Internal IMF Audit Finds Bailout Fund Has Zero Credibility

Tyler Durden's picture

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WALLST8MY8BALL's picture

I can see the WB7 parody already - DSK bowing before the Bernanke. I guess its because he has such an impressive beard?

Robslob's picture

"I can see the WB7 parody already - DSK bowing before the Bernanke. I guess its because he has such an impressive beard?"

Insert "blowing" for "bowing"

alien-IQ's picture

and...the market rallies on the news...

writingsonthewall's picture

These are the 'clifftop traders' - they run full pelt at the cliff edge....and try to stop as close to the edge as possible.

There's money to be made....right up until they get it wrong and then they're dead.


It's a game for the foolish - second guessing QE is not a good idea.

SheepDog-One's picture

Hmmmm well looks like its time to pump up 'credibility' for the Maniacal Monetizers and start doing some REAL big bailouts! Why not just say 'Heres $10 quadrillion, world bailed out once and for all'.

plocequ1's picture

Must be that SIBOR or LIBOR or whatever the fuck you call it.

Charlie Bravo's picture

Well duh...tell us something we don't know!

Charlie Bravo

oogs66's picture

Did the IMF ever have credibility?  I think relatively few people cared about it until now, and now its too late to stop them playing with our money. 

writingsonthewall's picture

IMF = "I'm a mother fucker"

It's as simple as that.

Don't come to my country and start telling me how I should cut this and cut that - I'll run you out of town.

Think Star wars - think the galatic Empire - and there you have the IMF.

Also, interestingly, Emporer Palpatine also swung to supreme power with a game of "give me the clones and powers to protect you" - before turning them on the people.

gwar5's picture

It's not awe, it's fear.

The IMF didn't "miss" signs of trouble in 2008, they were afraid to say anything. Just like US politicians are afraid to say anything to the Federal Reserve dictatorship, because they will get crushed. They are all Papandereous.

If our politicians had balls they would have used the FBI and CIA to get the dirt on the banksters and put them in their proper place. It's all been co-opted already.

Translational Lift's picture

The only saving grace is that their incestuous gene pool will get so small that they will all be rendered impotent and die off.

Corduroy's picture

If there is a yes vote this evening, they best get the military in place around the parliament by the morning

vegas's picture

The world is full of twits and the IMF solution is to make more of them. Never have taken them seriously; don't have any use for them now; never will pay heed to any of the incessant BS that flows from the likes of DSK or LaGarde.

All of them, nothing more than socialist drivel.

Version 7's picture

There's isn't going to be any honest, brave politicians to ever face the banking cartel.

They've been all bought up. 'Massive bloodshed' as George Carlin put it is where we're heading into:

LaLiLuLeLo's picture

Many staff indicated that they often felt pressure to align their conclusions with IMF views


just like global warming: its all about the CONsensus

writingsonthewall's picture

...except they use SCIENCE, and the SCIENTIFIC METHOD, and REASON - concepts I presume you are unfamiliar with.

Oh listen to the thunder - it must mean I made God angry - best go sail my boat to the edge of the earth and fall off it's flat surface.


Canucklehead's picture

It's amazing how decisions are made in the real world.  Here is a case in point.

This link is to the British Cabinet minutes of September 21, 1931.  This meeting related to the cabinet decision to abandon the gold standard.  It is an interesting read.  Please note the chronology of events.  The Prime Minister meets Bank of England officials on the evening of September 18th.  The Bank of England formally requests permission to abandon the gold standard on the 19th.  Treasury issues a "letter of comfort" to the Bank of England approving their action.  The cabinet meets on the 20th and 21st to rubber stamp the action.

Hook Line and Sphincter's picture

The notion that an internal component of the IMF is actually not working in concert with the whole institution has zero credibility. Just another contrived distraction at the magic show.

NotApplicable's picture

Not so much a distraction, but rather a controlled "oops we screwed up" mea culpa that helps to restore credibility by highlighting the ability of the audit committee to state the obvious, now that it's too late to matter.

It's just the typical institutional incompetence claim they all use to cover the real motives (Plausible Deniability 101, "Why no we're not evil, just stupid."). As long as they promise to do better next time, it allows them to remain relevant.

Yardfarmer's picture

the rapidly evaporating confidence in the credibility of the collapsing superstructure of governments,social organizations and financial institutions exposes the corrupt and rotting foundation upon which our so called civilization is founded. anyone who accorded the IMF'ers the least credence whatever is a victim of the prevailing illusions which have masqueraded as public and economic policy for the past several decades. the worst part is that the so-called internal audit as well and Louse-Con's set up is that these too are simply part of the smokescreen of misdirection which has conveniently served to cover the outrages of the criminal gangsterism which has characterized this criminal enterprise as well as the grotesque travesty of western democracies.

rlouis's picture

This is the one positive thing about brown-nosing, crony-ass nepotists:  they ultimately and decidely fail.  The as*holes that Carrol Quigley worshipped are self destructing in front of our eyes.  One world govy? The post USSR disintegration shows the outcome of that idea. 

css1971's picture

The last thing we want to do is get the IMF involved. They are the world's bogeyman.

AldoHux_IV's picture

In awe of central bankers-- now I've heard everything I needed to hear about the IMF. Wow, the fucked up system just keeps getting moronic.

Bansters-in-my- feces's picture

"policy conclusions from International Monetary Fund research don’t always follow the underlying analysis, thereby potentially harming the institution’s reputation",


"We are all fucking's are the retarded ones".....

The IMF.....

Just another USA playtoy....

JR's picture

IMF? “…think independently, it may regain credibility?”

Yes, a credible tyrant; an “independent” dominator of parliaments; a collector of tribute; a banker master of a new race of slaves…from Munich to Minneapolis.  Long live our “independent” hardworking sovereign IMF dear leader.

For at last the world has a lender-of-last-resort, a menacing Fed for the world, and its name is the IMF. The intellectual inspiration of the new regime is no less than John Maynard Keynes.

The Fed and the IMF were orchestrated as a worldwide scheme whereby taxpayers would be required to pick up the international banker cartel’s inevitable losses. 

The name of the game is Bailout...the end of the game is world governance.

Miles Kendig's picture

Just imagine what many within the pyramid scheme actually think, say and do in private......

AgShaman's picture

Yes...I can Imagine

Just Don't forget....the IMF is allowed to sit in and take part in G-20 Summits

This year's (November) Summit takes place in France (* Hello Christine)

Here's the "Usual Suspects":

* In addition to these 20 members, the following forums and institutions, as represented by their respective CEO's, participate in meetings of the G-20:

- the Managing Director of the IMF

- the Chairman of the IMF

- the President of the World Bank

- the International Monetary and Financial Committee

- the Chairman of the Development Committee

(Just like the United Nations....the IMF should've been dismantled long ago)

slewie the pi-rat's picture

this wld be @ their headquarters, 2 blocks from the W.H.
Xfrom the world bank HQ...