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Lagarde Lying?
The boss of the IMF, Christine Lagarde, has been talking the past few days. She said some things that I thought were interesting.
A few weeks ago, the ECB’s Mario Draghi laid out his plan to buy unlimited amounts of bonds of Spain and Italy in a desperate attempt to stabilize the European bond markets. In order to placate German criticism of the bailout, Draghi made it clear that there would be stiff “conditionality” that must be accepted by Spain and Italy before any bond buying is commenced. To give teeth to the promise of conditionality, Draghi was very specific that both Spain and Italy would have to accept an IMF involvement in the internal affairs of the countries involved. Mario said:
"The involvement of the IMF shall be sought also for the design of country-specific conditionality and the monitoring of such programs."
Lagarde has responded to Draghi’s proposal with her full support (Link):
According to Christine, the IMF is ready to roll up its sleeves and get down to work “fixing” Spain and Italy’s financial affairs:
"The IMF would be an active player in restoring the situation in the euro zone."
"We obviously have to do it under our normal framework, which implies conditionalities."
"The IMF is ready to get involved in designing and monitoring its implementation."
Think about the implications of this. The IMF is going to set up a “mission” in Rome and Madrid. There will be hundreds of IMF technocrats running around insisting that the countries bend over backward and accept the severe austerity measures that always come with an IMF bailout.
To the people of Spain I say:
Don’t let this woman in your country! She will make your life miserable. You will loose your financial destiny the day she arrives. Your unemployment rate will rise, your economy will suffer. Your political leaders will have given up the authority to rule on critical issues. You will become a ward of the IMF state.
Don’t believe me? Then please ask other Spanish speaking countries what they think of the IMF. Ask Mexico, Chile or Argentina if they hate the IMF. They do.
To the people of Italy I say:
I can’t believe you would allow this to happen! Your country is not bankrupt; you do not need to become a slave of the IMF. Your fellow countryman, Mario Draghi, has put you in a vice. Now you must come begging to him on your knees for help. While you are on your knees begging, you must accept that Christine Lagarde comes into your country and tells you what you can and can’t do.
I urge you to talk with the people of Brazil. They have been under the thumb of the IMF. They hated it. So will you.
Of course Ms. Lagarde is a political hack that plays to two audiences at once. She also had this to say about Italy and Spain:
IMF Managing Director Christine Lagarde said large, debt-strapped euro zone countries Spain and Italy had taken enough action to merit aid.
Already "taken enough action" you say, Ms. Lagarde? Are you saying that no more reforms are needed? That Italy and Spain don’t have to bite the bullet? Does this mean that the promise of “conditionality” has no substance? It sure sounds like it.
To the people of Germany I say:
The involvement of the IMF in the affairs of Spain and Italy is the only protection that you have. Lagarde has said that nothing more needs to be done to allow them to borrow freely, at cheap rates, and from your country’s Treasury vault!
If there is no conditionality, then you are about to write an enormous check. It will be measured in the Trillions of Euros once the floodgates are open. The wealth of your country is about to head south.
Do you really want this to happen?
Which is it Ms. Lagarde? You can’t have it both ways, and there is no compromise in the middle. Either there is meaningful conditionality, or there is not. Are you lying to the people in Spain and Italy? Or are you lying to the citizens of Germany? Is it possible you are lying to all of the countries involved?
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An ambassador is a diplomatic statesman that LIES abroad for the sake of his country.
Note the pun.
Some lie down, others lie around like DSK and others lie; period.
One thing a diplomat knows (and she is a french diplomat in a US dominated multilateral institution) , is that you cannot lie all the time to the same person. You have to spread it around to keep them guessing.
Apparently, Kissinger was very successful in his "shuttle diplomacy", as he ALWAYS told his negotiating partner the exact opposite of what the guy at the other end of the shuttle had told him. By buliding up total mutual distrust between both parties in the intial stages he made his own role indispensible, to find a compromise whose premises were false mirror tactics. By the time both parties found out it was too late and his role was poured in concrete as neither knew just how much of the other to believe.
Confusion is the best part of diplomatic valour. Maybe Lagarde has learnt that lesson. She will lie to serve her purpose and that is to serve those who run the IMF...are they not the same as those who run the ECB?
When you read the terms which govern the functionning of the famous ESM, if and when it becomes operational, it sends a chill down my spine. Its totally totalitarian and those technocrats are answerable to NO ONE in EU except Merkel...and the other holders of the purse strings like the IMF. All countries have 7 days to comply, no questions tolerated! (ZH has posted this).
This ESM straight jacket is totally in line with what BK says here, but at the higher EU level!
So IMF is not the only one who is "totalitarian" in their approach to nation states!
Oh, falak! You fiend for the bon mot!
_____________________
Has anyone noticed the talking down of QE3 possibilities in the major media over the past seventy-two hours and the ramping up of Eurosuperheroism? All the talk is about no more stimulus because markets are up 14% already. Even marketWatch has a poll that has like 50% saying there is no QE coming. That simply means that it is what the mainstream media in the West want you to believe. That always perks my ears up.
Meanwhile, the European mouthpieces have begun to crawl from the woodwork. The next five trading days should be enormous, one way or the other. Seriously, when was the last time you heard from the IceQueen of Chicago (Chicago? Not sayin', I'm jus' sayin'...), one Christine LaGarde? Ever see the eight Cardinales before yesterday? Where has the IMF been all this time? Kinda makes you wonder, huh? Enter the Euro superhero to save the Day!
I have a feeling this is either going to go off without a hitch (after all, all the major players are from Goldman-Sachs, so they're prolly all on the same page...), or it is going to blow KFC from the get-go and the end-game will be obvious to all in their finger-pointing incompetence. Personally, I think Goldman wins.
But so what? The "market" has already "priced in" 90% of any upside potential and that is about the real-world upper limit. Instead, I see this as a mechanism to slowly let the air out of the balloon for the West, while the Chinese eat a giant shit samwhich, which I've contended all along has been Their intention all along. Destroy the ChiComms without firing a shot.
All those debtors waiting to get out...can you imagine?
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But forget fantasy, did anyone happen to catch the finale of MasterChef, the Chef Ramsey joint that takes complete home cooks and gives them a real shot with furious culinary challenges on national TV? Excellent show towards the middle of the season and on.
A very nice woman won the competition this time over a fine Chef named Josh. Her name is Christine Ha and she is from HouTx! Whoot!
She is a Master of Fine Arts candidate at the University of Houston as a writer and she made the most delicious-looking pork belly imaginable. Seriously, it must be seen to be believed (for those of you not averse to pork, of course...but either way, the skill involved was phenomenal...), with a perfectly cooked quail egg atop the seared meat. Just beautiful. Here falak, check it out:
http://www.fox.com/masterchef/full-episodes/40527384/winner-chosen
So a big shout out to H-Town in this one because there is one truly amazing thing about this competition: Christine Ha is blind. And that ain't some cruel joke, neither. If you haven't seen it for yourself, you'd never believe it.
:D
There is a reson why Nixon, not Kissinger went down in the watergate affair.
Nixon wasn't jewish?
He believed he was the set-up guy all along...because he was- and accepted that role as a trooper. The rehabilitation of Nixon as a public figure late in his life was a testament to their appreciation for such an infallible, "team-player" kinda guy.
Scroll through here and you'll see a picture is worth a thousand words:
http://www.jfkmurdersolved.com/bush.htm
I'm site-happy tonight.
:D
+1
Did Italy ask the IMF for help when their country went through one currency devaluation after another?
No! They had the Lira and muddled their way through alone. Their economic situation was much much worse because they couldn't dump into the EU and collect billions in EU subsidies.
Italy is the least transparent economy of Europe. There is NO disclosure. IMF will want to see FULL disclosure and that is something Italians will offer the day that hell freezes over and the Vatican is out of business.
Love the artwork Bruce. It is the perfect summary for the article.
Google Banksy, and watch his movie "Exit through the gift shop." It's a KILLER watch.
http://thepiratebay.se/torrent/5816670
Love Banksy.
F the IMF
+100 For You!
Ptevious head of IMF got it both ways
What ever happened to that restructure first, then the IMF comes to the rescue thing? Have we given up on that? I'm having a hard time keeping up with it all.
When it becomes serious, you have to lie.
-- Jean-Claude Juncker
'Americans' lying? Depends on what serves them best.
Expect them to tell one thing and the other.
anan- Shut up and get me an egg roll. LaGarde is french, not American.
I think its SAY one thing, THEN the other.
Really need to pay more attention in your English class sonny.
"I think its..."
Another FAIL; "IT'S" not "ITS"
You need to return to English class; and slap yourself for being such a dip.
You be rollin' tonight IronShield
Trust me; I don't want to be THAT guy. ;-)
Why do so many readers here give such blatant, mindless and hateful bigotry a pass?
If this troll were constantly and similarly deriding "niggers" (like the former Trav7777), or the Jews (like a number of past and current posters), he would have approbrium heaped upon him, and with ample justification. But substitute "Americans" for the object of these collectivistic, hate-filled diatribes, and his virulent and simple-minded prejudice remains mostly unchallenged by almost all ZeroHedge readers and posters, reflecting the widespread moral cowardice of our degenerate modern society.
Not to many deride the average jew but since you have a problem distinguishing between criminal Jews and what they do i can see where you get confused. Here is a hint they run their operation just like the Italian mafia but does that make all Italians bad? You also don't seem to mind the Islamic bashing since you don't mention it.
Gangsters and criminals no matter how rich or what nationality they are are still Gangsters and criminals. Almost all countries have laws against what they do yet no one does anything?
I resent the USA being run by puppets of the terrorist State of Israel, run and owned by Gangsters and criminals unfortunately a lot of good jews happen to be deceived by them also. They bitch about it too but funny how in Apaicerica we hardly hear about it? How many IDF veterans set themselves on fire last month?
Its only bigatry if you deny the facts?
PS:I've been telling that chinaman "Ananonymous" to STFU at least once a week.
Ananonymous would need to be considerably more coherant to qualify as a troll.
However, I agree about his anti-american bias. I guess few challenge it because Obama has made it popular to bash America.
Or maybe most just consider his insane ramblings too comical to take seriously.
Point taken.
AnAnonymous squawked:
Guess what, poodle tits? Lagarde is French. Djeee, you should know that by now just from all the time you spend crapping on their roadsides.
Actually, I beg to differ. LaGarde is 100% within the American sphere of influence. She is French in name only. It's why we had her predecessor done in while he was in New York.
Now we've got "our gal" in charge.
Popo said:
Your begging does not arouse pity in me, my friend. She was born in Paris to French parents.
Should you say she is in the criminal sphere of influence, I would agree, as that space is shared by many politicians and financiers whose loyalties belong to no nation. Most American politicians and financiers are also in the criminal sphere of influence.
Yes, they are all criminals. Nevertheless, Lagarde is French.
Everyone lies. The stupid part is giving those in government / power the monopoly to lie at your expense and the power to extract rights and wealth from the individual without recourse.
The world's people need to start voting liberty before they are reduced to the dark ages by those in power.
Rediscover liberty. It's actually a cool thing.
Jean-Claude Juncker taught everything she needs to know. So it must be serious?
They all lie!
Of course she lies.
She IS a politician !
She wants all the power she can grab from any country> anywhere period.
She attended APEC for one reason only, to be there to scam as much money as she could out of actually growing economies via her ridiculous, "... greater responsibility ..." schtick, which comes down to this;
"Those that have managed their affairs and economy properly and have growth, now have an even greater responsibility to pay for those who didn't."
She just trots around the globe spieling out this plainly insane idological parasitic old nonsense, and the MSM lap it up then foist this insulting bilge on to the public in the format of the nightly 'News'.
She's nothing but another self-aggrandising thief and con-artist, so it's hardly surprising she's lied to everyone.
And she does it well enough to make Bruce look like a naive little kid, who thinks that HER words mean what HE believes them to be.
I went over every quote here several times, and noticed she never gave enough DETAIL to be caught in any sort of lie. Instead, we see that Bruce believes that conditionality has not been met, yet it has never been defined.
Now, this isn't to say that she isn't a lying, duplicitous evil-doer, but that she's smart enough not to say anything, which gives her two advantages over the naive. First, it gives her an opportunity for "rebuttal" in order to re-spin, yet one more time. Second, this allows her to appear more credible as compared to her "attacker" as she only needs to point out where he "connected his own dots," without ever having to respond to the allegations.
Simply put, if you're going to claim a sophist is lying, you need a precise, direct contradiction, otherwise, you're only supporting their actions (think Hegel).
@not applicable and Bruce Krasting:
I cannot take seriously anyone who confuses "loose" and "lose" - Bruce!!!
why does this seem so familiar...oh yeah now i know...in the sopranos series, a restaurant owner went in partners for financial help with tony...than they buried the guy in more debt with his vendors, stole the inventory, all the cash register reciepts , than watched it burn....the owner in the end was left with the new tab and was 100xs worse off than if he would have just went bankrupt.. ....how dumb do i feel now, i thought that show was fiction....
Hand Maidens.
The IMF and the World Bank.
Nothing more than 'Hand Maidens' to the criminal infested Wall street/London banking cartel.
Its like borrowing from Vinnie at 50% vig. You NEVER get out of the 'hole.' Miss a payment and you get a 'visit' by Buster and Bruno.
Too many cooks spoil the broth.
Too many crooks spoil the broth too. Eventually they still run out of actual assets to back their scheme.
Something about deep soup...
Were her lips moving?
she cleverly covers her mouth with her hand so you can't tell
All points made about her are accurate --- that's why they picked her, no?
I see the world as a pressure cooker. And the burn is not slow and, noticeable.
The ones woke up would jump right out --- except, to where tho?
Falling off the cliff, whether you wish to, or not. Sigh.
"You will become a ward of the IMF state."
I believe you meant "Slaves" of the state. This George Soros Open Society commie puke deserves her head delivered to the people of Spain and Italy on a Golden Platter along with those worthless parasite technocrats. In fact, you can stuff a large-sized apple up in that fat-ass Soros's mouth and giant carrots up his ass then roast his despicable carcass over a open spit until well done.
The Fascists aren't even close to convincing liars anymore.
It must be getting close to full blown shut the fuck up time..."We know what we're doing you stupid ignorant maggots, why do I even bother waving to you?"
Or...let them eat cake works too.
@ nmewn "The Fascists aren't even close to convincing liars anymore."
do not blame them, there are simply TOO MANY pile of shits to remove or conceal at once... they've long overdue shitty problems to clean up...
problems do not go away just because those fascists are very skillful liars... there's an old saying "Talk doesn't cook rice"
just paying a very close attention to their consistency... to some extent the fascist heads are amusing, in their patheticness
BUT... WHO TO BLAME ?
However inelegant the fascist actions are, there are just too many sheeople around drinking enough kool-aid in front of their TV sets [and of course they do not read ZH :-> LOL], so even a very faulty method still works so far... the sinking aren't aware until they're well buried!
Huxley said it aptly many decades ago: "Most ignorance is vincible ignorance. We don't know because we don't want to know."
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"Facts do not cease to exist because they are ignored." -- Aldous Huxley, author of 'Brave New World', 'Brave New World Revisited', 'The Doors of Perception', etc.