The open question is at what cost will the advanced economies incur in installing yet another European. The IMF has been tasked to play a bigger role in global surveillance, particularly in prodding countries to rebalance their economies and change other risk-creating practices. If both top and the number two posts at the IMF goes to Westerners, it’s likely to produce simmering resentment and undermine cooperation on crisis prevention initiatives. The efforts to continue to make the world safe for big banks is coming at higher and higher cost, but no one in charge seems terribly concerned about the intermediate term, much the less the long term.This perceptive and honest blogger has had a long career in the financial services industry. She is not against capitalism as a system, but appears to be more of a FDR era pro-capitalist when corporations and banking were under much tighter controls following the collapse of the economy in 1929. (See this famous semanticist's review of political-economic labels). Her honesty and knowledge of the system often produces insights into how the system actually functions.
Currently we are witnessing the internecine battle that is occurring in the capitalist camp following the purge of Dominique Strauss-Kahn who apparently strayed too far from policies that serve the interests of the financiers.
A careful reading of this piece suggests that the financier-bankers are at the top of the capitalist ruling circles. It is clear that in economies where industrial growth is of primary interest the capitalist classes are vying for power with the reigning banking interests in Western countries for control of the powerful IMF.
Of course, it will be the latter who win the current contest, but for the vast majority of those that actually create wealth, working people, it really doesn't matter. It is we who must take control of our economies if we are to live in peace and harmony within ecological limits of our planet.