The conventional wisdom on IMF bailouts always ran counter to the lessons of our own Depression, in which the Herbert Hoover-Andrew Mellon policies of austerity just deepened the general woe. It required the increased public spending of the New Deal and the build-up to World War II - the very opposite of the IMF's prescriptions - to bring about a recovery. Yet the West's leading financial institutions have steadily discounted the lessons of our own economic history, which recommend a more equitable capitalism than they were willing to entertain. As such, they have today pushed the world to the brink of a global recession.
5. Forget Monica. The economy will save Clinton.
Poor Clinton.
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