Mea Culpa

Som av en tillfällighet hittade jag detta glömda brev från IMF, det har inte fått så mycket uppmärksamhet i pressen som det borde.

Mea Culpa

We are sorry !
  1. We are sorry, truly sorry for being so arrogant that we forced our beliefs in the primacy of monetary policy and the failings of fiscal policy onto policy makers around the World and we acknowledge that this arrogance has now helped contribute to the current economic crisis which is impoverishing millions of people and severely damaging entire nations. We were wrong.
  2. We recognise that this ideological obsession we had with monetary policy was a denial of the evidence before us but we were too blind to consider it important. We were wrong.
  3. We are truly sorry for perpetuating the myth of the Great Moderation and giving credence to the views of blind ideologues such as Lucas, Barro, Sargent, Taylor and others as they strutted the international stage declaring an end to the business cycle. All academic economists who continue to perpetuate that myth should be dismissed from their positions. We were wrong.
  4. We are sorry for not realising that fiscal policy is an important tool that governments can use to stabilise and support aggregate demand and employment. We now recognise that for years we have been pressuring governments to deliberately create unemployment and the associated poverty because we wrongly believed this would be the most effective way to fight inflation and deliver stable growth and prosperity. We were wrong.
  5. We are very sorry we supported the ideologues in the economics profession who lied to the World about the NAIRU. We now realise it is unmeasurable and all our own efforts to produce estimates have been built on flaky foundations. We recognise that policy makers have used this misleading estimates to inflict damage on their populations. We were wrong.
  6. We are sorry that some of us have written textbooks that systematically lie to students about the way the macroeconomy works with particular focus on the way we have misrepresented banking and money markets and the policy interactions. We were wrong and will offer refunds to all the students who used the books (fees and book purchase price).
  7. We are sorry for being so dim-witted to believe that wide-scale deregulation would enhance the prosperity of the World. We now recognise that we have been imposing blind ideology onto policy makers and allowing the elites to gain greater access to the resources in each nation at the expense of the poor. We were wrong.
  8. We are sorry for inflicting this dogma on the world, particularly the poorest nations where we have caused children to die because we have bullied governments into cutting back on spending on health. We were wrong.
  9. We are sorry for holding back the development of many of the poorest nations by bullying their governments to cut back on education and public infrastructure investment while at the same time pressuring them to give cheap access to their natural resources to predatory first-world corporations who have paid very little in return. We were wrong.


Yours truly


Source: We are sorry



Björn Nilsson sa...

Om de får en rejäl bonushöjning kanske de skriver på!

Kerstin sa...

Får mig att tänka på ett känt tal med omkvädet: "I have a dream..."

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