Word: baumohl
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...lends money. Traditionally the IMF has demanded harsh austerity measures in struggling economies before helping them out, and usually it's the poor who pick up the tab. "There's been a lot of discussion on how the poor suffer most from IMF prescriptions," says TIME business reporter Bernard Baumohl. "The IMF is going to have to be much more flexible in what it demands of the countries it's helping -- the IMF's tough prescriptions actually pushed some of the Asian countries into depression...
...gleefully recalled all the bad-mouthing America took from Europe in the '80s for holding back the world economy with high deficits. But the transatlantic sniping has started again -- this time for saving too much. "Running a surplus right now could be inappropriate," says TIME business reporter Bernard Baumohl. "When the U.S. and world economy is slowing, tax cuts could help stimulate domestic growth and make sure the U.S. is still a good market for Asian and Latin American exports...
...take decisive action to stop international economic collapse, but the international body isn't exactly poised to take up the challenge. "This week's IMF discussions are unlikely to produce any significant agreement because the issues are simply too complex to resolve quickly," says TIME business reporter Bernard Baumohl...
...major point of contention: Controls on the movement of capital. "There's growing agreement on the need for some form of restriction on the movement of short-term 'hot money,' because its volatile movement in and out of developing countries creates massive instability," says Baumohl. That news, and the IMF's impasse, won't generate much enthusiasm on stock markets. But Baumohl reports that "there's talk, once again, that the G-7 countries and most of the European Union plan to announce a coordinated cut in interest rates by the end of the year." And that would...
...Washington doesn't want to publicize it yet, because there are still runoff gubernatorial elections in which Cardoso needs support," says TIME business reporter Bernard Baumohl. "The news that austerity measures are coming along with the bailout might cost him politically with constituents." But Cardoso is pressed for time. His best chance to get those painful budget cuts through Brazil's Congress is to move fast, while he's dealing with an outgoing group that's less likely to worry about short-term political fallout. That's a presidential problem Bill Clinton would love to have right now -- his Congress...