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IMF Prepares For Global Cataclysm, Expands Backup Rescue Facility By Half A Trillion For "Contribution To Global Financial Stability"

Tyler Durden's picture




 

And all the pundits thought that the IMF would be on the hook for just €10 billion... The IMF has just announced that it is expanding its New Arrangement to Borrow (NAB) multilateral facility from its existing $50 billion by a whopping $500 billion (SDR333.5 billion), to $550 billion. The current lending participant group of 26 entities will be increased by 13 new members all of whom will contribute token amount of capital to the NAB. The one country most on the hook in the new and revised NAB - the United States of America, will provide over $105 billion in total commitments, or 20% of the total facility. The US is currently on the hook for just $10 billion, meaning its participation in global bail outs just increased by $95 billion. And the bulk of these bailouts will certainly be located across the Atlantic. What is most troublesome is the massive expansion of the NAR. If the IMF believes that over half a trillion in short-term funding is needed imminently, is all hell about to break loose.

Never one to present a realistic picture Dominique (or is that Mrs, Pisani?) Strauss-Khan said: "The expansion and enlargement of the NAB borrowing arrangements
provides a very strong multilateral foundation for the Fund’s efforts
in crisis prevention and resolution, as an essential back-stop to the
Fund’s quota resources.
This will help ensure that the Fund has access
to adequate resources to help members that are vulnerable to financial
crises."

If memory serves us right, the Fund's current resources give it acces to about a third of a trillion, so as of today the IMF has recourse funding to just under a trillion. Something big must be coming.

Some more details on the NAB from the just released PR:

The NAB is a standing set of credit arrangements under which
participants commit resources to IMF lending when these are needed to
supplement quota resources. The expanded NAB will become operational
when it receives formal acceptances from the required proportion of
current and potential participants, which will require legislative
backing in some cases.1

“The expansion of the NAB will make an important contribution to
global financial stability, but it is not a substitute for a general
increase in the Fund’s quota resources. The Fund is, and shall remain,
a quota-based institution. It is important now that member countries
rapidly take the necessary steps to make the increased resources
available,” Mr. Strauss-Kahn underscored.

Background

The NAB is a credit arrangement between the IMF and a group of
members and institutions to provide supplementary resources to the IMF
when these are needed to forestall or cope with an impairment of the
international monetary system. The NAB is supplementary to quota
resources, which are made up of the quota subscriptions
each country pays upon joining the Fund, broadly based on its relative
size in the world economy. IMF members’ quotas currently total SDR
217.4 billion (about US$330 billion). Like quota allocations, the NAB
is reviewed on a regular basis.

The recent unprecedented shock confronting the global economy has
led to a sharp increase in the demand for IMF financing.
To ensure that
the IMF continues to have sufficient resources to meet demand, leaders
of the G-20
agreed in April 2009 that immediate financing from members of US$250
billion would subsequently be folded into an expanded and more flexible
NAB, increased by up to $500 billion. This call was endorsed by the IMFC.
The G-20 leaders reaffirmed their commitment on September 25, 2009 to a
tripling of the resources available to the IMF, from a pre-crisis level
of about US$250 billion. At its meeting in October 2009, the IMFC
welcomed the expected agreement to expand and enhance the NAB. Pending
the entering into force of the expanded NAB, member countries have
pledged more than $300 billion in immediate bilateral financing should the Fund require additional resources for lending.

We have a few questions:

1) Just where will central banks suddenly find access to over three hundred billion in SDRs (which is what this facility is based on)? Also, we are curious just how this SDR expansion will impact dollar levels. As the dollar is the primary component in the SDR basket (17%), banks will have to sell more dollars than other currencies on a pro rata basis to increase their SDR holdings. What will happen to the DXY when $85 billion new dollars flood the market via assorted CBs but mostly the FRBNY?

2) Who came up with the expansion factor? Why is Japan's allocation increasing by 18.7x, that of the US by 10.4x, while that of the Bundesbank only by 7.2x? We thought the IMF is more of a eurocentric bailout facility? Why does it fall upon the US taxpayers to disproprtionately bailout Greece?

3) What is the joke with having Greece join the group of new participants? The IMF sure has a sick sense of humor.

4) Curious how this comes the day before Greece is supposed to auction off some ultra-short term debt. If this facility is enacted, watch for socereign credit curves to hit 60 degrees, with near-term risk disappearing, once again courtesy of Joe Sixpack. We hope you pay your taxes by the April 15 deadline.

5) Funny money will galore. At this point nobody will allow anyone or anything to fail.

Here is the full table of old and existing contributors. Congrats US - you are once again leading the charge in the world bailout.

h/t Fueks_Me

 

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Mon, 04/12/2010 - 23:18 | 297485 erik
erik's picture

How do we vote out the IMF?

Tue, 04/13/2010 - 00:59 | 297600 macfly
macfly's picture

Hell yes, that's a poll we really need to be given!

Tue, 04/13/2010 - 01:03 | 297602 Shameful
Shameful's picture

I don't think you can vote out the mob.  After all we know the IMF could have taught Capone a few tricks.

Tue, 04/13/2010 - 01:31 | 297619 Kreditanstalt
Kreditanstalt's picture

You vote them out by "buying" gold: you convert your central-bank printed paper promissory notes to real money...AND, for a limited time only, you can do it at today's preferential rates

Tue, 04/13/2010 - 01:38 | 297624 Shameful
Shameful's picture

Have to disagree.  I just see buying gold as taking chips off the table and putting them in your pocket for the next game.  Their game will go on until they destroy the system utterly, buying gold doesn't alter that course.  Sure if gold goes up a lot it shows weakness in that system, but that system will fail anyway.  The real question is what system will be after this one, and will the current power brokers hold the reigns of power in the next system?

Tue, 04/13/2010 - 02:36 | 297664 AnAnonymous
AnAnonymous's picture

The current power brokers are doing their best to be the ones on top in the next system.

They have this right as overthrowing them will be even more difficult in the next game as it is in the current game. A few more iterations, and losing power will only happen through stupid as stupid mismanagement or coincidental events (crash of a plane conveying all of a power family etc)

Tue, 04/13/2010 - 06:27 | 297793 Al Gorerhythm
Al Gorerhythm's picture

Hey Shameful,

This is surely the question of the decade. Methinks that even though Joe and Jane Sixpack currently don't know the price(sic) of gold, in a round about fashion they will find out the value of it. It is then they will start dealing honestly with one another. The game will simply change from one of having faith in currency to one of having an assurance of an honest transaction when using easily recognizable, honestly derived money.

There is no option that I can see, other than using gold and silver as a medium for exchange, a unit of account (debt payment) and as a store of value. Any derivative of it will have to be backed by gold, issued by treasury against its reserves. By adopting gold as the yardstick of currencies, it will stop the usurious games of the money printers and the largess of governments.

There will be much wailing and gnashing of teeth, but after the demise of fiat currencies, the demands for honesty in transactions through sound money principals, will drag the something-for-nothing crowd, screaming and kicking into a new reality.

This honest money theory has been previously utilized, and isn't a recent phenomenon, its practicalities and honest properties recorded, as spoken by the likes of Aristotle, Jesus, Mises and others and as articulated by the US constitution.

It is an age old question which always gravitates back to; "What is it that you are offering me in exchange for my stuf"f? If it ain't gold, it ain't money. If it's a credit note, whose account is it tied to and is the account in credit or overdrawn? That, I suspect, is what transactions will be based on, whether people philosophically accept it, or not. Pure and simple.

Tue, 04/13/2010 - 09:21 | 297974 Commander Cody
Commander Cody's picture

The fascist oligarchy will not let YOU use your gold or silver as a hedge against the failure of fiat money. If it comes to that, then their military arms will confiscate it from you and give it to them.  He who controls the spice controls the universe!  He or she who controls the military controls the population.

Wed, 04/14/2010 - 16:20 | 300655 downrodeo
downrodeo's picture

So that is why pirates bury their treasure--to keep the dang queen's armada off of it...lolz

Tue, 04/13/2010 - 12:11 | 298218 trav7777
trav7777's picture

Read about Real Bills Doctrine.  This is the answer.

The reason bankers hate it is because it does not allow them to acquire real assets for lending what they do not have.  It turns them into transaction facilitators and bye bye to massive spec and rentier profits

Wed, 04/14/2010 - 09:05 | 299790 tip e. canoe
tip e. canoe's picture

thanks for the tip.  found this quite interesting:

http://www.safehaven.com/article/3426/detractors-of-adam-smiths-real-bil...

Tue, 04/13/2010 - 08:39 | 297912 HumbleServant
HumbleServant's picture

Hey Shameful,

I just see buying gold as taking chips off the table and putting them in your pocket for the next game.

You're absolutely right.  Now you need to quantify the chance of a currency re-set. 

We were within a few hours of a global economic meltdown in 2008.  Nothing has changed and it could be argued that more risk is being taken than before.

I have been trying to put an actual number down so I can look at this objectively.  So far I have come up with a 10% chance in 2010, 15% chance by 2011 and 20% chance by 2012.

We all know that the end result of the monetary policy of the US will be default or devaluation.  The question we all have to ask is "How long do we want to gamble with FRN's?"

I heard a wise man say once that he would rather be a year early than a day late.

Wed, 04/14/2010 - 16:17 | 300651 downrodeo
downrodeo's picture

Still, there isn't anything wrong with preserving your chips when you have a pretty good idea that they'll be lost entirely if you just sit on your hands.

Tue, 04/13/2010 - 08:03 | 297871 ZackAttack
ZackAttack's picture

Congress has to vote to fund it every year. This past year, it had to be remora'd onto a war funding bill to pass.

http://thehill.com/blogs/congress-blog/economy-a-budget/25506-fight-brewing-over-imf-funding

 

Let your congresscritter know they're committing political suicide if they vote to fund it this year.

Tue, 04/13/2010 - 09:07 | 297948 Absinthe Minded
Absinthe Minded's picture

You never know, we might need to be bailed out next. Seriously though, do you think China doesn't know what's going on? They are in this with TPTB, trying to get a seat on the getaway plane. They realize the minute we stop printing it's game over for us and their 2T they invested. They are just trying to time it right for the pull out to minimize losses. At that point they couldn't give a shit less about us, or anybody else for that matter.

Mon, 04/12/2010 - 23:21 | 297488 orange juice
orange juice's picture

The thing to watch with the Eurozone is the spreads at the other at risk countries. Since there are proposals on the table to help Greece, lets sit back and see if Portugals spread doesn't increase.... let's really see if the bazooka is a bazooka or not.

 

edit: I'm assuming this is all for Europe, because in the US we can print ad naseum if necessary.

Mon, 04/12/2010 - 23:22 | 297493 BlackBeard
BlackBeard's picture

Fuck.  This ponzi scheme is getting HUGE!

Tue, 04/13/2010 - 00:33 | 297585 A Nanny Moose
A Nanny Moose's picture

heh. Some think we are in the eye of the storm. I say 2008 was just the leading squall line. :)

Tue, 04/13/2010 - 04:03 | 297694 ED
ED's picture

This isnt even real. Nobodies paying anybody anything. Certainly not of any value, or consequence

Tue, 04/13/2010 - 06:29 | 297797 GetZeeGold
GetZeeGold's picture

 

 

+1

 

 

 

 

Mon, 04/12/2010 - 23:22 | 297495 A_MacLaren
A_MacLaren's picture

Someone finance a new printing press for BB, he's gonna need it.  And don't forget, to be non-inflationary, that money has to be borrowed into existance.

Mon, 04/12/2010 - 23:22 | 297496 Mad Max
Mad Max's picture

This certainly gives me a bad feeling.

Is it possible that this is merely a subterfuge for the global coordinated devaluation that people have been talking about?

Mon, 04/12/2010 - 23:27 | 297503 Number 156
Number 156's picture

I see that someone has fugured out how to take over the world.

Tue, 04/13/2010 - 00:13 | 297571 1fortheroad
1fortheroad's picture

They planted the seeds along time ago, pretty soon harvest time.

Tue, 04/13/2010 - 00:52 | 297596 macfly
macfly's picture

This is how they are going to create their new world order. It is so chilling it doesn't even make sense.

Tue, 04/13/2010 - 08:29 | 297899 dark pools of soros
dark pools of soros's picture

i just hope aliens are behind this... then maybe other aliens could save us

Mon, 04/12/2010 - 23:31 | 297507 Mad Max
Mad Max's picture

Could this have anything to do with this interesting post from Denninger?:

http://market-ticker.org/archives/2186-Did-The-Fed-Just-Surreptitiously-...

Mon, 04/12/2010 - 23:36 | 297516 A_MacLaren
A_MacLaren's picture

That's the financing for Ben's printing presses.

Mon, 04/12/2010 - 23:40 | 297523 Love and money
Love and money's picture

wtf were those loans made? w stands for why, where and to whom? according to the author, it's all about fasb rule changes. if that's true, what does that mean for businesses seeking loans or homeowners seeking mortgages? or won't it make a difference?

Tue, 04/13/2010 - 06:05 | 297753 -1Delta
-1Delta's picture

Those loans are CONSUMER---it is in the title

This is not the Fed...

 

 

 

 

Tue, 04/13/2010 - 08:32 | 297906 tmosley
tmosley's picture

Who exactly do you think controls the banks in this country?

The Fed can force individual banks to do whatever it wants.

Mon, 04/12/2010 - 23:40 | 297526 Zé Cacetudo
Zé Cacetudo's picture

Exactly what I was thinking.

Tue, 04/13/2010 - 00:35 | 297587 A Nanny Moose
A Nanny Moose's picture

+1

Mon, 04/12/2010 - 23:48 | 297535 erik
erik's picture

this has to do with a re-classification that was done.  i saw it on another site.  these are not new loans. 

Tue, 04/13/2010 - 00:07 | 297562 RockyRacoon
RockyRacoon's picture

I think Paulson's bazooka just went off in his pocket.

Maybe that's what this is all about.  Now the IMF has the bazooka.

And how did that work out for ya?

Mon, 04/12/2010 - 23:31 | 297508 Al Huxley
Al Huxley's picture

At this point its all just monopoly money, so who cares.  We'll find out who's swimming naked when the competition for food and oil gets serious.  Then watch how fast all these bullshit games unravel.

Tue, 04/13/2010 - 08:45 | 297920 dark pools of soros
dark pools of soros's picture

you mean like the egg industry killing off hens to run the price up??  Everyone wants a disaster to profit from

Mon, 04/12/2010 - 23:31 | 297509 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

This quote is from the IMF 2-4-09 from link :

We believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions.

 All that one world government conspiracy stuff is BS.

I am still confused how BB and the boys missed this crisis.

Mon, 04/12/2010 - 23:34 | 297513 A_MacLaren
A_MacLaren's picture

They didn't miss it, they created it.

The "we missed it, didn't see it coming" lines are the plausable deniability bullshit for public consumption.

Tue, 04/13/2010 - 02:38 | 297665 AnAnonymous
AnAnonymous's picture

The prosperity for all is achieved once you removed the unprosperous. This method is copyrighted by the US. When you removed the poors, you are only left with the rich and everyone is rich.

Mon, 04/12/2010 - 23:37 | 297517 tmosley
tmosley's picture

Total lending increased by an all time record of 400 billion this week, just out of the blue.  I wouldn't be suprised if we laundered that money through those 13 other participants for this program.

Mon, 04/12/2010 - 23:48 | 297520 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

First, is this not illegal?  Who authorized bailouts of foreign nations?  As a taxpayer, should I put a dead horse's head in BS' bed?

Does China have more control over the doelarr than the US does?  Is the US trying to collapse the doelarr with this new plan B of infinite lending to anyone, domestic or foreign?  Of course, to increase exports.  Right Kkkrugman?

"Damn it China!" -Paul Krugman

Tue, 04/13/2010 - 11:03 | 298110 WaterWings
WaterWings's picture

LOL

Love the quote.

Mon, 04/12/2010 - 23:38 | 297521 Instant Karma
Instant Karma's picture

Silver is down 4% from this time last night. Gold down about 2%. Hmmm....

Asia Times column reports that, in essence, the Fed is financing banks located in London and the Caymans to buy up US Debt. Foreign Central bank buying is flattish. I call it stealth quantitative easing. But on the books it's a giant carry trade.

Also noted was massive increases in US Debt on the banks balance sheets, of course, and a massive decline in lending to the private sector. That's not good for the economy, is it?

They called this a "liquidity trap" and said basically it's Japan 2.0.

Tue, 04/13/2010 - 00:29 | 297582 Gold...Bitches
Gold...Bitches's picture

Silver is down 4% from this time last night. Gold down about 2%.

Options expy Friday.  Lots of calls they need/want to expire worthless.  Take advantage of the dip for when they cover again next week

Tue, 04/13/2010 - 08:36 | 297910 tmosley
tmosley's picture

I thought options didn't expire until the 27th?

Where can you find the calender for this crap?  I want to start taking delivery during each of these beat-downs.

Tue, 04/13/2010 - 09:32 | 297986 Cerulean
Cerulean's picture

Aren't they expiring Friday week (27 April)

Mon, 04/12/2010 - 23:40 | 297524 Amish Hacker
Amish Hacker's picture

Let's see, raise the backstop for Fannie and Freddie to infinity? Check. Increase the NAB to half a trillion? Check. O.K., now we're ready to contribute to global financial stability.

Mon, 04/12/2010 - 23:52 | 297539 Shameful
Shameful's picture

Unreal!  And what's with the bankrupt countries putting money in...well actually most nations on that list are bankrupt, come on Ireland/Portugal/Greece welcome to the party!  Why stop at another 500 billion, why not 500 trillion? 

I'm hoping that the headline "US to dole out 105 billion to IMF loan sharks to fund global pillaging tour"  Odds are this will be a minor blurb and the average Joe won't see it.

Tue, 04/13/2010 - 00:05 | 297560 Matto
Matto's picture

I reckon the line of thinking goes like this: 

1. Commit to IMF bailout fund. 

2. Be first to access bailout funds.

3. Do not be second to access bailout funds.

 

 

 

 

Tue, 04/13/2010 - 08:50 | 297927 dark pools of soros
dark pools of soros's picture

Greece is looking to double dip from the start to own that new pot of sauce...back off or they will sneeze in their own food to claim it all theirs...

Tue, 04/13/2010 - 06:00 | 297745 Squid-puppets a...
Squid-puppets a-go-go's picture

i think this is close. iits like "hey everyone is insolvent - but if some people are a lot more insolvent then others, we cant bluff pretend and extend. So lets pool our debts and regig them, smooth 'em out so that everyone goes back to a level playing field of pretty insolvent as oppposed to some being ridiculously insolvent

Mon, 04/12/2010 - 23:54 | 297543 Matto
Matto's picture

jebuz. this thing aint going to be allowed to fail.

i just moved camp from deflation to inflation and stopped worrying about paying off debt in the length of time it took to read this article.

risk assets & commodity currencies to the mooooonn!!!!!

Mon, 04/12/2010 - 23:58 | 297547 Trifecta Man
Trifecta Man's picture

Why $95 billion dollars for OTHER NATIONS, while the American thieving CEOs layoff millions of people, and American Banksters try to steal their homes away from them. while receiving trillions in aid from the US government?

Tue, 04/13/2010 - 00:01 | 297553 Matto
Matto's picture

because money dont matter, its just made up. what matters is stopping imminent system collapse  in the vein of <CTRL><ALT><DEL>

suckers to us for believing otherwise and actually wasting time working for a living.

 

Tue, 04/13/2010 - 00:04 | 297554 43 Steelie
43 Steelie's picture

.

Tue, 04/13/2010 - 00:09 | 297555 Cindy6
Cindy6's picture

"Why does it fall upon the US taxpayers to disproprtionately bailout Greece?"

The price of hegemony. There's no free lunch after all.

Besides, why will the taxpayers be on the hook when there's the great printing press? This is just a collusion to cheat on Germany and further trashing the dollar.

Tue, 04/13/2010 - 00:08 | 297557 Cindy6
Cindy6's picture

"Why does it fall upon the US taxpayers to disproprtionately bailout Greece?"

The price of hegemony. There's no free lunch after all.

Besides, why will the taxpayers be on the hook when there's the great printing press? This is just a collusion to cheat on Germany and further trashing the dollar.

Tue, 04/13/2010 - 00:26 | 297579 BobPaulson
BobPaulson's picture

More like the price of controlling all the games in the casino and screwing the entire planet by exchanging valueless paper for manufactured goods, oil and other commodities. Not a bad deal actually.

Tue, 04/13/2010 - 00:07 | 297564 AR15AU
AR15AU's picture

IMF has a stealth global printing press in the SDR.  Watch out...

Tue, 04/13/2010 - 01:26 | 297614 MsCreant
MsCreant's picture

Just what I was thinking. 

Tue, 04/13/2010 - 01:39 | 297626 Shameful
Shameful's picture

Ah the printing press, for when 100 to 1 leverage isn't enough.  Accept no substitute!

Tue, 04/13/2010 - 02:33 | 297663 ED
ED's picture

Quote from Cathay Pacific 'Conditions' on my ticket:

"CATHAY PACIFIC AIRWAYS LTD agrees that in respect of all carriage by air (whether pusuant to the Convention or otherwise) performed on a Cathay Pacific Airways Ltd service, the limit of liability for each passenger death, injury or other bodily injury shall be the appropriate equivalent of 100,000 Special Drawing Rights (approximately U.S. Dollars 143,000) exclusive of legal costs."

USD just another currency now?

I rest assured Im good for at least 100k SDR's

Tue, 04/13/2010 - 07:33 | 297856 Gordon Freeman
Gordon Freeman's picture

Special Drawing Rights--yeah, they're real special...LOL!

Tue, 04/13/2010 - 10:28 | 298065 fredquimby
fredquimby's picture

And China already has 50 million of these shady sdr's.....

and they paid for them with YUAN that they printed themselves

hahahahahahaha

You print yours and I'll print mine.......

http://online.wsj.com/article/SB125205971223086149.html

Tue, 04/13/2010 - 00:08 | 297565 Jake3463
Jake3463's picture

$500 billion for a catostropic event.  Chump change.  That won't even backstop all the PIIGs.

That is like firing $50 million into Lehman before they collapse.

Tue, 04/13/2010 - 00:12 | 297570 Al Huxley
Al Huxley's picture

I don't want to alarm anybody, but there's a bunch of red on the Asian indices right now.  Not sure what it means, and I'm sure it will clear up by morning, but it might bear watching.  I'm sure its nothing to worry about though.  With those massive long call positions on the big US financials, I can't imagine anything going anywhere but up into this Friday.

Tue, 04/13/2010 - 00:15 | 297573 mattco
mattco's picture

Wait. I saw Greece on that list. Are they now bailing themselves out? Fuktarded, totally Fuktarded!

Tue, 04/13/2010 - 00:23 | 297576 What_Me_Worry
What_Me_Worry's picture

Cmon Dow 350,000 by Tuesday.

And a giant huge LOL to Greece bailing themselves out.  Well played Greece, well played!

Tue, 04/13/2010 - 00:24 | 297577 Joe-the-Farmer
Joe-the-Farmer's picture

And Italy. And Spain. And Ireland. And Portugal. Fucked.

Tue, 04/13/2010 - 00:32 | 297584 dumpster
dumpster's picture

create out of nothing debt,  as much as you like .

have a taxing authority place a tariff on your hide,

have the top rung get first diveys , 

then squezz the world for interest to repay the nothing with something to the boys of the  hood .

rain water is taxed at 24 cents an inch

air will now cost 1 buck a day

sunsets will be 25 cents

but for the greater good .

sound just fine.. Keynesian logic to the tenth power

 

instead of a little poison in the food

now we can have a machine gun pointed directly at our head

 

 

 

 

Tue, 04/13/2010 - 00:41 | 297591 Comrade de Chaos
Comrade de Chaos's picture

"Dominique (or is that Mrs, Pisani?"

 

not nice, the guy is almost a family, his real name is Demonique Genghis Chan though. 

Tue, 04/13/2010 - 00:41 | 297592 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

How will these loans help if the following is now enforce? from the IMF website

This modernization is to be achieved in two key ways. First the IMF will rely more on pre-set qualification criteria (ex-ante conditionality) where appropriate rather than on traditional (ex post) conditionality as the basis for providing countries access to Fund resources. This principle is embodied in a new Flexible Credit Line. Second, implementation of structural policies in IMF-supported programs will from now on be monitored in the context of program reviews, rather than through the use of structural performance criteria, which will be discontinued in all Fund arrangements, including those with low-income countries. While structural reforms will continue to be integral to Fund-supported programs where needed, their monitoring will be done in a way that reduces stigma, as countries will no longer need formal waivers if they fail to meet a structural reform by a particular date.

???

The original purpose of the IMF no longer matters.  How do you change a process wich is failing when you do not make structural changes?

 Stigma? STIGMA?

 

 

 

Tue, 04/13/2010 - 01:18 | 297613 Goldfinger
Goldfinger's picture

IMF going sub-prime?

Tue, 04/13/2010 - 03:17 | 297682 gratefultraveller
gratefultraveller's picture

"While structural reforms will continue to be integral to Fund-supported programs where needed, their monitoring will be done in a way that reduces stigma"

Looks to me like they are retreating in the shadow after having drawn too much flak in the past for ripping off countries of their assets. Someone must have figured out that the atmosphere is/will be far too explosive to maintain operative staff levels if they keep acting in the open.

Tue, 04/13/2010 - 01:07 | 297605 lucasjackson
lucasjackson's picture

I am relatively certain how the endgame will play out in this drama.  The only x factor is how long they will carry on the charade of solvency and democracy in America. I can not grasp how most people are completely unaware of what is really happening here.

Tue, 04/13/2010 - 01:09 | 297608 Argos
Argos's picture

I'm tired of all of this.  I'm paying about 60% of my income in taxes.  I want an ex Marine to defend my gold, and a hung Greek to keep me warm.

Tue, 04/13/2010 - 01:16 | 297612 dumpster
dumpster's picture

60%   you jest,, lol   their going after  the other 40%

Tue, 04/13/2010 - 01:35 | 297623 Printfaster
Printfaster's picture

What a farce.  These nations are not contributing money to the IMF, they are simply printing paper.  The IMF is a paper sham.

This is a shell game, and just because they add more shells, they think it makes it more secure from discovery.

 

Tue, 04/13/2010 - 01:45 | 297634 MsCreant
MsCreant's picture

You may need to change your screen name to Printfasterstill. Or PrintSDRs. 

Tue, 04/13/2010 - 02:43 | 297671 AnAnonymous
AnAnonymous's picture

How is it a farce? The IMF paper is buying real wealth, mostly from the poorer countries in the world when they happen to be commodity rich.

Maybe time to stop the delusion. Receiving real wealth against money paper is a very nice bargain. The reverse not that nice but who cares?

Tue, 04/13/2010 - 01:39 | 297625 chindit13
chindit13's picture

Greece bailing itself out?  There's crossover value in other realms of existence.  Hospital emergency rooms all over the world, when faced with a blood shortage for accident victims, can now just run a line from the patient's right arm to his left.

Tue, 04/13/2010 - 08:29 | 297900 tip e. canoe
tip e. canoe's picture

that's funny chindit...and so true.

Tue, 04/13/2010 - 01:43 | 297627 MsCreant
MsCreant's picture

Okay NWO folks. I admit it, I thought you were too far out there. Not now. If we get in the habit of sending them this kind of sum every year (and more) and they redistribute it back to all of us (after taking their cut and making all the decisions), all those countries just became the United Countries of the IMF. In your own country you can tell the populace whatever you want: We are capitalists. We are communists. Whatever story they like. Does not matter. 

All your stores of value are belong to UCIMF. 

I pledge allegiance to the Flag of the United States of the International Monetary Fund and to the Kleptocracy for which it stands. One planet, in indentured servitude, with payment plans and Ju$tice for all.

This ain't your mother's conspiracy theory. 

Tue, 04/13/2010 - 01:48 | 297638 ThreeTrees
ThreeTrees's picture

I pledge allegiance to the Flag of the United States of the International Monetary Fund and to the Kleptocracy for which it stands. One planet, in indentured servitude, with payment plans and Ju$tice for all.

A+

I'd laugh if this news didn't give me a sinking feeling...

Tue, 04/13/2010 - 08:07 | 297872 Hephasteus
Hephasteus's picture

It's funny becasue it's true. It's sad becasue it's true. Have to move another man behind another curtain. Too many people figured out the magic trick this time.

Tue, 04/13/2010 - 09:04 | 297944 TheGunn
TheGunn's picture

"All your stores of value are belong to UCIMF."

lol

Someone set us up the bond!

Tue, 04/13/2010 - 01:44 | 297630 Tripps
Tripps's picture

could it be CHINA is about to CRACK big time and take ALL of the world down in their ponzi finance scheme over there?

 

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYsoAo1S14lg&pos=5

Tue, 04/13/2010 - 01:51 | 297639 MsCreant
MsCreant's picture

70 bil? They can't hide that with mark to fantasy accounting? They can't change the rules about what they are required to have as reserves? Shoot, they are backwater. Totally 3rd world. 

Print Bitches. Lie. Kick the can. Extend and pretend, like yo daddy Ben. You know the drill. Ben Dover, where is he? Haven't seen a post from him in forever.

Tue, 04/13/2010 - 01:55 | 297643 Shameful
Shameful's picture

70 billion? Is that all?  That's not even a fart in the windstorm anymore.  This isn't a few years ago, you know when a few billion dollars was a lot of money :)

Tue, 04/13/2010 - 08:11 | 297879 Anton LaVey
Anton LaVey's picture

"A billion here, a billion there, and pretty soon you are talking about some serious money" -- Senator Everett McKinley Dirksen.

Tue, 04/13/2010 - 01:45 | 297633 ThreeTrees
ThreeTrees's picture

Jesus H. Christ.  Let's just get this goddamn global bankruptcy circlejerk over and done with already.  I'm getting blueballs over here.

As if there was a damn thing the IMF could do besides throw more paper at a much bigger problem.

Tue, 04/13/2010 - 09:24 | 297980 Absinthe Minded
Absinthe Minded's picture

I 2nd the blue balls!

Tue, 04/13/2010 - 02:42 | 297642 JW n FL
JW n FL's picture

This comes after the mettings in China... I guess everyone is on the same page, now. Thusly $500,000,000,000,000.00 in new funds are ok to be spread around to keep the wheels greased for the "AAA" rated entrenched lobby.

 

Anything but help the middle, main street will pay for the spending on Wall Street Globaly.

 

Is Goldman borrowing 0% at the Fed window to supplement the gaps as well with IMF back stop(s) in place? I see a new push into public / private works... God's work for Goldman... its only fair since JP Morgan gets all the Gold that Goldman gets all the cash? Oops... no JP gets all the Gold and a 0% Fed window as well...

 

Mom and Pop, FUCK YOU! AGAIN... and Mom and Pop's Grandkids... FUCK THEM TOO!

 

All of this new debt will be paid by the top 11,000 earners at a 77% to 91% tax bracket? *****Cough***** Bullshit! *****Cough*****

 

The working class will pay for this continuation of re-inlating, propping up and pumping the markets, Governments of the World now... Oops, I mean Again... no, no... I mean some more... I mean still.... well you get it I am sure.

 

The Algo's needed some help?

 

Creating a false sense of security to manage the population of the world so that everyone will feel good and be productive sheep... Thank God! I mean Goldman that the markets are 11k plus.

 

People get what they deserve in a Democracy... dumbing down the masses is not something that happened on accident.

Tue, 04/13/2010 - 03:37 | 297688 saulysw
saulysw's picture

I could be wrong, but $500,000,000,000,000.00 is 500 trillion. So you have 3 too many zeros. It should be $500,000,000,000.00

I have a 100 trillion zim note on my wall. So it's just 5 little pieces of paper like those. With paper money, it's just perception, an illusion. That's why gold, despite it's issues (and it does have some), has it's place. IMHO.

Tue, 04/13/2010 - 08:12 | 297882 Anton LaVey
Anton LaVey's picture

Hey, what's three extra zeroes between friends?

Anyway, it will soon reach that level - relax, enjoy the ride.

Tue, 04/13/2010 - 11:23 | 298140 JW n FL
JW n FL's picture

Thanks and sorry for the typo... I was typing angry.. thusly mistakes where bound to happen!

 

Ammo before Gold! in any and all cases.

Tue, 04/13/2010 - 02:13 | 297653 Segestan
Segestan's picture

As the Austrian economist von Mises said: “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency involved.”

 

Got Gold?

Tue, 04/13/2010 - 02:20 | 297655 Shameful
Shameful's picture

The crack up boom will be interesting.  Can you imagine what the MSM will be saying "OMG people are hungry to buy anything!  It must be a recovery!  Green Shoots!"

Tue, 04/13/2010 - 02:41 | 297668 JW n FL
JW n FL's picture

Got ammo?

Tue, 04/13/2010 - 03:12 | 297677 market cynic
market cynic's picture

From the opening scene of Gladiator, this seems appropriate here....

Roman General Quintus (glaring across the battlefield at the rebellious, surrender-refusing, horde about to be butchered by his legions):

 

"People should know when they're conquered."

 

 

Tue, 04/13/2010 - 07:46 | 297859 Grappa
Grappa's picture

"Would you know when you're conquered Quintus?"

...Or more interestingly would you still go on if you really knew?

Tue, 04/13/2010 - 09:01 | 297878 market cynic
market cynic's picture

The actual reply from Maximus to Quintus was:  "Would you, Quintus....would I?"

 

Of course not.

We do know, and we will still go on until imperial Rome butchers every last one of us.

 

Strength and Honor!

 

 

Tue, 04/13/2010 - 09:35 | 297991 JW n FL
JW n FL's picture

http://www.youtube.com/watch?v=331clHFsnpY

3 weeks from now I will be in green fields... imagine it and it will be so...

Visualization, thats all the 11k market is....

I can see it now...

God's work indeed!

Tue, 04/13/2010 - 03:48 | 297690 SofaPapa
SofaPapa's picture

So basically, money doesn't really exist anymore I suppose.  A Trillion here and a Trillion there and before long it's all just a fun game.  You see there are no debts really.  Just numbers in a ledger.  Isn't this a fun game?  As someone posted above, until food or oil are at stake they can keep this running.  Once prices for those two items become real, there's going to be hell to pay.  Tomorrow maybe?  I'm joining the Silver camp and buying as much as I can as soon as I can.

Tue, 04/13/2010 - 09:42 | 298000 JW n FL
JW n FL's picture

Buy Ammo! http://www.google.com/#hl=en&q=.223+ammo+for+sale&aq=0&aqi=g3g-m7&aql=&oq=.223+ammo+for&gs_rfai=&fp=95b809f9b4e151b1

 

You will notice there are a lot of out of stock items... large quantity .223... Oops? not all the silver and gold in the world and / or cash... can buy what is not on the shelves...

 

People say Gold... I say Ammo and if you want to know what trumps what in the real world if there is a melt down???? It wont be spinning rims on your caddy... it wont be bling.... it will not be little shinny pieces of metal, unless of course the shinny metal is brass.

 

Ammo, Food and then whatever you think you should buy into... but cover your bases first and recover them again before you buy shinny, bling or spinning rimms for your car..

 

Sincerely, JW

Tue, 04/13/2010 - 12:37 | 298247 trav7777
trav7777's picture

What do you plan to do with that ammo?

Defend yourself from a drug gang wishing to use your nice property as a meth lab?  ROTFL.

Everybody has guns and everybody has ammo.  Don't you ever do paintball in a confined arena?  Those who are not shooting are the ones who make it to the end.

Tue, 04/13/2010 - 05:03 | 297701 wyosteven
wyosteven's picture

World, meet your new masters -- same as the old, but now they are trying to "blend in" by seeking bailouts from many baskets of sovereign debt.

Never transparency, only obfuscation through complexity. 

The bad guys really are going to get away in Oceans 2010

Wed, 04/14/2010 - 14:44 | 300433 Southern Belle
Southern Belle's picture

Here's a Bible verse for your contemplation:

James 5: 1-6 NIV translation:

Now listen, you rich people, weep and wail because of the misery that is coming upon you. Your wealth has rotted, and moths have eaten your clothes. Your gold and silver are corroded. Their corrosion will testify against you and eat your flesh like fire. You have hoarded wealth in the last days. Look! The wages you failed to pay the workmen who mowed your fields are crying out against you.The cries of the harvesters have reached the ears of the Lord Almighty. You have lived on earth in luxury and self indulgence. You have fattened yourselves in the day of slaughter. You have condemed and murdered innocent men, who were not opposing you.

Things will not go according to their plans. Read Revelation 18 for more details. Here's a preview Revelaton 18:19

In one hour she (Babylon) has been brought to ruin.     

Mon, 04/26/2010 - 22:13 | 319073 wyosteven
wyosteven's picture

James goes on to say "...Religion that God our Father accepts as pure and faultless is this: to look after orphans and widows in their distress and to keep oneself from being polluted by the world."  (1:27)

A lesson in principle?

Are we close to people throwing pies, yet? 

Tue, 04/13/2010 - 05:04 | 297702 Oh regional Indian
Oh regional Indian's picture

Greetings,

Allow me to create a little allegorical/analogical scenario:

This could be the English Premier League (Man U Vs. Liveherpool)/NFL (CowherBoys Vs. WhyKings)/Sharks Vs. Wings, SOx Vs. Yanks, India Vs. Pakistasn..... take your pick.

Basically a bunch of overpaid thugs (broad brush) playing a rigged game in front of Joe/Mary 12 pack and their extended brood. The thugs on-field know the game is fixed (it always is, in case you naively thought otherwise). Meanwhile the crowd bays (for a goal, a hit, blood....anything) All soaked in the "great" history of their team (pop and mom and gramps were dyed in the wool fans too), the seeming halo-istic un-touchability by "normal" of their "heroes (sic sic sick)" and soaked of course to their gills in whichever brand of alcohol (mostly beer, that curse upon humanity, sorry if you are a conniscrewer of fine ales, bud/dud/ice/hein, all causes of decline/decline/decline).

So they chant their songs (so much power in the word), wearing their club logo (Logo, logos.... ever stopped to think about that one???), with all the power of the symbol.

Meanwhile, time is up (let us take the Man/Liver game here). No final whistle. Scores tied. The thugs know the deal, the owners know the deal (AIG, too funny), the financiers know the deal. All about the merchandise and the Gate. Screw the crowd.

The baying gets louder.It's getting restive, who was injured that badly? Injury times rolls on. The thugs are indefatigable, they run and pass and do their thing. Still no whistle. The baying grows louder. The referee smirks, looks at his clock and says "Play On".

Did FIFA change the rules on the fly? Maybe, only the ref knows. Anything is possible. Can the game go on? Maybe, the thugs are stoked on their millions and the adulation and will run and run till they die (they are of course as expendable as the proletariat in the stands). And yet the game goes on.

Beer is running out, crowd is getting restive. Screaming now, railing against the railing, wanting to get at the Blues, the reds the pinks on the other side, forget the game. Split a head, kick some (ones) balls. It's all about the gratification of innate, TV/gaming induced violence anyways. Now they couldn't care less, game is tied and still going on.

Suddenly a railing gives. Are the thugs safe? Of course. Owners in their box with high security are safe too. The financiers could not care less about anyone or anything, least of all the Beautiful game, plus they set up this opium (now crack) for the unwashed anyways.

So the reds and the blues start going at each other, ready to kill, not knowing for whom or what or why, just dazed and crazed and programmed to kill (literally or figuratively) , drink, F##k, repeat.

Now the unrest spreads, but only amongst the crowds, the thugs play on, the ref smirks some more....

How do you think this will end and who is really calling the shots?

The parallels at every fractal level, including our (intelligentsia's) sins of omission, commission or participation, vicarious or otherwise should be clear to see and give you a pause next time you peer in your one too many mirrors....

More in a bit.....

Tue, 04/13/2010 - 08:25 | 297895 ExistentialSkeptic
ExistentialSkeptic's picture

 

*clap*

Have you consided writing novels?  Your attempt at postmodern Joyce isn't bad. 

Having been at a few football games I have to disagree with the analogy, though -- modern spectators are just that: spectators.  I really can't imagine that crowd reacting in the way you describe.

Tue, 04/13/2010 - 09:20 | 297958 market cynic
market cynic's picture

 Yeah, the prose was 3 pointer.

 

 

 

Wed, 04/14/2010 - 03:26 | 299558 Oh regional Indian
Oh regional Indian's picture

*Bow*
*wow*

;-)

Gracias.

Wed, 04/14/2010 - 03:24 | 299557 Oh regional Indian
Oh regional Indian's picture

Thanks ES, I knew someone on ZH would read it through. Postmodern Joyce I take as a big compliment.

Novel's ready, the world is not! Will announce.

And Soccer hooliganism is really bad, almost as bad as I made it sound. Sadly!

Tue, 04/13/2010 - 08:41 | 297914 tip e. canoe
tip e. canoe's picture

dig the allegory.  football is indeed the world game, for better and for worse.  curious to know how the world cup will play out this year, especially with the sneaky sneaky way France got in to the tournament.

(and yes, AIG still sponsoring ManU is the ultimate FukU to the colonists.)

Wed, 04/14/2010 - 03:28 | 299560 Oh regional Indian
Oh regional Indian's picture

:-)

Tue, 04/13/2010 - 05:27 | 297708 Catullus
Catullus's picture

Bluff. This is like saying the FDIC backs up anything. Countries don't go to the IMF until it's too late because they don't understand that a global bank run is going to be instantaneous. Is that $500 billion going to buy out any interest rate or fx swaps and are they going to know which ones to buy? No way.

Tue, 04/13/2010 - 05:47 | 297728 TooBearish
TooBearish's picture

Tyler, it apprears Greek bill auctions go off sub 5% handle, 7x over subscribed....

Tue, 04/13/2010 - 11:25 | 298143 JW n FL
JW n FL's picture

Shut up and buy Gold Bitch!

Tue, 04/13/2010 - 06:22 | 297782 Crime of the Century
Crime of the Century's picture

What is most troublesome is the massive expansion of the NAR.

Little help here, please. I don't see this acronym defined, and if the IMF is releasing more realtors on the world, heaven help us all...

Tue, 04/13/2010 - 07:03 | 297849 Highrev
Highrev's picture

3) What is the joke with having Greece join the group of new participants?

 

It's the ultimate shell game. Sovereigns bailing out themselves.

 

.

Tue, 04/13/2010 - 11:20 | 297868 wgpitts
wgpitts's picture

The silent Coup d’ etat of the United States of America
The silent Coup d’ etat of the United States of America is nearly complete. Congress is giving nearly unlimited authority to the private Federal Reserve Bank ("Fed"), owned by the big banks, to regulate themselves. They are then giving the Fed authority over most every publicly traded company with the simultaneous unconstitutional authority to print money to be used to purchase trillions of dollars of stocks and to monetize the Debt of the United States government. They are also working to subordinate the Fed and Congressional authority to the globalist/fascist International Monetary Fund. Once this occurs which is happening in Congress, the Coup will be done. The international globalist fascist bankers will have conquered the United States of America and the ultimate act of treason will have been performed in plain sight of an unsuspecting dumbed down American public....

This video will show you exactly how this evil was performed in Argentina in 2001 and is being performed on Greece and Europe right now
Argentina's Economic Collapse
http://video.google.com/videoplay?docid=4353655982817317115#

6 steps to accomplishing the coup...

Step 1 - Create a Crisis

fantastic articles and links here....read more...
http://www.facebook.com/note.php?saved&&suggest&note_id=385633773339

Tue, 04/13/2010 - 08:32 | 297903 sweet ebony diamond
sweet ebony diamond's picture

they should have done this stuff at the beginning of the game.

add in a little bit of self control

and the world would be a better place.

instead we have to listen to bachmann palin overdrive.

vomit.

Tue, 04/13/2010 - 08:59 | 297940 market cynic
market cynic's picture

"instead we have to listen to bachmann palin overdrive.

vomit."

 

Ah yes.....the Twisted Sisters.  

Stalin and Hitler reincarnated as women.

Tue, 04/13/2010 - 08:32 | 297905 junkyard dog
junkyard dog's picture

Ben is protecting someone big in this country with this increase in IMF funds; could be himself. A big chunk of Ben's bossess' money must be tied up in Euros and Ben has been told not to let it go to zero; but Ben knows it is going to zero and he cannot stop it. What will he do after it does go to zero? The obvious, try to stop the USD from going to zero. But it is to late. Once you pull the trigger, the bullet is on its way.

 

Tue, 04/13/2010 - 09:13 | 297961 mikla
mikla's picture

+1

Tue, 04/13/2010 - 09:21 | 297923 Renfield
Renfield's picture

OK, so here's a little on-the-ground view from a small-time forex watcher:

After that IMF news broke, Tokyo and Sydney basically sold off the USD and euro all day, ferociously for them - usually the market moves are milder than they were today.

Then when Frankfurt opened, they picked up the euro and ran with it. London opened, picked up the GBP and ran - after a fairly good balance of trade report, the GBP went stratospheric and never looked back, which was odd to me. (Usually it retraces a bit after such a gigantic rise. This however seemed as natural as a 80-year-old with too much viagra.)

Now we've had a quite positive CAD balance of trade report, and a rather negative US one - and New York yawns. No USD/CAD selloff, which I would normally expect.

Basically it's just a strange, strange market day for me - it looks to me like the IMF countries are pretty much supporting the IMF currencies, after Asia shed them for the yen. And all most emphatically doing so. Europe's getting bailed out and so their currencies are UP, for the IMF traders altho not the Asian ones, balance of trade reports be damned.

Luckily I traded that way today, ignoring the reports that *should* have motivated the markets opposite to the way I played it; trading as if the IMF countries were making sure certain currencies don't fall too far, celebrating a bailout. Bet Asia sells them off again tomorrow.

Just an observation from a small timer, to say that I blame the IMF for essentially creating a forex Alice-in-Wonderland day. Maybe I'm just a newbie who got lucky today and it's nothing but coincidence - I'm open to that. But FWIW, trading the markets opposite to what I would think they *should* have been (according to the reports or any fundamentals) really worked out on the heels of this IMF thing. If that makes any sense at all...

Tue, 04/13/2010 - 08:53 | 297931 Madcow
Madcow's picture

But where does the IMF get that kind of money.  And where does that money come from??

Tue, 04/13/2010 - 09:42 | 297999 Hephasteus
Hephasteus's picture

If it's used for something thats trackable it comes from the member states who loan the IMF money for Special Dicking Rights. If it's not something the want tracked it comes from drug sales, counterfeiting etc.

Tue, 04/13/2010 - 11:28 | 298147 JW n FL
JW n FL's picture
by Madcow
on Tue, 04/13/2010 - 07:53
#297931

But where does the IMF get that kind of money.  And where does that money come from??

 

Madcow,

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/paulson/IMF%20bailout%204.12.jpg

Sincerely, JW

Tue, 04/13/2010 - 09:10 | 297953 JacksWastedLife
JacksWastedLife's picture

It is just a business. Money lending. They lend money and earn interest rate. They even dictates rules, how bailed economy should be adjusted to be sure the money will be paid back. And it seems like no one wants to default against IMF. Even savage Russia have paid back the debt of USSR.

Tue, 04/13/2010 - 11:29 | 298148 JW n FL
JW n FL's picture

Shut up and buy Gold Bitch!

Thu, 03/24/2011 - 02:00 | 1094028 george22
george22's picture

Hmmm... when I was a kid I was told not to be a PIIGS... but apparently being a PIIGS is a great thing, as you can bail your ass out with empty promisses. Just wait a little longer and you'll even see PIIGS fly. Greece had gone FUBAR because it has too much debt. And what did these geniuses do? They "stabilized" Greece by allowing it to take even more debt. The best and the brightest at work, I tell ya! Hold on to your pants folks, the God of Arithmetic will evenetualy come back and when it does, your cornhole will be sore for at least a generation.
________________________________________________
sports | designer watches | replica watches | wrist watches

Tue, 04/13/2010 - 10:06 | 298033 doublethink
doublethink's picture

 

This is the perfect opportunity for China to sell USDs for SDRs, ridding itself of an increasingly worthless currency and stocking up on what may become the future reserve currency. And better yet, as more pledges are sought by the IMF from member countries, the greater the role played by China and the other BRICs. This is not about money; it's about power.

 

Tue, 04/13/2010 - 10:46 | 298093 fredquimby
Tue, 04/13/2010 - 11:34 | 298151 JW n FL
JW n FL's picture

http://www.imf.org/external/np/tre/activity/2010/040810.htm

The role of the SDR

The SDR was created by the IMF in 1969 to support the Bretton Woods fixed exchange rate system. A country participating in this system needed official reserves—government or central bank holdings of gold and widely accepted foreign currencies—that could be used to purchase the domestic currency in foreign exchange markets, as required to maintain its exchange rate. But the international supply of two key reserve assets—gold and the U.S. dollar—proved inadequate for supporting the expansion of world trade and financial development that was taking place. Therefore, the international community decided to create a new international reserve asset under the auspices of the IMF.

http://www.imf.org/external/np/exr/facts/sdr.htm

Tue, 04/13/2010 - 11:11 | 298121 LongShortSally
LongShortSally's picture

When the heck is Goldman gonna pay for it's role in this mess?  Tired of my tax dollars going to preserve Goldman's bonuses.

Tue, 04/13/2010 - 11:35 | 298161 JW n FL
JW n FL's picture

Bend over and take it like a man.

Tue, 04/13/2010 - 11:14 | 298129 Quantum Noise
Quantum Noise's picture

Hmmm... when I was a kid I was told not to be a PIIGS... but apparently being a PIIGS is a great thing, as you can bail your ass out with empty promisses. Just wait a little longer and you'll even see PIIGS fly. Greece had gone FUBAR because it has too much debt. And what did these geniuses do? They "stabilized" Greece by allowing it to take even more debt. The best and the brightest at work, I tell ya! Hold on to your pants folks, the God of Arithmetic will evenetualy come back and when it does, your cornhole will be sore for at least a generation.

Tue, 04/13/2010 - 12:42 | 298255 trav7777
trav7777's picture

IMF = lend them money to lend it back to you.

DOUBLE PLUS GOOD HAPPYFUNJOY

Tue, 04/13/2010 - 14:37 | 298562 Observer
Observer's picture

The countries that need assistance should just write IOUs to themselves and use them as internal payments for local production that can used internally and exported as well. the hard currency generated can then be used to pay off debts. This will ofcourse mean that the citizens of these countries can't travel abroad for a few years because a large proportion of hard currency will be used to pay off debts and pay for imports but it is certainly better than starving.

Tue, 04/27/2010 - 14:03 | 320027 JW n FL
JW n FL's picture

by Observer
on Tue, 04/13/2010 - 13:37
#298562

 

The countries that need assistance should just write IOUs to themselves and use them as internal payments for local production that can used internally and exported as well. The hard currency generated can then be used to pay off debts. This will of course mean that the citizens of these countries can't travel abroad for a few years because a large proportion of hard currency will be used to pay off debts and pay for imports but it is certainly better than starving.

 

Observer,

                         As wonderfully logical the thought is… The real problem with this protectionist point of view is that minus Global Trade… we lose the New World Order which was created to be profitable, thusly anti-war for the big boys any way… Think G-20. Sell the little guys arms to let them undermine themselves and thusly maintain market share… Global Trade is Global peace… the one BLARRING! Issue is the old market models don’t work, the cost of transportation is now a real issue. So the Trade imbalances are rooted in transpo costs… It is not Peak Oil… there is lots of oil in lots of places (to quote a really fucking kool Canadian Jew) http://www.youtube.com/watch?v=wYuLjGQQ-jg&feature=PlayList&p=C1B06538A32767DF&playnext_from=PL&index=132

And then watch this one…. http://www.youtube.com/watch?v=JaF-fq2Zn7I&feature=PlayList&p=C1B06538A32767DF&playnext_from=PL&index=161

 

And then read… http://www.zerohedge.com/article/us-military-warns-oil-shortages-2015-significant-economic-and-political-impact-especially-we make sure you read the JOE report for 2010.. the pdf at the bottom of Tyler’s BRILLIANT work.

And then ponder this…

 Utility Output Slows the Increase in Industrial Production

http://www.realclearmarkets.com/blog/Industrial%2520Production%2520March%25202010.pdf

 

Cold people use heat… so what doesn’t add up for you? Anything bothering you? Did you like the thought of understanding what you considered to be the real issue more than you like the thoughts of the true issue?

Be well, JW

              

Sat, 02/19/2011 - 03:25 | 976997 shawnlee
shawnlee's picture

I have just joined wyler geneve watches and i like the concept. i think its really helpful for the one who want to know about this x games watches.

Wed, 02/23/2011 - 01:09 | 987669 shawnlee
shawnlee's picture

I don't want to alarm anybody, but there's a bunch of red on the Asian indices right now. Not sure what it means, and I'm sure it will clear up by morning, but it might bear watching. I'm sure its nothing to worry about though. With those massive long call positions on the big US financials, I can't imagine anything going anywhere but up into this Friday.

Not bad

mens watches \ 640-802 \ 640-802 \ tiffany bracelet

Wed, 04/20/2011 - 05:10 | 1187201 shawnlee
shawnlee's picture

I don't want to alarm anybody, but there's a bunch of red on the Asian indices right now. Not sure what it means, and I'm sure it will clear up by morning, but it might bear watching. I'm sure its nothing to worry about though. With those massive long call positions on the big US financials, I can't imagine anything going anywhere but up into this Friday.

Not bad
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Mon, 04/25/2011 - 06:59 | 1202877 george22
george22's picture

Laws do not apply to the elite or the rulers. Whether it be Tedd Kennedy and Mary Jo Kopechne or Congress passing a tax law they call health care and then not having to abide by it - ever. i agree,Laws do not apply to the elite or the rulers. Whether it be Tedd Kennedy and Mary Jo Kopechne or Congress passing a tax law they call health care and then not having to abide by it - ever. i agree,AC Condenser

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designerhandbagsoutlet's picture

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isolinx's picture

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