Thursday, September 22, 2011

How the Elite Panic

International Monetary Fund Managing Director Christine Lagarde said “downside risks” are high for the world economy.

“We’re in it together and we will be able to solve it together,” Lagarde said in an interview on Bloomberg Television with Tom Keene. “Growth has slowed, the downside risks are high.”

Lagarde said she will try to instill a “sense of urgency” at the IMF’s annual meetings this week.

This is how elites panic: in slow motion, thoughtfully, with an air of assurance. But for our money, it's still panic. They're out of control, grasping for a solution, coming up short repeatedly. They're starting to get desperate, but haven't cast pretenses to the wind quite yet.


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