The bizzare logic behind Europe’s push to continue the antiquated practice of always choosing a European to head the IMF:
Some European leaders have said in recent days that the next leader should be from Europe because they best understand the euro-zone debt crisis.
"That's interesting logic," said Arvind Virmani, an IMF board member from India. "That means whenever there's an Asian crisis, there should be an Asian managing director? Whenever there's an African crisis, there should be an African managing director?"
- From the WSJ
Simon Johnson, the former IMF Chief Economist, has an interesting piece on possible successors:
http://www.bloomberg.com/news/2011-05-17/emerging-markets-might-name-strauss-kahn-heir-simon-johnson.html Comment:
If the US wants the world to see that its rhetoric regarding democracy and openness is not just empty talk, then it should not cut a deal with the Europeans.