 12, 2016 23:41 | Gavin Mendel-Gleason
Avatars of the Advanced-Capitalist Psyche â€“ Capitain America: Civil War Mon May 09, 2016 00:07 | Gavin Mendel-Gleason
Wailings about Left Unity Sat Feb 13, 2016 01:13 | James O'Brien
The Bern Manifesto: Why I am Voting for Bernie Sanders Wed Jan 27, 2016 23:59 | Jerome Nikolai Warren
Kautsky â€“ The crisis of capitalism and the shortening of working time Mon Nov 09, 2015 22:34 | James O'Brien
Spirit of Contradiction >>
Interested in maladministration. Estd. 2005
Console: Just the latest in long line of charity scandals
Irish Examiner compares water protesters with Provisional IRA Anthony
RTE: A mouthpiece for a corrupt regime? Anthony
Newstalk responds to complaint Anthony
Newstalk: Contempt for listeners and broadcasting regulations Anthony
Public Inquiry >>
A bird's eye view of the vineyard
Moveable Feast Cafe 2016/06/28 ? Open Thread Tue Jun 28, 2016 10:00 | Herb Swanson
2016/06/28 09:00:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of
The meaning of Brexit ? the bigger picture, CrossTalk Tue Jun 28, 2016 04:11 | Scott
Jun 26, 2016 The meaning of Brexit ? the bigger picture. UK voters have rejected the EU and, importantly, they have rejected the political status quo. Today, sovereignty and
International Military Review ? Syria & Iraq, June 27, 2016 Mon Jun 27, 2016 18:06 | The Saker
Now Britain faces ?Coloured revolution? as Soros moves to stop Brexit Mon Jun 27, 2016 16:55 | The Saker
By Nick Griffin The people of Britain are about to become the next victims of the ?Coloured Revolution? tactics used by Washington and Brussels against democratically elected governments from Serbia
After BREXIT: Russia Ukraine Finland Poland SITREP, by Scott Humor Mon Jun 27, 2016 04:55 | Scott
Michael McFaul, the Washington Post and all others who declared Brexit to be a Putin’s victory, still don’t understand that Putin has won long before June 23rd referendum. The fact
The Saker >>
IMF Annual Meetings Focus on High Debt Burdens and Global Inequality
Friday April 11, 2014 20:54 by Arielle Retrosi
G24 Concerned with IMF Quotas and SCOTUS Argentina Case
The annual International Monetary Fund (IMF) and World Bank meetings are focusing on the role of high debt burdens in both global economic recovery and increasing inequality. At the onset of the meetings, the G24 released an IMF statement noting that the IMF's failure to implement quota reform and the outcome of the US Supreme Court Argentina/NML Capital case impacts global inequality.
"The G24 knows that emerging markets have a lot to lose if the Supreme Court decides in favor of the hedge funds and against Argentina," stated Eric LeCompte, Executive Director of Jubilee USA Network, a religious development coalition.
The G24's broader disappointments stem from the failure in implementing the 2010 IMF Quota Reform agreement. The reforms sought to offer fairer representation in the governance and efforts of the IMF. The reforms have stalled because the US Congress has not approved them. Since the United States government has the dominant vote in the IMF, the reforms can not move forward until they are approved by the US Congress.
"The Obama Administration believes in the reforms and urgently wants Congress to pass them," noted LeCompte. "At this time, Congress is actively questioning what is the appropriate role for the fund."
Ahead of the meetings, IMF Managing Director Christine LaGarde and World Bank President Jim Kim spoke publicly about inequality and focused on the IMF's April World Economic Outlook Report. The report forecasts cautious improvement for several advanced and emerging economies, including the United States, but notes that the recovery is uneven and vast inequality persists. One of the principle issues the report reviews is how sustainable the debt loads are for both G20 and developing countries. Over the last year, the G20 has vigorously debated how to deal with unsustainable country debts and speculative investments, root causes of the global financial crisis. One year ago in Washington, G20 Financial Ministers discussed the possibility of an international sovereign bankruptcy process in order to provide stability in the international financial system. The IMF staff also released a paper ahead of last year's meetings, which explored aspects of the process. Last fall during the St. Petersburg Summit, G20 heads of state discussed the process and invited the IMF to continue to review debt sustainability and debt issues. IMF staff continues to actively explore more stable debt restructuring processes.
"The IMF is right to focus the conversation on high debt burdens that promote inequality and limit recovery," shared Eric LeCompte. "Everyone agrees there is a problem and hopefully everyone is moving to agreement that more orderly and predictable debt restructuring processes are the answer."
Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org