The same economists who failed to predict the 2007 financial crash are still in the driving seat – and just as clueless in a crisis
When did the IMF learn about the economy?
That's what people around the world should be asking as the IMF presents its latest assessment of the fiscal and economic prospects for nations around the world last week. Much of the world remains mired in the worst downturn since the Great Depression; a downturn that the IMF totally failed to predict, as noted by the IMF's own Independent Evaluation Office.
This was not a minor mistake; this was a horrendous failing. It's comparable to the surgeon amputating the wrong leg or leaving his operating tools inside the patient. This is the sort of incredible mess-up that most people lose their jobs over and likely never find work again in the same field.