mainly macro: The IMF apology nonsense: how to maintain a lie – Simon Wren-Lewis

English: Member nations of the International M...

English: Member nations of the International Monetary Fund (IMF). (Photo credit: Wikipedia)

This is a MUST-READ article by leading Oxford economist, Simon Wren-Lewis.

via mainly macro: The IMF apology nonsense: how to maintain a lie

Personally, I very much identify with the Wren-Lewis argument and conclusions.

The article examines three important spin myths put out by Cameron’s Government:

  1. The recession was somehow created by the previous government’s fiscal profligacy
  2. Cameron’s government had to “clean up the mess”, so austerity was inevitable
  3. The economic recovery, when it came, was a reward for austerity

The article then looked at how the government sponsored the idea with the media, taken up by the BBC, that the IMF had to apologize about getting the UK’s forecasts wrong and criticizing excessive austerity – all of this to deflect attention from the government’s risky Help to Buy policy.

It seriously worries me that the government’s risky economic policy has not been challenged more vigorously.

Let me turn this to an open question:

Is this evidence to support a Biderburg type conspiracy of the government, sectors of the UK media and the IMF?

Any thoughts?

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: