Martin Armstrong has more evidence of the sheer stupidity of the people running the International Monetary Fund:
The arrogance of those in power is typically beyond belief. Those in the International Monetary Fund have been so biased that their own refusal to review what is going on within Europe has been a great contributor to the demise of the Eurozone. It has now been acknowledged that the IMF’s top staff misled their own board based upon biased misjudgments concerning Greece. Their pro-euro stance blinded them, for they never considered that the structure of the Eurozone might be wrong. They ignored all the warning signs of an impending crisis because they simply never understood modern monetary/currency theory. The IMF lacks anyone with basic trading experience on how the currency markets function and that is the cause of this problem. (My boldening)
The inability to admit the possibility that the policy and theory might be wrong is the hallmark of the religious mind.
Religious minds think only in prescribed ideas permitted by their authority as codified in the litturgy, holy books or text books. Nor are they able to innovate since innovation implies that dogma may be wrong. And they can’t change their minds either.
What a stupendous socialist schmozzle the EU is.