Watchdog Slams IMF’s Complacency, Lack of Transparency and EU Groupthink

lagarde-trial

A damning report by IMF watchdog the Independent Evaluation Office has slammed a “culture of complacency” in Christine Lagarde’s organisation. Focusing on the IMF’s response to the Eurozone crisis, the report claims that the Fund was riven with “issues of accountability and transparency”, claiming Lagarde and senior management established “small, ad hoc staff task forces” to plan for the possibility of bailouts, rather than holding executive board meetings. The report slams the “lack of board involvement”, with management failing to discuss – sometimes despite direct requests – issues around the unfolding crisis. Preparations made by management lacked “analytical depth, rigor, or specificity”. Most damning of all, however, is the IMF’s “groupthink” and unquestioning links to European policy – particularly their irrational fervour for the Euro. The report concludes:

“At the euro area level, IMF staff’s position was often too close to the official line of European officials, and the IMF lost effectiveness as an independent assessor.”

So much for that independent report, eh Remainers?

27 Countries Seeking UK Trade Deals

BREXIT TRADE MAP

The above map shows all the countries in which government officials or prominent business figures have declared a desire to secure a post-Brexit trade deal with Britain. Out of the 10 largest economies in the world, just two (France and Italy) have not yet made moves for a deal. Every continent on earth is represented, with 27 countries already signalling their intentions:

Australia
Argentina
Bolivia
Brazil
Canada
Chile
China
Colombia
Ecuador
Germany
Ghana
Iceland
India
Ireland
Japan
Kenya
Korea (Republic of)
Mexico
New Zealand
Pakistan
Paraguay
Peru
Suriname
Switzerland
United States
Uruguay
Venezuela

The total GDP of all of these countries is nearly $50 trillion dollars – 67% of global GDP. In comparison, the EU’s GDP of $16 trillion equates to just 22%. Britain is open for business and Guido will be updating this map over the coming weeks and months. Over to you, Dr Fox…

Juncker Appoints Hardline Britain Basher as EU Brexit Negotiator

BARNIER

Who is Michel Barnier, the man appointed by Juncker to be the EU’s chief Brexit negotiator? An ultra-interventionist, dirigiste Frenchman with a history of bashing Britain and getting into fights with UK governments. This FT article from 2011 gives a taste of what he is like:

“Sir Mervyn King is not known as a man given to shouting. But during a meeting this summer in the genteel surroundings of London’s Threadneedle Street, the Bank of England governor let fly. The visitor sitting across from him was threatening to rein in the governor’s new powers to set capital rules for Britain’s banks. Sir Mervyn was having none of it. As his voice rose, his interpreter grew increasingly startled – particularly as the Frenchman refused to back down. An hour later, Sir Mervyn’s hands were still shaking when he sat down for lunch with George Osborne, the chancellor of the exchequer.”

When barmy Barnier was appointed to his role as EU financial services chief, Nicolas Sarkozy boasted that France had achieved a victory over “Anglo-Saxon capitalism”. In 2009 Gordon Brown flipped out when Sarkozy said Barnier’s appointment meant Britain were “big losers”. In 2010 the Telegraph described him as “the most dangerous man in Europe”. In 2013 Barnier told Britain to accept punitive regulation of the City or leave the EU. This appointment is a an act of war…

Matthew Elliott on Why Leave Won

Referendum-winning Vote Leave boss Matthew Elliott recounts how the campaign was won on today’s Daily Politics“At 10pm on the 23 of June, the consensus was that Vote Leave had lost. A contact of mine at Number 10 texted me to say, ‘You’re toast'”. And the rest is history…

Top Economist: Vote Owen Smith to Block Brexit

ANATOLE KALTESKY

Anatole Kaletsky, one of the first economists to point out the severity of the Northern Rock crisis, has been emailing round telling people to sign up to Labour to get Owen Smith elected so he can block Brexit. Smith’s support for a second EU referendum has inspired the Europhile economist to send this email to friends:

“If a Second Referendum becomes official policy of the Labour Party, SNP, Liberals, Greens etc will join in and this demand will prove very hard to resist for the Tories, even if Theresa May survives as Prime Minister (which I think is no more than a 50% probability).”

He has also been tweeting his 10,000 followers the same:

Alternatively, Vote Corbyn, save Brexit…

Which Remainer are you? Post-Brexit Edition

You can take the pre-referendum quiz here

No Article 50 Until 2017

FARAGE+JUNCKER

Jason Coppel QC, speaking for Brexit Secretary David Davis, has told the High Court that Article 50 will not be triggered this year. Some Brexiters will be nervous about this, but there is no legal imperative to trigger it immediately and it would be politically unwise to do so until there is an established negotiating position. Read Guido’s case for not triggering Article 50 until the deal is clear here. In the meantime May, Fox and Davis can get to work. Brexit complete by 2019…

Owen Smith: It Would Be “Tempting” to Block Brexit

Labour leadership contender Owen Smith says it would be “tempting” not to trigger Article 50 and thereby block Brexit. Smith also wants a second EU referendum. This rhetoric might appeal to Europhile members of the PLP but it is completely at odds with Labour members and voters. In Labour seats across the north up to 70% voted to Leave. A new ComRes poll shows voters oppose a second referendum by 57% to 29%. Surely Labour MPs know Smith’s approach would be suicide…

India and China Seek UK Trade Deals

HEAVEN

China has already signalled its keenness for an Anglo-Sino free trade deal, now India says a bilateral trade agreement would be “made in heaven”. Naushad Forbes, president of the Confederation of Indian Industry, says a deal will lead to increased trade.[…]

+ READ MORE +

“Government Sachs” Hires EU’s Barroso

goldman-sachs-eu

Goldman Sachs has continued hugging the EU commission tight, after financing the anti-Brexit Remain campaign and spending millions lobbying Brussels, the aggressive Wall Street firm remains careful to keep in with the Eurocrats. Known as “Government Sachs” by those who mock the firm’s habit of hiring and providing US government officials, it is clinging tight to the EU bureaucracy post-Brexit.[…]

+ READ MORE +

Hannan Says Au Revoir to EU

 

Invariably polite that Dan Hannan…[…]

+ READ MORE +

Chuka Sets up Vote Leave Watch

chuka-leave-watch

Chuka Umunna has set up Vote Leave Watch, a “grassroots campaign dedicated to holding the Vote Leave campaign and their allies to account”. The aim of the group is to pressure Leave campaigners into carrying out the pledges made during the campaign.[…]

+ READ MORE +

Theresa May Hires Remain Campaign Chief

alison

Theresa May has hired a leading Remain campaigner to work on her Tory leadership bid. Alison Griffiths says she will be May’s Director of Operations, fresh out of her role as Chief Operating Officer for the doomed Conservatives In. On her CV Griffiths says she was “COO of The Prime Minister’s campaign for the UK to vote to Remain in the European Union”, hardly something to boast about.[…]

+ READ MORE +

Lap Dancing Lawyer Tries to Block Brexit

KOLVIN

It’s not just Mishcon who want to block Brexit through the courts – now city silks are writing to the PM to demand Article 50 is not triggered. The pompous letter complains the “referendum did not set a threshold necessary to leave the EU”, whinges “the result of the referendum result was influenced by misrepresentations of fact” and moans “the outcome of the exit process will affect a generation of people who were not old enough to vote”.[…]

+ READ MORE +

Zoopla CEO Behind Mishcon De Reya Anti-Brexit Legal Action

ALEX CHESTERMAN

City law firm Mishcon de Reya are launching a legal challenge to Brexit with the backing of a number of businesses who for some reason haven’t been named publicly. Guido can reveal one of the firms behind the action is property website Zoopla.[…]

+ READ MORE +

Ab Fab’s Patsy and Edina Speak on Brexit

Jennifer Saunders told Channel 5 “Unless the Champagne supply drys up, I don’t think they’d care.” Guido wholeheartedly agrees…[…]

+ READ MORE +



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Quote of the Day

Owen Smith backs one hour contracts but wants to abolish zero hours contracts:

“You need to give people a contract to say, ‘here’s what you will be working’. It could be one, but I’m saying it shouldn’t be zero, we should invert that emphasis.”

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