Courtesy of Mish.
IMF head Christine Lagarde says “IMF credibility is at stake”. She blames the US for that development, and calls on US to give more voting power to China to solve the problem.
Link if video does not play: “IMF Credibility at Stake”
Credibility?
I have a simple question: Precisely what credibility does the IMF have?
To address my simple question, please consider the ZeroHedge report This Is How The IMF “Predicted” China’s Slowdown
As the following chart compiling the IMF’s various quarterly economic forecasts over the past 5 years clearly shows, what the IMF had actually forecast, was a constant hockeystick rebound in China growth starting in 2011… until 2014 when the monetary fund finally gave up.
Credibility Recovery
In a “credibility boosting” exercise Zerohedge comments …
“The IMF’s forecast of China’s growth after the fact is now so negative, it is well below the consensus projections, as the IMF is all too happy to boast …”
Ta-Da!…