U.S. Economic Overstretch and Military/Political Imperial Blowback?
By Andre Gunder Frank
IMF forecasters, and also those of the OECD and the U.S. government are and have never been right, as demonstrated by comparison between their published [also their internal un-published?] estimates and subsequent real world events. They have always been overoptimistic, because over-optimism is built in-to their estimation mechanisms, if only because political economic reasons mandate them to avoid any realism and make un-realistic prognoses that are meant to act as self-fulfilling prophesies, which are also designed to maintain political support for their continued existence. The IMF -which de facto is an arm of the US Treasury Dept but is not accountable to anyone other than the US Treasury - does have some power to make prophesies that are in part self-fulfilling for American and some other big business interests by sinking currencies, economies and income especially in the ''Third'' and now also the former ''Second'' world at whose costs the economies in the First world - that yes is first but in another sense - rest much of their own relative prosperity
Full Text (PDF, 7 pages, 35.4 KB)