Oliver Blanchard make a few things clear. The crisis, recession, depression, whatever you choose to call it, will last another 6 years or more. During that time, the people of Europe will get poorer as they go along. So will the people of America. Global means what it says: global. He also makes clear that the IMF expects the people to comply with the Europeanization that the IMF and the rest of the banking class have in mind. Ever more central control, vs the ever stronger call for decentralization in Catalunya, Pays Basque etc., and soon in many more places. Globalization has no place in a shrinking, deflating, deleveraging world.
The IMF will lose their battle for control. But the people will be losers too. Southern Europe fears the Germanification of their countries, their thousands-of-years ancient societies, and rightly so. The Germans themselves would be wise to fear the Club-Medification of theirs. Or should we label it Club-Medication?