It is becoming increasingly difficult to deny that something profoundly different than the postwar business cycle has emerged in recent years,
While the adjustments may be difficult for a time, these crises will pass. Stronger individual economies and a more robust and efficient international economic and financial system will surely emerge in their wake,
I think the IMF has done as much as it thought it understood it could do, ... I don't know what alternative policies could have been implemented which could have significantly altered the pattern that emerged once the vicious cycle began to accumulate to the degree that it did.
We ought to be more concerned with the emergence of inflation than with temporary economic weakness.