When I discovered in 2008/09 that the IMF was engaged in systematic fraud in her work with Europe (subsequently with Argentina and others) I tried very had to get senior staff to see the flaws in the work that the Fund produces. After repeated efforts, and after being deliberately blocked by the head of my Department, SPR, from having this dealt with, I was resigned to write a memo. (The head of my Department was himself breaking staff rules at this very time, of course. Such are the ethics of the institution.)
Imagine working at NASA as a senior manager and being told your spaceship will not reach orbit, at massive human cost, because the maths do not add up–and doing nothing about it.
How can this be explained to the lay person?
The General Theorist 
I think it’s very telling if you look at the history of the IMF and in which countries it operated, it didn’t really seem to help a lot of countries; austerity measures etc.
For example, the 1990s Asian crisis. Countries like Malaysia which refused to follow the advice of the IMF were the first to recover. I think even Mr. Joseph Stiglitz was saying that. (can’t remember the exact quote).
On the other side, textbook macro economics is to be polite, not really in line with reality. (talking from a bachelor students’ perspective). There seems to be a disconnect with the real world and these models under which these institutions operate.
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Really waiting for the follow-up with your comments on the latest WEO projections.
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