The Double Standard in Crisis Resolution - New York Times

"As the Federal Reserve cut interest rates by almost a third last month while the White House and Congress scrambled to concoct a $150 billion-plus fiscal stimulus package to loosen up the credit crunch, economic policy makers in developing countries couldn’t help but raise an eyebrow."

"This creates a lot of resentment on the other end of the world,” said Joseph Stiglitz, who was chief economist of the World Bank at the time.

"Beyond the issue of fairness, there is an irony to the disparate approaches to financial troubles in the North and South. One of the consequences of the I.M.F.’s harsh medicine was that governments in developing countries vowed never again to rely on the fund and set out to hoard piles of foreign reserves in case a crisis were to strike again."

[Read More:New York Times]