Times change: IMF, once deemed irrelevant, is now vital

Not too long ago, policy makers, economists, even some elected officials were calling the International Monetary Fund irrelevant. After all, global trade was increasing at an impressive rate, emerging markets were roaring, and nations that previously were debtors were becoming creditors.

Some analysts were even suggesting that the IMF's Managing Director, the astute, and ever-polite Dominique Strauss-Kahn, was overpaid and not really earning his money, due to the IMF's light docket.