Monday, July 11, 2011

Christine Lagarde – IMF Chief on US debt ceiling

Christine Lagarde supports Obama on raising the debt ceiling for the United States. If this is not done, she says the impact would be disastrous for the US and the rest of the world, including for financial markets. She was a former Minister of Finance for France and now she is President of the IMF, she knows what she is talking about.

Basically what she is conveying is that politicians must stop playing political games with financial markets in this critical situation, and try to realize that at this stage of the game the US has no choice but to raise the debt ceiling.

I'd add, Republicans are committing a serious blunder by continuing with tax cuts for the super-rich and corporations. If history teaches us any lesson, it is that trickle-down economics does not work. The middle-class will suffer more and more, government revenues will go down, and the US economy will be tanked.

Click here to read the story.

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