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President of the Finance Foundation

Two women are leading the world Angela Merkel and Christine Lagarde.
With very positive consequences
September 08, 2015 , Michel Gabrysiak - Financial Markets
Two women are leading the world these last weeks.
One is Angela Merkel, the chancellor of Germany, who made the formidable decision to open German borders to 800.000 children, women, and men running away from a terrifying tribal, political and economic warfare in Syria and Iraq and were totally abandoned and in despair.
To only see the faces of those children, women and men getting on or off the trains into Germany is an extraordinary positive show.
The second one is Christine Lagarde, the director general of the International Monetary Fund. She has, literally, lead the G20 in Ankara, a few days ago. She says some simple things.
For one, that Greece is unable to reimburse its debt and that it should be given a relief of that debt for at least half of it.
For two, that China with its devaluation, stock exchange control, fight against inflation is doing extremely well. Following her, the 20 global powers, who represent 85% of the economy, have expressed their support.
Madame Lagarde thinks that “it is extremely comforting to have that level of understanding” with China.
Everybody applauded, from the Germans, the French to the EU Commission, to the US Treasury and others.
And third and very important message, she says “growth is too low, productivity is too low, trade numbers are too low, investment is too low, infrastructure projects are too few and the only thing that is too high is unemployment”.
Alas, she is right!
We may use all the tricks in the world to fight financial crisis. It will not work, as long as we are not able to diminish unemployment by 3-4 %.
America is an example of that process and success.
Everybody should listen to Madame Lagarde and follow her urgent advice. 
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