The IMF Fails Again

It is six years since the IMF's fateful meeting in Hong Kong, just before the global financial crisis. I was there. What a peculiar meeting it was. To those paying attention, it was clear that a crisis loomed. Capital market liberalization was the culprit, exposing countries to the vagaries of international capital flows--to both irrational pessimism and optimism, not to mention the manipulation of speculators.