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IMF head reverses course, calls for global spendathon.(Inside Track)(International Monetary Fund)(Brief article)
The head of the International Monetary Fund told central bankers, commercial bankers, business titans, finance ministers, and economists at the annual World Economic Forum in Davos, Switzerland, that the world needs massive deficit spending, asserting that merely reducing interest rates will not be sufficient to "stimulate" the global economy. The Financial Times reported on January 28: "In a dramatic volte face for an international body that only in the autumn called for 'continued fiscal consolidation' in the US, Dominique Strauss-Kahn, the new IMF head, gave a green light for the proposed US fiscal stimulus package and called for other countries to follow suit."
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Source: HighBeam Research, IMF head reverses course, calls for global spendathon.(Inside...