The International Monetary Fund, the IMF, has described the chancellor’s plans to make draconian cuts as, quoting from the Daily Mail here, “strong, credible and essential”. This is being trumpeted in some quarters as being a ringing endorsement of Osborne’s policies – but from whom does it come exactly? Many would suggest the IMF themselves have little idea of what’s what economically, their own credibility standing open to question since along with the majority of economists they were conspicuously NOT howling iceberg at the tops of their voices in 2007.
What good are they then, and what merit has their opinion?
BB