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Global Economy Has Entered 'Dangerous New Phase,' IMF Chief Warns

"We are certainly living through times of great economic anxiety," International Monetary Fund Managing Director Christine Lagarde said this morning.

"Exactly three years after the collapse of Lehman Brothers," she cautioned in a Washington, D.C., speech, "the economic skies look troubled and turbulent as global activity slows and downside risks increase."

And now, Lagarde warned, "we have entered a dangerous new phase of the crisis. Without collective resolve, the confidence that the world so badly needs will not return."

She urged "leadership over brinksmanship, cooperation over competition, action over reaction," in confronting the global economy's problems. "Policymakers must ... act together," she said. "They must reclaim the spirit of 2008, or the spirit of 1944. The Wilsonian spirit — the belief that the whole is greater than the sum of its parts."

Lagarde called for coordinated action by the world's leading nations to "repair, rebalance, reform [and] rebuild" global financial systems.

As she spoke, The Associated Press reports, stocks were rising because of announcements by central banks in Europe and the U.S. that "they would provide European banks with dollars in three loan installments.

Lagarde, formerly the French finance minister, took over the top post at the IMF this summer following the resignation of Dominique Strauss-Kahn.

Copyright 2011 National Public Radio. To see more, visit http://www.npr.org/.

NPR

Opulent And Apolitical: The Art Of The Met's Islamic Galleries

Navina Haidar, an Islamic art curator at the Met, says she isn't interested in ideology: "The only place where we allow ourselves any passion is in the artistic joy ... of something that's beautiful."
NPR

Tired Of The Seoul-Sucking Rat Race, Koreans Flock To Farming

More than 80 percent of people in South Korea live in cities. But in the past few years, there has been a shift. Tens of thousands of South Koreans are relocating to the countryside each year.
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Fannie Lou Hamer and the Fight for Voting Rights

Kojo explores the life and legacy of Fannie Lou Hamer, a poor Mississippi sharecropper who became an outspoken voice in the civil rights movement and the fight for voting rights.

WAMU 88.5

Computer Guys and Gal

Chrysler recalls cars to boost their cybersecurity. Microsoft debuts its new Windows 10 operating system. And navigation tech could bring us robotic lawn mowers. The Computer Guys and Gal explain.

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