August 14th 2014; IMF, M. D., C. Lagarde addressing ...

The agenda presented by the club secretary Mr. Victor Waterson
Subjects presented in order

Introduction

1. Recorded Introduction:
Link to alternative site for immediate play [ASC Audio_5_08/14]

Tape Intro. John, Victor et al. 08/14


After the formal introduction Madam Lagarde begins by stating, at the time she was speaking, a calendar year was ending and a lunar year was soon too also.  Then to relate the number seven (7) to its numerology ... and 7 years had elapsed since the GFC.  Other interesting facts she enumerates by tinkering with the numerator 2014 and denominator 7.  Surmises 7 lean years and thereafter 7 (economical) fertile, but with qualification as to global prosperity and wealth-income distribution.  [Edit. Madam Lagarde would have been aware when addressing the press of the 8th biblical tetrad since 1AD.]

Using seven her talk divides thus:-

1.  The World
2.  America
3.  The Euro. zone
4.  Japan
5.  Asia: Myanmar, Korea and Cambodia
6.  Mali and Kenya
7.  Arab countries, Middle-East specifically

There are the advanced economies and emerging ones (from the above), each with similar or divergent concerns and she deals with each.  Towards the end of her speech in proper (and before Q and Ans. time), as managing director of the IMF states that since the GFC: 
-  154 assisted loans to members.
-  90% of members technically(?) assisted.
-  Membership of the fund totals 188

Though the questioning was hard to follow, Madam Lagarde's answers helped with the following abbreviated:

1.   a)   IMF and US work for future stability;  b) IMF and US govt.: co-operation not forced  cohesion. 
2.   IMF 2010 a years when governance reform(s) enacted
3.   IMF help extended to Euro. countries and others (2nd World) incl. Pakistan
4.   IMF and American Congress: support for developing countries
5.   "Tapering" down of assistance and consequence, particularly for emerging economies. 
6.   Government's FRB (Fed.) premature exit from post GFC correction
7.   IMF's first woman M.D. attitude to lady chairperson FRB and its significance
8.   Her attitude to women in top jobs e.g.s provided, incl. GM CEO Kenya (a woman)
9.   Asked about women in Japan, Saudi Arabia and the US gets a mention
10. IMF past economic events are they relevant, she said forecasts based on model developed assisted by             188 IMF desks around the World.
11. "Currency wars" she said after 3 years were a non-event.
12. Could there be more than on reserve currency, yes with a qualification
13. Banking stability since GFC, subject to cross boarder resolution and derivatives remain a concern.
14. Derivatives still a problem for the US
15. Inflation as related to Japan cf. euro. area
16. US Congress and observance of fiscal, economic principle pertaining to budget
17. Stock markets and monetary policy
18. Viability of the euro. v's US$
19. Europe and deflation
20. Japan "add-in-economics", she said more to be done  
21. IMF's Article 1. its implementation as remedying inequality  

From the impersonal to the personal before the conclusion of this national press recording
Q:  Madam Lagarde's French political aspiration.


Link to alternative site for immediate play of discussion following. [712_0090 08/14]

712_0090

 Link to alternative site for immediate play of discussion following.
    

712_0091 

CONCLUSION with a vote of thanks for Victor showing the evening's event.