Whenever I hear "The Amazing Whatever", it brings to memory those "amazing" people of yore, going from town to town and village to village, in the eternal struggle to ensure none would go without snake oil. Their motto would probably be something like "All men are created equal, so let none be kept from buying our wondrous products". Or, for short, "There's one born every minute".
Ergo, "The Amazing IMF".
The Amazing IMF continues its notable screw-up streak. This time, we discovered that The Amazing IMF has performed some "selective filtering" on the data it used to justify the need for a greater wage flexibility in Portugal.
The IMF's data shows that the number of employees (as in "non-self-employed workers") with cut wages in 2012 was around 7%. Apparently, the reality disagrees, and without the IMF's "selective filter", that figure would be 20%.
The Portuguese government (remember how the Amazing Whatever always had one or two accomplices in the crowd? Check!) stated that the data is indeed partial, and that it was exactly what the IMF asked; the "accomplice" actually praised the IMF's method (which we can assume is not scientific) and its results (which I'd guess are not accurate viz-a-viz the reality).
Ergo, "The Amazing IMF".
The Amazing IMF continues its notable screw-up streak. This time, we discovered that The Amazing IMF has performed some "selective filtering" on the data it used to justify the need for a greater wage flexibility in Portugal.
The IMF's data shows that the number of employees (as in "non-self-employed workers") with cut wages in 2012 was around 7%. Apparently, the reality disagrees, and without the IMF's "selective filter", that figure would be 20%.
The Portuguese government (remember how the Amazing Whatever always had one or two accomplices in the crowd? Check!) stated that the data is indeed partial, and that it was exactly what the IMF asked; the "accomplice" actually praised the IMF's method (which we can assume is not scientific) and its results (which I'd guess are not accurate viz-a-viz the reality).
We can add, regarding the method, that although it's not scientific, it must be economic, since it fits the pattern used by that Amazing Duo, Reinhart-Rogoff.
This would be amusing, if it wasn't for two facts:
- These nonsensical, brain dead schemes have an actual impact on peoples' lives.
- The novelty has wore off.
What do I mean, "the novelty has wore off"' Well, the first few times the IMF screwed up, I felt a bit elated, seeing those credible, competent, high-and-mighty people get it wrong. These days? These days, I'm aware the only people who defend the IMF as "credible" and "competent" are those who have something to gain from doing so. The IMF itself has shown the world, again and again, it is neither.
So, seeing the IMF fumble is like hearing the same joke on a loop. It gets old. Pretty fast, in this particular case.
- These nonsensical, brain dead schemes have an actual impact on peoples' lives.
- The novelty has wore off.
What do I mean, "the novelty has wore off"' Well, the first few times the IMF screwed up, I felt a bit elated, seeing those credible, competent, high-and-mighty people get it wrong. These days? These days, I'm aware the only people who defend the IMF as "credible" and "competent" are those who have something to gain from doing so. The IMF itself has shown the world, again and again, it is neither.
So, seeing the IMF fumble is like hearing the same joke on a loop. It gets old. Pretty fast, in this particular case.
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