In a revised report, the International Monetary Fund lowered their optimism for economic world growth in 2013 and 2014. The update anticipates a prolonged recession for Europe, the United States and a decline in China and Brazil.

Depending on who you talk to, the IMF is either, in its own words an organization that “works to foster global growth and economic stability. It provides policy advice and financing to members in economic difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty,” or, in the views of some, a shadowy force for the establishment of a new world order for a select new world few, and a not so nice place for the rest of us.

The original forecast called for a 2013 growth rate of 3.3% which has been downgraded to 3.1% and a drop in the 2014 estimate from 4.0% to 3.8%.

A persistent recession in 17 of the countries that circulate the Euro was cited by the IMF for the growth revision as well as the likelihood that the United States would cut down on its cash infusions to encourage its struggling economy.

IMF chief Christine Lagarde has been a critic of the U.S. for reducing government spending, condemning it as too much, too fast. She has been quite vocal opponent the so-called sequester — the minimum automatic across-the-board spending cuts that were set in motion because Congress could not see eye to eye on how to deal with the ponderous debt and budget.

Ms. Lagarde’s predecessor, Dominique Strauss-Kahn had a similar diagnosis, “You have to imagine the IMF as a doctor. The money is the medicine. But the countries — the patients — have to change their habits if they want to recover. It doesn’t work any other way.” Hmmm. Some would say that is like a doctor treating an obese patient with more and more Twinkies.

Only in the fantasy land of Hollywood can one get by with spending like drunken sailors and expect no pain in the aftermath. The longer we put off the pain of letting the natural re-balancing cycle take its course the fear is that we will feel even more painful repercussions.

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