The International Monetary Fund (IMF) is attracting renewed scrutiny after an outraged senior official resigned last month, saying he was “ashamed” to even be associated with the Fund while publicly blasting it for “incompetence,” illegitimate selection of “tainted” leadership, and suppressing critical information.
After serving at the global organization for some two decades, IMF economist Peter Doyle — a former division chief at the European Department and a respected advisor when he jumped ship — also said many of the problems were actually “becoming more deeply entrenched.”
“After twenty years of service, I am ashamed to have had any association with the Fund at all,” Doyle wrote.
Biotech companies such as Monsanto, with help from the U.S. government, are starting to overcome the EU's resistance to Genetically Modified crops. However, there is growing opposition to GM crops in the United States.
When shipping and supply managers were quizzed about their current outlooks by two separate reporting agencies, their answers were the same: Orders are slowing and so is production of manufactured goods. The Purchasing Managers' Index (PMI), released in late June, and the Report on Business of the Institute of Supply Management (ISM), which was released on Monday, each showed significant slowing. The PMI’s manufacturing index came in at its lowest level since last July, while new orders for durable goods (autos and appliances) fell sharply in June, continuing a trend downward since early spring. It also showed a decline in the backlog of orders, the first since last September.
When the New York Times reported that the losses resulting from the failed trade made by JP Morgan Chase (JPM) earlier this year could reach $9 billion instead of the $2 billion initially reported, some said it didn’t matter while others called for more regulations. Few considered that such trades, and consequent losses, were inevitable and would likely continue because of the implied taxpayer backstop.
First, it should be noted that, contrary to JPM CEO Jamie Dimon’s statement that the trade was due to “errors, sloppiness and bad judgment,” and was “flawed, complex, poorly reviewed, poorly executed and poorly monitored,” the people in JPM’s London office knew exactly what they were doing. Furthermore, Dimon was aware of what they were doing, was warned in advance of potential losses, and did nothing about it.