When Christine Lagarde Talks, Everyone Listens

christine-legarde-imf-managing-director-photo-by-imf1.jpg

Ayanna Nahmias, Editor-in-ChiefLast Modified: 01:14 AM EDT, 27 September 2012

Christine Lagarde Headshot, Photo by IMF

WASHINGTON, DC - Christine Lagarde, the International Monetary Fund, Managing Director is arguably the most powerful woman in global finance next to German Chancellor Angela Merkel.

Merkel is noted for her role in trying to resolve the Eurozone debt crisis, as leader of Europe's biggest and most robust economy. Merkel has also been named by Forbes magazine as the most powerful woman in the world.

Since the global economic slowdown, various countries have struggled to retire debt in the face of increased jobless rates, volatile financial markets, and decreased GDP.

Therefore, when Lagarde announced that the IMF is set to cut its forecast for global growth next month, the news was greeted with trepidation by the United States and other governments including China.

At issue is the growing lack of confidence in the ability of European policymakers to attack head on the crisis affecting the Euro Zone, as well as an increased unwillingness by countries with strong economic growth and low debt, like Germany, to support the bailout of countries that refuse to implement effective austerity measures.

In fact, the S&P 500 fell for a fifth straight trading day on Wednesday as protests in Spain and Greece over euro zone austerity measures raised fresh concerns over Europe's ability to get its debt crisis under control. The possibility of countries with stronger economies defecting from the euro zone in favor of a return to their national currency also contributes to continued market instability.

When Lagarde announced that the IMF is cutting its global growth projection for 2013 to 3.9 percent although it left its 2012 forecast at 3.5 percent in July 2012, it was widely viewed as a lack of confidence in Europe's ability to resolve the euro zone crisis.

In particular it was viewed as a tacit indictment of government officials inability to effectively address the economic downturn in their respective countries. The failure of these countries to implement austerity measures to reduce their debt has adversely affected the economies in the rest of the world.

In fact, Lagarde stated that she believes the euro zone crisis poses the greatest risk to the world economy followed by the looming U.S. fiscal cliff which she believes also presents a "serious threat."

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Published: 27 September 2012 (Page 2 of 2)

"We continue to project a gradual recovery, but global growth will likely be a bit weaker than we had anticipated even in July, and our forecast has trended downward over the last 12 months," Christine Lagarde said.

"Markets briefly rallied after the European Central Bank's decision to launch a conditional bond-buying program for troubled states. ECB President Mario Draghi introduced a program to buy European nations' debt on a potentially unlimited scale — with major conditions. The most important at the moment is that a country must formally request the assistance and agree to financial conditions from the international lenders." (Source: Seattle Times)

This model is similar to the U.S. Troubled Asset Relief Program which was enacted by President George W. Bush in 2008. The TARP program purchased assets and equity from financial institutions to strengthen the financial sector and stave off a severe financial downturn unseen since the Great Depression. However, it remains to be seen if the ECB’s approach will prevent the euro zone from slipping into deeper recession.

Lagarde said that the IMF supports Europe moving to a banking union which will prevent nations from being dragged down by sickly banks. The euro zone is currently weighed down by the faltering economies of Portugal, Greece, and Spain; and in the case of the latter, Lagarde believes that it appears headed toward a bailout like the one that Ireland received after rescuing its banks.

Despite this, Legarde does support the idea of giving Spain and Portugal more time to implement budget and other reforms. But she also expressed caution and was wary of Italy and France, two of Europe’s biggest economies, sincerity in charting a path to substantive economic and budget reforms.

Lagarde said structural reforms and fiscal adjustments are going to be unavoidable in crisis-hit euro zone countries, and that continued austerity measures must be more steadfastly enforced as a prerequisite for receiving future bailout funds.

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Fernando Botero | Amedeo Modigliani

Ayanna Nahmias, Editor-in-ChiefLast Modified: 00:31 AM EDT, Sunday, 7 August 2011

Jean_Auguste_Dominique_Ingres,_La_Grande_Odalisque,_1814An Odalisque (Turkish: Odalık) was a female slave in an Ottoman seraglio. She was an assistant or apprentice to the concubines and wives, and she might rise in status to become one of them. Most odalisque were part of the Imperial Harem, that is, the household, of the sultan.

Many artists, especially classical artist such as Jean August Dominique Ingres, who in 1814 painted the Grand Odalisque, often portrayed female nudes in this style. Hence the original use of the word as a noun has morphed within the field of paintings into an adjective which used to describe a particular style of portraying a female nude.

Two of into my favorite artists, Amedeo Clemente Modigliani (July 12, 1884 – January 24, 1920 and Fernando Botero Angulo (born April 19,1932 - present), depict stylized Odalisque at opposite ends of the spectrum. Both artists portray women in exaggerated proportions, Modigliani chose to elongate his figures, while Botero chose to accentuate corpulence. I find in each a more  natural, albeit caricature, portrayal of women because these artists do not seek perfection through idealization.

Whereas the nudes of the great artists like Michaelangelo strive to not only portray physical perfection of the body types of their age, it seemed as if the artists sought to imbue the canvas with the very essence of the model's soul.  By contrast, Modigliani and Botero seek to explore other aspects of painting and the female nude.

Modigliani was born into an Italian-Jewish family from Livorno, Italy.  He moved to Paris in 1906 where he met a female poet,  Anna Akhmatov who became the inspiration for many of his paintings."

"One of the key-elements of Modigliani's portraitism were the slated heads, derived from Byzantine cariatides because of the horizontal placement of the eyes and mouth coupled with the curvature of the nose. The portraits subtlety is due to Modigliani's unique talent, but its essence, the facial constructions one of the most important artistic inventions of modern art." Source:  Paintings.Name

Such directness in figurative portraiture forms the basis for abstract art, and in fact, Picasso would later use this mask-like depictions of the human face in many of his paintings.

Born in 1932 in Medellin, Colombia, as Fernando Botero Angulo, he has worked in landscapes and still-lifes, but his fame rests on paintings and sculpture of human figures with almost comically exaggerated, rounded features. Colombians have loved him for decades, at least since he won first prize at the Salon de Artistas Colmbiano in 1959, and find his work emblematic of their nation’s identity.

The Latin American artist is often quoted as saying that he paints "the world as he sees it." His work though in the style of caricature is immediately recognizable, and captivating or repulsive depending upon the viewer's perception of corpulence. For those who like 'Zaftig' women, Botero's preference for bigger, richer, models versus thin and emaciated body types that are currently in vogue, makes his work fascinating and engaging.

For students of art history, even a cursory review of his work reveals a Baroque influence. One could reasonably argue that Botero uses the distortion of proportion as commentary on social mores and the stature of the subject.

Perhaps the tendency of Baroque art toward abundance and heightened proportion helped form his signature style. But for his part, Botero claims not to have known or understood the sources of his art when he began painting, calling it entirely intuitive.

Botero’s Baroque inspiration was recognized in the title of a major exhibition of his work, “The Baroque World of Fernando Botero,” which toured museums in North America from 2007 through 2008. The accompanying catalog, published by Yale University Press (2007), is the most extensive study of his life and work to date. Featuring 100 works from the artist’s private collection, the volume provides an informed review of his considerable body of work. Source:  Antique Trader

 

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