IMF's Lagarde Slams Globalization, Warns Of A growing "Surge Of Discontent". (ZeroHedge).
Two months after consultancy giant McKinsey dramatically flip-flopped on its long held position of praising globalization, cautioning that - as Britain's vote to exit the European Union exemplified what happens when people feel like the system is letting them down - the system is on the verge of "explosion", comparing the buildup of resentment over globalization to a dangerous natural gas leak in a row of houses, today it was the IMF's turn.
In a speech titled "Making Globalisation Work For All", IMF managing director Chrstine Lagarde became the latest in a growing chorus of senior policymakers urging governments to take heed of rising discontent and economic insecurity in the advanced world.Lagarde said that governments in the developed world should focus their attention on boosting support for low income workers and reducing inequality, amid a “groundswell of discontent” against globalisation.
Effectively reiterating the McKinsey report, Lagarde said that there is "a growing sense among some citizens that they “lack control,” that the system is somehow against them", a system which she now slams, even though the IMF been instrumental in helping create and grow precisely this system ever since its inception, saying that “growing inequality in wealth, income, and opportunity in many countries has added to a groundswell of discontent, especially in the industrialized world.”
She then slammed both banks, tax regimes and pervasive corruption, saying that "financial institutions are being seen as unaccountable to society. Tax systems allow multinational companies and wealthy individuals not to pay what many would consider a fair share. Corruption remains endemic."
Last but not least she warned about the "challenged"from migration flows: And there is the challenge from uncontrolled migration flows, contributing to economic and cultural anxieties." Hmmm.....Globalists be forewarned 'We the people had enough!' Read the full story here.