CHASTIZED

I just received a call from my really smart friend, Larry, calling me a jerk. Well, he actually diidn't do that, he kinda did that, anyway it sort of went like this

"Don't you have anything better to do?"

"Huh?"

"Why are you wasting your time over the future of the IMF?"

"Now just wait a minute buddy! There are people out there who read this blog and have those concerns. I have to write for them as well."

"As I said, don't you have anything better to do?"

"Suggestions?"

"Well, you could say that the only people to whom the Fund is important are the Europeans because at this stage it has the biggest pot of other people's money around with which they can bail out the idiots running Europe and the stupid banks that support the idiots."

"I suppose I could say that, but suppose we get different leadership as suggested in some quarters?"

"Come on, Charlie. Do you really think the Euros are going to allow that to happen?"

"No."

"Do you really think the U.S. is going to push very hard for that to happen and turn over it's capital to some Turk or Brazilian?"

"Not really. But then what happens to the emerging nations...and I use that phrase lightly...do they walk away?"

"Of course they walk away! With China at the head of the parade. To be honest I think DLK did everybody a favor by allowing the half-dead creature to be buried and for us to step back and take a long, hard look at the real state of the world rather than turning to this bloated joke as the solution to all things financial. But the Euros are going to keep it going for as long as possible, or at least until the present leaderships' terms run out...maybe longer because the next guys will not wish to face reality either."

"And then?"

"Oh, the banks will do something stupid again since nobody has put into place anything to prevent that from happening and then everyone will be jumping up and down congratulating themselves that we still have an IMF to bail them out. In the meantime, the Great Unwashed will get screwed again."

"Solutions?"

"You jest, Charlie. You're the thinker, I'm just a guy trying to make a buck with which to buy very good wine which I plan on drinking in ever-increasing amounts until the Big Trader lifts my bid." In the meantime my friend, have a good day."

"And to you, Larry...and thanks for the material."