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

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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.

 

 

 

 

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