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MarkGB 

"Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world" - Henry Kissinger

and yet...

"Sooner or later everyone sits down to a banquet of consequences" – Robert Louis Stevenson

Memo from Lagarde to 'The Open Collar Boys' - Classified

In response to an FT article by Chris Giles, Shawn Donnan, Peter Spiegel and Kerin Hope on 16th April 2015, entitled 'IMF knocks Greek rescheduling hopes' 

http://www.ft.com/cms/s/0/1d44b25c-e401-11e4-9e89-00144feab7de.html#ixzz3XScA1WQE

Dear Open Collar Boys

Let's not mince words. You've sussed out the game we've been playing for the past few decades and don't want to go the same way as Cyprus or countries beginning with 'Z'. I get it - you want us to change the rules to suit you. Sorry can't happen. The only people who can change the rules to suit themselves live on a different continent, some would say planet, but let's not go there.

So, please don't be surprised when I get all 'principled' in official statements - even though you and I know this is all a matter of muscle, I have to play the game even if you don't. When you get to print the reserve currency, or even the Euro, you can call the shots - but that's not likely to happen is it? Next best would be printing your own but I'm not even supposed to mention that.

Let's face it, you are very naughty boys! Some of my colleagues like that, particularly the girls in Frankfurt, but I think we all know that this is going to end in tears.

On another note, please stop teasing Wolfgang - he's a lawyer, he doesn't understand economics and he's never even heard of Steve Keen - don't be beastly to him.

Finally, I must admit it's actually been fun the past few weeks - it makes a change to be laying down the law to people who can't respond by advising me on my travel arrangements. And besides, in the words of an old camp British comedian "You are awful, but I like you"

Kind regards

The Orange Lady

P.S. Please destroy this email immediately - we don't want another 'Hillary’ situation.

The FT continues its secular fawning over Summers and Bernanke

Free markets work - but that's not what we've got