But Keynes would have been even more disillusioned by the end of the conference if he had thought the IMF was going to be used as a bailout fund to make the world safe for speculators and overextended banks, with populations having to accept fearsome austerity.
We need a program that uses as little of the bailout funds as possible, and one that may generate a substantial profit for Treasury, thereby freeing up additional funds to provide capital to our financial institutions.
The Americans have regularly counseled using ready bailout money as a firewall in the crisis.
Separately, the Federal Deposit Insurance Corporation also moved on Monday to reassure critics who had complained that banks were not using the bailout money as intended to increase the flow of credit.
The commission is also responding to a call made at a summit meeting in June by the German chancellor, Angela Merkel, and other leaders to give the central bank a leading role in banking supervision as a precondition for using European bailout funds to make direct injections into troubled banks, a request from Spain.
"We felt collectively and nationally that we got our fingers burnt, and this was always used as a reason to avoid bailouts, both by Labor and Conservative governments in Britain".
They love using the bailouts as a political piñata to tap into the public's understandable anger at the sweetheart deal our government cut with the banks right after they almost broke our economy.
The systemic consequences its failure entailed, of course, were used as an excuse for the massive bailouts for the banks.
Mr. Coeuré criticized the head of the Eurogroup of euro zone finance chief, Jeroen Dijsselbloem, for suggesting on Monday that the Cyprus model, in which losses were forced on large depositors, might be used as a "template" any for future bailouts.
For days afterward he even avoided using the word "bailout".
