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To: James Strauss who wrote (9168)	7/9/2001 1:29:14 AM
From: Bucky Katt	Read Replies (1) \| Respond to of 13094

401(k) Accounts Are Losing Money for the First Time in their 20 year history >http://www.nytimes.com/2001/07/09/business/09INVE.html _________________________________________________________ ROME (Reuters) - The International Monetary Fund has lost credibility, Nobel prize-winning economist Robert Mundell was quoted as saying on Sunday, adding that it was up to the G8 to work at the world's problems alongside the United Nations. ``The IMF and the World Bank have lost credibility, especially the former which protects investors rather than helps debtor countries,'' Mundell was quoted as saying in an interview with Milan's Corriere della Sera newspaper. Mundell, who won the Nobel Prize for Economics in 1999, said the G8 -- the United States, Britain, France, Germany, Japan, Italy, Canada and Russia -- should set up a research center to study the world's problems and how to solve them. He added that the mandates of the IMF and the World Bank were insufficient to deal with the world's current problems. ``We've got to be realistic. The onus of making progress is on the richest nations with America, Europe and Japan at the head. It's up to them to guide globalization with clear and visionary leadership,'' he said. The G8 are due to meet in Genoa from July 20-22. Mundell said he hoped the summit would work to increase transparency in global capital movements and to coordinate exchange rates in order to pep up the world economy. In answer to the thousands of anti-globalization protesters whose often violent marches now almost routinely accompany big international monetary meetings, Mundell said only some of the world's problems could be blamed on globalization. ``More often they are problems caused by imbalances and local tensions or by political shortcomings,'' he said.