Excerpts From Executive Statements At The IMF/World Bank Meeting

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
flacon's picture

Timothy G.: "we also want once again to take advantage of this moment (crisis) to try in a sense to lock everybody in..." (to the prison we have created and then throw away the keys so nobody escapes)

traderjoe's picture

They will not default. We must default on them.

traderjoe's picture

Starve the beast. Cancel your credit cards. Pay cash. Barter. Minimize your taxes. Buy local. Shop less. Bank local. Etc. Etc.

Holodomor2012's picture

Been tried.  We know the outcome.  You are not allowed off the ride while the ride is in motion.


traderjoe's picture

Bullshit. If everyone reduced their consumption 10% the system's collapse will be accelerated. Stop using your credit card half the time.

The power is still with the people. It's up to us to chose.

MarketTruth's picture

Keep bank balances at a minimum and store value in physical gold and silver holdings. Barter as much as possible.

TeresaE's picture



Fat chance of that happening voluntarily, we Americans will continue to use the plastic and buy the big screens until the day we implode.

Nice thought though.

rufusbird's picture

Checked the vid. The problem with it is their conspiricy tone. It is not like that anymore. It is all right out in the open. Quotes from the masters are at the top of these very pages....

IBelieveInMagic's picture


I like Mr. Geithner's spin on market confidence in the US debt when conveniently overlooking the fact that without QE, we would have really seen what the market thought of US debt.

bonddude's picture

Speaking of default this gentleman makes it part of his business strategy thereby

crashing IndyMac, Sonoma Valley Bank, PFF Bank, Charter Oak Bank, United Commercial Bank,

and many other banks, REITs and dumb individuals who allowed him to open credit lines in

their names which he proceeded to run up. He uses straw borrowers/buyers and creates many

LLCs and although the FeDS are watching he is still operating.The count so far is upwards of

$500 Million. Hopefully, the rat trap is set. Santa Rosa Press Democrat is the only paper

following it.

Here's a nice cartoon to explain.



Popo's picture

Is there really any difference between raising the debt ceiling and defaulting?   It's just two different ways of saying "We don't have the cash".






NotApplicable's picture

But my credit's good! Right?

bonddude's picture

zombie everything

tickhound's picture

Same as the OLD Fed...


"Ivory Coast needs security, jobs, and justice. Working with regional partners, the World Bank stands ready to offer important assistance -- financial, policy and technical.

"If the security situation allows we can within the next couple of week reactivate some World bank programs worth about $100 million to help the people in Ivory Coast."


Heard this story before... Ends with a loan that can't be paid back, and a fat position for the United "Cocoa" Company.

Cuz that's how we roll...

Ancona's picture

The Central Planners are on track to bleed every last dime out of our collective pockets.


flacon's picture

dime = 91.67% copper, 8.33% nickel.

Ray1968's picture

only a matter of time before the melt value of a dime is worth more than the dime itself. (still has quite a bit to go @ $0.0244). However the nickel is there already $0.0679

Problem Is's picture

Remember Obummer Fans:

The Change is in your pocket...

LawsofPhysics's picture

"It will be deeply irresponsible to do it. People will advocate it up there. They will say there's leverage in it, we can advance it. But that would be deeply irresponsible and they will own the risk. It won't happen in the end, but if they take it too close to the edge, they will own responsibility for that miscalculation."

Hey Timmy,  come on out to the farm, cause I own that risk and your ass already.

hedgeless_horseman's picture



"You also see a lot of confidence in markets that the American political system will be able to get our fiscal path on a sustainable position. If you look at what we pay to borrow, the world basically believes that our problems are manageable, our system will solve it, but you want to make sure that we're earning that confidence every day. We have to act to justify that, to sustain that."

Absolutely zero foreign investors (including 'the world') believes that the interest rate America pays to borrow money is even remotely close to a market rate. 

They all know about POMO. Artificially high treasury prices equal artificially low treasury rates.  They all understand how a teeter-totter works.


Timmy should stop continually using this artificial interest rate as his best justification for more debt.  He is the Sec Treas of the USA for God's sake!

NotApplicable's picture

Hey now, Timmah is not stupid, and wouldn't lie, as he lives in a political world, where no such thing exists. What has happened, is that you have instead misinterpreted his words.

Markets = Brian Sack's terminal.

Now, make the replacement, and you will see that the quote is perfectly reasonable. ;-)

Misean's picture

Anyone else just plain sick of these pompous asshats?

Zero Govt's picture

Oh Yes.... hopefully when all member Govts go bankrupt, particularly the IMF's main funder the US Govt, the unelected crones and windbags at the IMF will join the unemployment cues too while their useless organisation will be flushed down the toilet ...bring on that day  

Bicycle Repairman's picture

When governments go bankrupt, the IMF takes the collateral.  Wonder what the USA has put up as collateral?

TeresaE's picture


Our homes dude (small businesses too).

Americans refuse to speak truth.  The US government is now the single-largest holder of mortgages, thus houses, in the country.  The Fed is right behind them.  Remember Fannie/Freddie and loans bought at 100% of face value (even as they continue to foreclose).

Warren Buffett said that Americans would wake up sharecroppers paying taxes to both China and the US government.  Once China owns our homes that is EXACTLY what would happen.

NotApplicable's picture

Nope, as we all keep coming back here to learn more about their abuse. When everyone here is talking about American Idol, then we'll know we've reached the terminal stage.

flacon's picture

Time for them to blow shit up. Let's get it on already. 

treemagnet's picture

Anybody know the safest place to sit on a plane thats crashing?

NotApplicable's picture

Waiting to step off of the wing, just like Bugs Bunny does.

mynhair's picture

Very bull(ish) comments.  Prepare for green.

cxl9's picture


"We've got very different ideas on how to do this,

Name one.


gall batter's picture

Dick Cheney said "deficits don't matter".  

Vendetta's picture

funny how so few complained about that comment back thn

gall batter's picture

about the same number who complained when Bush said the Constitution is just a goddamn piece of paper.

Moe Howard's picture

I am not a Bush fan either, but please stop repeating lies. The originator of the quote has retracted it. Why not use the truth instead of repeating lies? Lord knows there is enough to use.

"This article was based on sources that we thought, at the time, were reliable. We have since discovered reasons to doubt their veracity. For that reason, this article has been removed from our database."

I no longer stand behind that article or its conclusions and have said so in answers to several recent queries. In addition, I have asked that it be removed from a documentary film.

TeresaE's picture



Nope, there were plenty of us bitching about it.  We were appalled when the Patriot Act was signed.  We knew Iraq was a bad idea.  Record setting budget after record setting budget left us spewing venom.

We were probably the same ones who screamed back when Clinton gifted China and Walmart our manufacturing, then gave more to Mexico.

There were even a few of us pissed when Glass-Steagall was signed away.

But everyone else was too busy to notice.  Just like those outside these hallowed halls today.

Whom has time for complicated matters when American Idol fans voted Pia off?


Don't let these bastards continue to make this a red vs. blue issue.  It is US against THEM.



Cthonic's picture

Nice to meet someone else who apparently didn't wake up just yesterday.  Welcome.

mkkby's picture

Obviously you watch American Idol since you know who's on it.

Monday1929's picture

Did anyone remind Timmy to file his taxes by Monday? Being "overseas" is no excuse, Timmay.

Problem Is's picture

The IRS sends Timmay a polite "reminder" letter once a year for 5 years if there are any tax payments outstanding...

Confused's picture

He is part of the "club," officially now of course. So he doesn't pay taxes. 

hedgeless_horseman's picture

41 Obama White House aides owe the IRS $831,000 in back taxes -- and they're not alone


In the House of Representatives, 421 people owe a total $6,524,892. In the Senate, 217 owe $2,774,836. In the IRS' parent department, Treasury, 1,204 owe $7,670,814. At the Labor Department, where Secretary Hilda Solis' husband had some back-tax problems before her confirmation, 463 owe $7,481,463. Eighty-one workers for the Federal Reserve System's board of governors owe $1,076,733.


Over at the Justice Department, which is so busy enforcing other laws and suing Arizona, 1,971 employees still owe $14,350,152 in overdue taxes.


anolmec's picture

please replace the term "jobless recovery"  with  "oligarchs protecting their wealth"

also replace the term "continued growth" with "strip mining the planet"