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Latvia Sets A Useful Precedent On Fed Transparency
With the IMF bailing out every failed European country (click the link for a useful map), it has now set a useful precedent of how to obtain full clarity into the operations of Central Banks of "organization wards." Latvia's most recent near death experience has translated into a requirement by the country to provide the IMF with daily data on virtually every action that the country's central bankers perform. Since the US, absent Bernanke's printing press, would be in far more dire financial shape than even the small Baltic country, could Congressmen pass a vote to shut down the press, and have the IMF bail out Bernanke as well, thus forcing him to provide the same kind of disclosure that every "developing country" is now forced to give to its bankster overlords?
In a Letter of Intent filed by Latvia to the IMF, the country highlights its new reporting obligations, which are a useful blueprint when discussing what information the Federal Reserve is way overdue in providing the American people. These include:
- Consolidated central (basic and special budgets), local and general government operations based on the IMF fiscal template
- Detailed information on revenues from EU funds at the general government level, and EU-related spending by the central government, including transfers to local governments for EU-related spending
- Consolidated central and general government bank restructuring operations
- Privatization receipts received by the general government budget (in lats and foreign exchange, and payments in governments bonds)
- Information on debt stocks and flows, domestic and external (concessional and non concessional), by currency, and guarantees issued by the (i) consolidated central, local and general governments and (ii) public enterprises (including the Latvian guarantee agency and
the Rural guarantee fund), including amounts and beneficiaries - Information on new contingent liabilities, domestic and external, of the consolidated central, local and general governments
- Data on general government arrears, including to suppliers
- Data on operations of extrabudgetary funds
- Data on the stock of the general government system external arrears
- Balance sheet of the BoL, including (at actual exchange rate) (i) data on components of program NIR; (ii) government balances at the BoL, broken into foreign exchange balances—distinguishing various program partner sub-accounts for program financing—and balances in lats.
- Balance sheet of the BoL (in program and actual exchange rates) (i) data on components of program NIR; (ii) government balances at the BoL, broken into foreign exchange balances—distinguishing various program partner sub-accounts for program financing—and balances in lats.
- Consolidated accounts of the commercial banks
- Monetary survey
- Currency operations, including government foreign receipts and payments and breakdown of interbank market operations by currencies (interventions)
- Aggregated data on free collateral—available, unpledged collateral held at the Bank of Latvia
- Daily data with banks’ current accounts, minimum reserve requirements, stock of repos and fx swaps
- Foreign exchange rate data
- Volume of foreign exchange lats trades
- Projections for external payments of the banking sector falling due in the next four quarters, interest and amortization (for medium and long-term loans)
- Projections for external payments of the corporate sector falling due in the next four quarters interest and amortization (for medium and long-term loans)
- The stock of external debt for both public and private sector
Such information would be very useful to the SEC as well, as it now scratches it head as to which criminal masterminds it should pursue after its applause inducing crackdown on 62 year old ubercriminals.
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Don't use the IMF at all.
Typical IMF...ask of the countries you are bailing out what the main funding countries would never do themselves...continue exploitation of developing countries to ensure they stay under the IMF's thumb...rinse, repeat.
http://en.wikipedia.org/wiki/Confessions_of_an_Economic_Hit_Man
Hmmm, would you rather make a deal with China or the IMF? Ecuador, Venezuela, Brazil have made their choice. I wonder why.
iMF is a evil organisation to perpetuate the anglosqaxon exploitation of the world=imf and their agents shoudl be tried for war ahainst humanity and then killed.
IMF instituionalizing debt. It's great business. First you set up a dictator. Let that dictator borrow tons of money to build stupid stuff. Then you wack the dicator and let the country become free but keep the debt!!! I can't wait till all the debt is transfered to the IMF. That way the IMF can produce nothing and do nothing and simply claim we owe them EVERYTHING because they bailed us out!!! It's like giving people what they want but making them pay for what they didn't want. And if they stop paying you just give them back what they didn't want!!!!
Sure it might appear to be a protection racket to the unsophisticated eye but I assure you it's completely legit. And it will be fair. EVERYBODY can has poverty!!!
Amen, brother.
A very Usefull Map! Mexico is the largest receiver, around 47 bl !?!
that map is scary! the New World Order takes shape before my eyes.
IMF vs. BRIC vs. Middle East .. who will win?
Sadly, this article reminds me that we should keep a close eye on the IMF since it will probably be cover under which the privately held Federal Reserve implements the next leg of it's current f@#$ America scam, and turns it into the next larger leg of exponentially f@#$ the world and suck all value out of all world currency by creating a world currency.
The nice tidy list is fine except having this from the Fed would be like getting a snapshot of the world's biggest rats nest of evil doing...we just need to abolish the privately held federal reserve corporation, and take back the power given by this monopoly to all the blackholebanks by breaking them up and looking to retrieve any bit of the money that went into their black holes.
What a sweet way to snatch a countries soverignty right out from under them. No need to waste trillions invading and leaving thousands of troops to garrison the country.
Allow the IMF to bail you out, go to sleep, then wake up the next day a debt slave, priceless!
No need to blame IMF for poor work done by some countries to become solvent entities. it is a competition. Some win, some loose. I come from Latvia myself , IMF loan serves as good wakeup call how corrup the governance was, even if it was sovereign.