speech wasgarde's a breath of fresh air in terms of identifying reality in this situation in a stark way. i hope that the imf will return to that kind of pattern rather than into the pattern of expressing confidence with whatever the europeans come up with however flawed the underlying concept is. a sense of they oive crisis? what is the threat here? >> looks, anyone who knows for sure should not be heard seriously on this subject. i say this to you, there is, reading the wall street journal, there seems to be a substantial doubt about the location of the sum of $600 million that was tied uppe at mf global. it is hard for me to believe that anybody has a a good handle on all of the exposures coming what is happening in europe. we do not know all of the channels of contagion. it is not seen this is an experiment we should be eager to undertake. if financial history teaches us anything, it was a hedge fund with $4.5 million of capital. it was pronounced in the summer 2007 that subprime was only a couple of hundred billion dollars and the market was measured in the trillions. everyone w

speech wasgarde's a breath of fresh air in terms of identifying reality in this situation in a stark way. i hope that the imf will return to that kind of pattern rather than into the pattern of expressing confidence with whatever the europeans come up with however flawed the underlying concept is. a sense of they oive crisis? what is the threat here? >> looks, anyone who knows for sure should not be heard seriously on this subject. i say this to you, there is, reading the wall street journal, there seems to be a substantial doubt about the location of the sum of $600 million that was tied uppe at mf global. it is hard for me to believe that anybody has a a good handle on all of the exposures coming what is happening in europe. we do not know all of the channels of contagion. it is not seen this is an experiment we should be eager to undertake. if financial history teaches us anything, it was a hedge fund with $4.5 million of capital. it was pronounced in the summer 2007 that subprime was only a couple of hundred billion dollars and the market was measured in the trillions. everyone w

speech wasgarde's a breath of fresh air in terms of identifying reality in this situation in a stark. i hope that the imf will return to that kind of pattern rather than into the pattern of expressing confidence with whatever the europeans come up with however flawed the underlying concept is. a sense of they oive crisis? what is the threat here? >> looks, anyone who knows for sure should not be heard seriously on this subject. i say this to you, there is, reading the wall street journal, there seems to be a substantial doubt about the location of the sum of $600 million that was tied uppe at mf global. it is hard for me to believe that anybody has a a good handle on all of the exposures coming what is happening in europe. we do not know all of the channels of contagion. it is not seen this is an experiment we should be eager to undertake. if financial history teaches us anything, it was a hedge fund with $4.5 million of capital. it was pronounced in the summer 2007 that subprime was only a couple of hundred billion dollars and the market was measured in the trillions. everyone who w