Author Topic: Gordon Brown's Reward: Leader of IMF...?  (Read 2660 times)

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Offline Scootle

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Gordon Brown's Reward: Leader of IMF...?
« on: May 17, 2010, 01:44:07 pm »

Is Britain's Brown destined for the IMF?

WASHINGTON — After three rocky years as British prime minister, election defeat has forced Gordon Brown to consider his future and speculation is swirling it might include a stint at the helm of the IMF.

After being battered by financial meltdown and backbench revolts, Brown may not be looking for a new job quickly, much less one that includes tackling a global economy still in the doldrums.

But little over 24 hours since the Scot left office, London and Washington are already awash with rumors he may be interested in leading the International Monetary Fund.

Like his predecessor Tony Blair -- who, erroneously, was tipped to become the European Union's first president -- Brown is being linked with a top international job that would retain his spot on the world stage.

The same rumor mill sees the IMF's current managing director Dominique Strauss-Kahn having another crack at the French presidency in 2012, although he has so far been tight-lipped about his future.

In 2006, Strauss-Kahn failed to secure the Socialist Party nomination to challenge for the Elysee Palace.

But old IMF hands are cooing about Brown as a serious contender, citing his leadership during the credit crunch and commitment to ending third world poverty.

As a long-serving chairman and member of the International Monetary and Financial Committee, which helps steer IMF policy, Brown has many friends in the realm of Bretton Woods.

"He was deeply respected by his peers and he provided an important contribution to the policy making of the institution," said Domenico Lombardi, who served on the IMF's Executive Board during Brown's tenure, and who now works at the Brookings Institution.

Brown also spent a decade as Britain's "Iron Chancellor," making many friends, and some enemies, in the world of global finance.

Still, he is far from a shoo-in, and critics point to the calamitous state of Britain's finances as evidence of his patchy legacy as chancellor.

"On Gordon Brown's watch, the British banks became too-big-to-fail and the budget deficit spiraled out of control," said Simon Johnson, a former IMF chief economist.

"He was also a model of resistance to honest advice and transparency on the part of the IMF."

Brown's nationality might be a bigger problem. All 10 of the IMF's managing directors have come from Europe, thanks to a gentleman's agreement that also sees the World Bank headed by Americans.

But as the global balance of power shifts to Asia, Strauss-Kahn's was described, even before taking up his post, as the last European to lead the IMF for some time, according to Jean-Claude Juncker, the head of the eurozone.

Visiting Brazil last year, Brown said, "the next head of the World Bank need not be an American. The next head of the IMF need not be a European."

Many are likely to agree. "The G7 has promised repeatedly that the top job at the IMF would no longer go to a European," said Johnson.

"Enough already with failed European politicians seeking rehabilitation through grandstanding on the global level. Put the IMF back in the hands of dour, serious, and truth-telling central bankers."

Brown may also face hurdles within Europe, after refusing to take part in a EU-IMF deal to bail out Greece.

But according to Lombardi, his previous support for IMF reform may hold him in good stead with emerging countries.

And much political horsetrading will take place before Europeans relinquish their decades-old hold on the Fund.

"It is going to be a very tricky issue," Lombardi said. "For Europeans to lose the privilege of nominating a candidate for the managing directorship, you also need the Americans to forego that privilege at the World Bank. That does not appear to be the case at the moment."

Meanwhile, the G20 has pressed for the selection of a new IMF boss to be merit-based and transparent, but "they never mentioned the magic words 'with no restriction on the nationality of candidates,'" said Lombardi.
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Re: Gordon Brown's Reward: Leader of IMF...?
« Reply #1 on: May 17, 2010, 01:56:42 pm »
Important find.

Offline larsonstdoc

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Re: Gordon Brown's Reward: Leader of IMF...?
« Reply #2 on: May 17, 2010, 02:10:53 pm »

  NICE JOB SCOOTIE.  He looks like he has 2 glass eyes.

  You know what they say about the land of 2 glass eyes?  The guy with one glass eye is king.

  You have to be a crook to work at the IMF so I'm sure he qualifies. 

Offline chrisfromchi

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Re: Gordon Brown's Reward: Leader of IMF...?
« Reply #3 on: May 17, 2010, 02:14:03 pm »

Offline usefulidiot,uselesseater

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Re: Gordon Brown's Reward: Leader of IMF...?
« Reply #4 on: May 17, 2010, 02:25:52 pm »
HHhhhmmm.. Ever see that episode of The Keiser Report where Max talks about "Brown's Bottom"? During the late 90s to early 2000's Brown sold offf half of Britain's Gold reserves in a series of auctions (thus insuring Britain got the lowest price for it). That much gold dumped on the world market @ once caused the price of it to hit a 5,000 year low (literally). Now he's being considered for a top spot @ the IMF? Interesting.  >:(
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Offline simpleblend

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Re: Gordon Brown's Reward: Leader of IMF...?
« Reply #5 on: May 17, 2010, 03:51:30 pm »
Remember this also because it's very important.

Brown is an open Socialist. He's a member of the Fabian Society.

Interventionist economic politicians are running the "global economy". Keep that in mind. If you know this, and all the ramifications this will have, you will know where the future is heading.