James McKee

The IMF is Seeking a New Director



Posted: Thursday, May 19, 2011

by James McKee
http://www.forex.tradingcharts.com

Now that Dominique Strauss-Kahn has been convicted in the court of popular opinion he has stepped down from the position of head of the IMF.  This has brought about some serious doubts where his successor is concerned, and there could be serious consequences for a multitude of currencies on the online forex exchange if the wrong candidate is selected.  The wider implications for America are quite disturbing and bearing this in mind makes the situation far more serious.  While the French government is saying that Strauss-Kahn has been treated extremely poor the opinion of the situation in the United States has been quite different.

The world at large has treated this situation as a fairly grand and disturbing affair, and despite the fact that the incident supposedly happened almost 4 years ago there has been no questioning as to its validity.  There has been very little done to actually dispute the possibility of the victim’s claims, and despite a lack of a formal investigation and/or information Strauss-Kahn has resigned.  The former head of the IMF is still sitting in a jail cell in New York at Riker’s Island, and the likelihood of him being released in the near future remains unclear.

The fallout for the IMF and the World Bank remains unclear at this time, and while many are confident that the financial institution’s reputation will recover it seems to have been seriously tarnished.  There is a good deal of speculation with regard to possible fallout for the EU and the US given that the IMF has been taking a much more heavy hand in these areas.  Developing countries may find themselves  looking for aid that is not there if the IMF does happen to become an agency that lacks support, and this would be very detrimental for the world’s economy.

The author is a Forex trader and financial analyst residing in Denver, Colorado.  To stay up to date on all the latest developments in the financial world and beyond be sure to stay up to date with the latest forex quotes.
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