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Friday, July 20, 2012

Senior Economist at IMF Resigns, Says "Ashamed To Have Had Any Association With Fund At All" | ZeroHedge

It appears that there may be real divisions at the top of the Global Power Pyramid. It is very unusual for a high ranking member of elitist organizations such as the IMF to publicly denounce these organizations. The IMF in particular has been under attack, first with the arrest and embarrassment of it's Director, Dominique Strauss - Kahn, and now with this public humiliation by one of their senior Economists. My question is why did it take this Gentleman (using the word loosely) to come to the conclusions he has now?

The rats everywhere are now jumping furiously off the titanic, but few had taken the time to write a letter explaining in detail just how cracked and broken the hull really was. This has now changed, with the departure of Peter Doyle, formerly a division chief in the IMF’s European Department responsible for non-crisis countries and currently an adviser to the Fund. Not content with quietly slinking off the scandal ridden organization which has become the butt of all jokes in the international community, where humor about Lagarde's Louis Vuitton panhandling bag is as pervasive as punchlines about just how incompetent the organization is at actually doing its duty, Doyle has penned the following scathing letter which tears down every myth about the IMF: from its impartiality, to the selection process of its head, to its effectiveness. The letter also contains the following gem: "After twenty years of service, I am ashamed to have had any association with the Fund at all." Pretty much says it all. This is a scandal in the making, and one which may shake to the core the credibility of the IMF in the context of international organization.
Full letter (pdf)
European Department
Washington DC
June 18, 2012
 To Mr. Shaalan, Dean of the IMF Executive Board
Today, I addressed the Executive Board for the last time—because I am leaving the Fund.
Accordingly, I wanted first to formally express my deep appreciation to the Swedish, Israeli, and Danish authorities with whom I have worked recently, as well as all others with whom I have worked earlier, for their extraordinary generosity towards me personally.
But I also wanted to take this opportunity to explain my departure.
After twenty years of service, I am ashamed to have had any association with the Fund at all.

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