[kitchencabinetforum] THE QUEST FOR GROWTH AND STABILITY

Christine Lagarde points out the specific economic challenges that countries face today naturally differ, with positive signs emerging in some corners of the globe and severe stresses still prominent in others. Yet, there are common goals that unite us all — the quest for growth and stability — lasting growth, shared growth, growth that delivers jobs and a better livelihood for all. http://venitism.blogspot.com

History's first sovereign default came in the 4th century BC, committed by ten Greek municipalities. There was one creditor: the temple of Delos, Apollo's mythical birthplace. Jesus Nazarene talked many times about forgiving debts, and this has influenced many Christians of our times.

Lagarde notes the past few years have been extremely difficult for many parts of the world. And, even just a few months ago, the situation was decidedly gloomy. Indicators for the last quarter of 2011 — namely for Europe and the United States — did not provide much reassurance.

Yet, today, we are seeing signs of stabilization; signs that policy actions are paying off. Financial-market conditions are more comfortable and recent economic indicators are beginning to look a little more upbeat, including in the United States.

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Many pullpeddlers and rabblerousers are pushing for a global Debt Jubilee, in order to pull the world out of the present global depression. But governments cannot force Debt Jubilee, which is a massive haircut of all loans, including mortgage and credit card debt. The notion of a Debt Jubilee dates back to biblical Israel where debts were forgiven every fifty years or so. Debt forgiveness would help borrowers get through the pain of deleveraging sooner rather than later.

Lagarde says important decisions and policy actions, particularly by the European Central Bank and some European countries, have helped. Lagarde has said for some time that we can avoid the worst if all partners play their part.

Moving forward with renewed support for Greece — from both the IMF and European partners — is an important milestone in this regard. The measures are ambitious and it will be important to focus on implementation and monitoring, but we have made an important step forward. On the back of these collective efforts, the world economy has stepped back from the brink and we have cause to be more optimistic.

But Lagarde has made it absolutely clear she does not trust Graecokleptocrats, because they never apply what they vote in the Grand Brothel on Syntagma Square! All Europeans condemn Graecokleptocrats for creating hundred state agencies and hiring many thousands of public employees, even though they promised Troika to close down all agencies and fire many public employees. Some executives at state enterprises have annual salaries of 300,000 euros! Greeks wonder why the bank accounts of rich ministers have not been opened and why major tax evaders have not been arrested.

Graecokleptocrats' program is already hopelessly behind schedule, in terms of both the sale of government property and the agreed reforms. Graecokleptocrats do many stupid things, such as persecuting dissident bloggers! It's like dealing with children that constantly have to be told to clean up their rooms. Troika is very angry. Everyone is irritated over the lack of progress and unbelievable stupidity of Graecokleptocrats.

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