“It’s not a crisis that will be resolved by one group of countries taking action. It’s going to be hopefully resolved by all countries, all regions, all categories of countries actually taking action.”-Christine Lagarde, IMF Managing Director

The director of the International Monetary Fund made that comment in a U.S. State Department conference on December 15.  Christine Lagarde also used the word “retraction” which is another way of saying economic depression.

Lagarde said she is greatly concerned because recent efforts to ‘save’ Europe have failed, and there is growing economic protectionism, and political isolationism, which will only make the global economy worse.  These are all things that helped cause the Great Depression of the 1920s-1930s.

She is calling for a new global financial co-operative system to prevent the coming Global Great Depression.