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The IMF's Lagarde Is Unaware What The IMF's Market-Moving Report Contains

Tyler Durden's picture




 

While the exquisitely tanned replacement of former IMF head and Sexcapade-extraordinare DSK, Christine Lagarde, who may or may not have nationalized the entire UV-tanning light inventory of CNBC's Fast Money show, is very much aware of what the latest fashion in leather jackets or what the most fashionable plumage of pret-a-porter Hermes sweaters of the Fall season is, she sadly has absolutely no insight into what the actual contents of the IMF's most watched semi-annual report are, as confirmed by the following exchange between her and an Irish Examiner journalist, that has to be seen to be believed. Critically, not only is it clear that Lagarde has not read the WEO report but the section that IE's Ann Cahill asks about brings up a critical systemic problem in the IMF's over-estimation of growth forecasts in a world of increasing fiscal consolidation - an asymmetric fiscal multiplier.

 

Christine Lagarde made three crucial mistakes during the Eurogroup press conference.

The first, and most obvious, was letting her guard down and showing off the elite toffee-nosed arrogance that pervades the entire European Council when she initially "who are you and where are you from?" dismissed the Irish Examiner's Ann Cahill, who while failing to hobnob with the Paris Fashion show glitterati, knows enough about finance to shame the head of the world's bailout organization.

The second, which was apparent from Lagarde's parrot-like generic response to Ann's well-thought-out question, was the obvious fact that Lagarde had not read the World Economic Outlook document...

Forward to 36:00 in the following clip to see the initial 'WTF' moment and then the stumble-bumble around the actual question


 

The third, and perhaps most critical given Lagarde's dismissal of it, is the fact that Ann Cahill's question was extremely astute and points out a huge potential problem of over-confidence in all of the IMF's forecasts.

 

In Box 1.1 - Are We Underestimating Short-Term Fiscal Multipliers? - the IMF undertakes an important investigation into the fact that their forecasts are consistently over-estimating growth in the real-world.

The main finding, based on data for 28 economies, is that the multipliers used in generating growth forecasts have been systematically too low since the start of the Great Recession, by 0.4 to 1.2, depending on the forecast source and the specifics of the estimation approach. Informal evidence suggests that the multipliers implicitly used to generate these forecasts are about 0.5. So actual multipliers may be higher, in the range of 0.9 to 1.7.

This might sound like a 'good' thing - but critically as Ann Cahill's question pointed to, in a world of fiscal consolidation, the 'under-estimation' of fiscal multipliers means the effect of a fiscal drag is under-estimated and so growth is over-estimated.

 

In fact, when we look at the errors (below), instead of the nice linear regression that they see in the chart, we notice (the red and green slopes) a much more pronounced asymmetry to the fiscal multiplier over-/under-estimation.

 

The forecast of fiscal consolidation rises (to the left on the x-axis), so the errors of over-estimating growth (up on the y-axis) increase; and vice versa.

 

What this means - simply put - is that it appears there is momentum in fiscal multipliers or at the very least, there is a much more marked downside to fiscal consolidation than upside to fiscal expansion.

 

 

Source: IMF

 

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Mon, 10/08/2012 - 20:40 | 2869549 LMAOLORI
LMAOLORI's picture

 

 

She's as clueless as Madame Pelosi 

Mon, 10/08/2012 - 21:09 | 2869583 Zer0head
Mon, 10/08/2012 - 21:14 | 2869592 toady
toady's picture

Exquisitely tan? Was there a missing /sarc?

When I see her I usually think disturbingly orange. Or is that annoying orange?

Mon, 10/08/2012 - 22:28 | 2869730 idea_hamster
idea_hamster's picture

Sorry -- ZH doesn't spoon-feed us the <sarc> tags.  TD seems to leave it up to us to be "active readers."

As for Lagarde, I agree that she has that same creepy Oompa Loompa look that Mozilo has.

Mon, 10/08/2012 - 22:41 | 2869758 WonderDawg
WonderDawg's picture

She looks like Mozillo's little brother.

Mon, 10/08/2012 - 22:58 | 2869784 Hulk
Hulk's picture

AT last ! A cure for the 4 hour erection !!!

Mon, 10/08/2012 - 23:07 | 2869803 strannick
strannick's picture

The only thing worse than the greed of bankers is the earnest policies of academics

Tue, 10/09/2012 - 04:46 | 2869999 bank guy in Brussels
bank guy in Brussels's picture

The Irish Examiner reporter's good question to Lagarde about the fiscal multiplier, is a topic well-covered last week in an Ambrose Evans-Pritchard article, 'Multiplying Europe's fiscal suicide' -

In summary, the figures being used, to claim that cutting budgets is a good thing, are extrapolated from a few situations where countries have their own currency and can devalue, and also were able to lower interest rates from some higher levels ... and neither situation applies now to the Mediterranean countries in the euro-zone.

Evans-Pritchard writes:

« The entire EU austerity plan is based on a false premise. This disastrous error is now clear beyond any reasonable doubt.

The Teuto-Calvinists believe – or profess to believe, since much of their dogma is national self-interest dressed up as theory – that the fiscal multiplier is around 0.5.

That is to say, fiscal retrenchment worth 1pc of GDP will cut output by half as much, or around 0.5pc over two years. There is pain, but at least there is gain.

... [In fact] the multiplier is around 1.0 for the big countries ... The multiplier is nearer 2.0 for part of the Club Med bloc. ...

The IMF data – and indeed the more extreme theory of `expansionary fiscal contractions'  – is based on past cases where individual countries were able to claw their way out of trouble by exporting to a healthy global economy, usually by devaluing first and often by slashing interest rates as well. ...

Europe's manic determination to tighten further into recession to meet its bureaucratic targets is nothing less than suicidal. »

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100020504/mu...

Tue, 10/09/2012 - 06:33 | 2870074 Acet
Acet's picture

Which is why the Portuguese and the Spanish started demonstrating against austerity measures even before they felt the full force of those: everybody is seeing through the example of Greece just how fucked up the idea of austerity for the sake of austerity is if a low productivity country is locked in a single currency zone with the likes of Germany.

Tue, 10/09/2012 - 11:42 | 2871263 Totentänzerlied
Totentänzerlied's picture

"even before they felt the full force of those"

LOL ... meaning the 12th of Never?

"everybody is seeing through the example of Greece just how fucked up the idea of austerity for the sake of austerity is if a low productivity country is locked in a single currency zone with the likes of Germany."

Then common sense indicates they should demand their states withdraw from the EU/EMU and then proceed with aus- ... wait, no ... then they'd actually get the austerity they obviously don't want (gee I wonder whyyy...) and certainly are not getting.

Okay so I'm being facetious, but so are you - "austerity for the sake of austerity" LOL! More like "tell the Troika and core nations whatever they want to hear, the Fabian socialist Ponzi kleptocracy will continue as planned!" Okay, still not there? For you, austerity means your country's cradle-to-grave gold-plated welfare plan is not growing at a fast enough annual clip in terms of expenses/liabilities; for me, austerity means my country has never heard of welfare and could not cut social expenditures/outlays because there are none.

Europeans have been  ... living in a dream world, Neo.

Mon, 10/08/2012 - 23:17 | 2869817 WonderDawg
WonderDawg's picture

Didn't even have to pay for a doctor's visit. She's not completely worthless, I guess.

Mon, 10/08/2012 - 23:20 | 2869820 Hulk
Hulk's picture

Where yo been Dawg ???

Mon, 10/08/2012 - 23:48 | 2869852 WonderDawg
WonderDawg's picture

Just hanging out, bro. Trying to make some money in this market. Mixed results but I'm winning more than I'm losing, so I got that going for me. Which is nice.

How you doing?

Mon, 10/08/2012 - 23:49 | 2869853 Hulk
Hulk's picture

been doing good. sign into chat...

Tue, 10/09/2012 - 10:01 | 2870524 Shevva
Shevva's picture

The up-side to a financial implosion is cheap hookers so not sure why you have a problem with a 4 hour woody, unless your paying for 2/3 at a time. My mate says you can get your lolly licked for a fiver.

Mon, 10/08/2012 - 22:43 | 2869766 old naughty
old naughty's picture

Lag-gard !

Mon, 10/08/2012 - 22:55 | 2869779 Coke and Hookers
Coke and Hookers's picture

"To view this content, please install Microsoft Silverlight"

Fuck Microsoft and somebody call those guys from Supernatural to salt and burn Lagarde's bones. We don't want vampires running around.

Tue, 10/09/2012 - 03:35 | 2869965 OttoMBMP
OttoMBMP's picture

Lagarde, Juncker, Rehn and all the other arrogant criminals will spend the rest of their lifes in gated communities.

At least some form of punishment.

Tue, 10/09/2012 - 00:27 | 2869892 Peter Pan
Peter Pan's picture

I wish you had told me that her tan was orange a lot earlier. I just threw out my effing computer thinking it was going on the blink when I saw that orange colour. I wonder after that performance whether her surname is derived from the word Englsih word LAGGARD.

Tue, 10/09/2012 - 00:28 | 2869897 Peter Pan
Peter Pan's picture

Or is Lagarde part of the orange revolution?

Tue, 10/09/2012 - 01:10 | 2869914 Chariots of the Feds
Chariots of the Feds's picture

I thought it was a given she was from planet beef jerky

Tue, 10/09/2012 - 06:25 | 2870066 nohweh
nohweh's picture

Clockwork Orange

Mon, 10/08/2012 - 21:22 | 2869602 vast-dom
vast-dom's picture

Romney pulls ahead of Obummer in latest Pew Research poll:

 

http://www.guardian.co.uk/world/2012/oct/08/romney-gains-lead-obama-poll

 

Obamney 2012 DO NOT VOTE SHEEPLE!

Mon, 10/08/2012 - 23:54 | 2869857 RSBriggs
RSBriggs's picture

Fuck Obama.  I'm voting for Romney.

Tue, 10/09/2012 - 00:02 | 2869864 vast-dom
vast-dom's picture

DO NOT, REPEAT, DO NOT VOTE

Tue, 10/09/2012 - 05:30 | 2870029 lakecity55
lakecity55's picture

Why not? Do you have stock in a FEMA camp?

Tue, 10/09/2012 - 06:18 | 2870059 matrix2012
matrix2012's picture

THE ELITE CHOICE IN 2012

 

Baritt Obomney for President : http://obomney2012.com/

 

*Any one less likely to go on war is the lesser evil!

Tue, 10/09/2012 - 06:57 | 2870099 samcontrol
samcontrol's picture

Fuck you , is BB any better? Fucking hillbilly.

Tue, 10/09/2012 - 01:08 | 2869911 Gringo Viejo
Gringo Viejo's picture

Incompetent Mother Fuckers.

Tue, 10/09/2012 - 05:29 | 2870028 lakecity55
lakecity55's picture

One of the most foul, corrupt human beings (?) to ever infest the Congress....and that's saying a lot.

I hope she enjoys her gang-fuck by Hitler, Stalin, and Pol Pot when she gets there.

Mon, 10/08/2012 - 21:19 | 2869599 Eireann go Brach
Eireann go Brach's picture

CUNT!

Tue, 10/09/2012 - 03:47 | 2869968 Ratscam
Ratscam's picture

a cunt lady that is not paying ANY taxes. All IMF and BIS employees are excempt from taxes, they can even deduct VAT, since they hace their own jurisdiction.. A very fair system indeed.

Tue, 10/09/2012 - 05:08 | 2870019 slaughterer
slaughterer's picture

Thos ex-McKinsey Eurocrats like Lagarde need the color black in their exterior armament just like at McKinsey:

McKInsey = House of Lies, Eurogroup = Group of Lies.  

Mon, 10/08/2012 - 20:34 | 2869532 nmewn
nmewn's picture

(Lagarde) Details details. I need more staff!!!

Mon, 10/08/2012 - 20:50 | 2869565 max2205
max2205's picture

She's the spawn of Mozzello

Mon, 10/08/2012 - 20:57 | 2869572 chump666
chump666's picture

lol

Mon, 10/08/2012 - 21:00 | 2869576 nmewn
nmewn's picture

All the IMF has ever been, is loan sharks housed in publicly funded marble buildings instead of hanging out in an alley by the dumpster.

Mon, 10/08/2012 - 21:37 | 2869621 chump666
chump666's picture

yes total gangsters, but as i have said before, i would rather hang with the real mafia, then these hypocritical, disgusting human beings.  i mean they are fleecing Greece to oblivion and saying 'we are doing this to save the world economy' what a pile of bs, the peasants of Greece, Spain and Portugal couldn't give a f*ck when the world goes into an economic meltdown.  just live off the land and drink wine, which they have been doing since all their empires collapsed in the last 500/1000yrs.   merkel goes there to show a good face, pure craziness.  some mad greek will blow himself up somewhere at some point.

Mon, 10/08/2012 - 22:00 | 2869673 nmewn
nmewn's picture

Yes...did Ponzi teach the authorities his technique or did he learn it from them?

Since they were here before him, I'd have to say the latter...he was just un-licensed by them, therefore a criminal ;-)

Tue, 10/09/2012 - 00:25 | 2869893 Peter Pan
Peter Pan's picture

Does IMF stand for INTERNATIONAL MOTHER F....ERS?

Mon, 10/08/2012 - 20:35 | 2869537 Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

OT, but crucially important:  ZH, please consider reporting Geoffrey West's work on collapse:  http://www.youtube.com/watch?v=DFFVSvAr7Wc

Mon, 10/08/2012 - 20:37 | 2869541 LawsofPhysics
LawsofPhysics's picture

The NWO is in charge, the kicker is China and Russia are also in on it. I hope the southern hemisphere is ready for what is coming. These powers really have no other place to go.

Mon, 10/08/2012 - 20:48 | 2869563 CPL
CPL's picture

Gasses occupy the space given like problems.

 

You can literally see the point, to the micro second where she shits her pants and understands what horrible thing is coming next.  Her adam's apple bobs around under that thin leathery orange exterior.

Mon, 10/08/2012 - 21:05 | 2869580 Muppet Pimp
Muppet Pimp's picture

The body language was screaming incompetence no doubt.  The house of cards is looking a bit more precarious every day.

Mon, 10/08/2012 - 22:13 | 2869699 TheFourthStooge-ing
TheFourthStooge-ing's picture

CPL said:

Her adam's apple bobs around under that thin leathery orange exterior.

I believe the technical term you're looking for is "dewlap".

Mon, 10/08/2012 - 20:39 | 2869543 Cognitive Dissonance
Cognitive Dissonance's picture

Please....I'm begging you. Just make yourself stop with the tanning bed thingy.

 

Sunny side up

Mon, 10/08/2012 - 20:48 | 2869564 tip e. canoe
tip e. canoe's picture

love those swinging earrings...so Hestia of her.

Mon, 10/08/2012 - 21:25 | 2869591 Zer0head
Zer0head's picture

not a tanning bed

just a holographic color saturation glitch

 

but rest assured Bloomberg's head of hair will be on the job in TOKYO talking up the NWO along with here esteemed colleague in NYC aka the bozo in the bow tie

https://bitly.com/VbvC4Z

Mon, 10/08/2012 - 23:56 | 2869858 RSBriggs
RSBriggs's picture

Not a tanning bed - it's the same thing that turned John Kerry orange during the debates back in 2008.  Juicing carrots.

Mon, 10/08/2012 - 22:17 | 2869707 TheFourthStooge-ing
TheFourthStooge-ing's picture

OMG, she does look like Angelo Mozilo in drag, and it's more than just the citrus-like complexion.

Mon, 10/08/2012 - 22:37 | 2869751 SafelyGraze
SafelyGraze's picture

citrus-like?

I don't see it

http://oi49.tinypic.com/9qcodv.jpg

 

Mon, 10/08/2012 - 23:21 | 2869821 chump666
chump666's picture

hahahahahah

ah I'm dying here...

 

Tue, 10/09/2012 - 06:10 | 2870051 Zero Govt
Zero Govt's picture

it's a spray tan, the hue is 'Iron-Ore Rusted Orange' 

a rugby mate of mine had it, he's still living it down years later

Tue, 10/09/2012 - 07:28 | 2870158 falak pema
falak pema's picture

those are her "pearls of wisdom"!

Chic and shock; she likes to walk and balk with the tuff guys of international finance. 

Only problem, nobody gawks at her like she were their apple's eye! 

Nope, she ain't the sort that pussy hunters like DSK stalk after the evening talk. 

Mon, 10/08/2012 - 20:51 | 2869566 max2205
max2205's picture

Liver problems and gout I'd bet

Mon, 10/08/2012 - 21:31 | 2869613 Crisismode
Crisismode's picture

Bingo!

 

You got the number!

 

 

Mon, 10/08/2012 - 22:50 | 2869774 Hulk
Hulk's picture

and a carrot juicer abuser to boot...

Mon, 10/08/2012 - 23:57 | 2869860 RSBriggs
RSBriggs's picture

Bingo.

Mon, 10/08/2012 - 20:52 | 2869567 IndicaTive
IndicaTive's picture

 

Both airbrush and spray booth tans continue to develop for about 24 hours after the session and last about seven to 10 days, fading according to the body’s natural exfoliation process.

 

Is there an analogist in the house?

 


Mon, 10/08/2012 - 21:18 | 2869597 toady
toady's picture

Snake shedding its skin?

Mon, 10/08/2012 - 21:03 | 2869577 nmewn
nmewn's picture

In a thousand years she'll still look just the same ;-)

Mon, 10/08/2012 - 21:32 | 2869615 Crisismode
Crisismode's picture

Tutankamen's wife.

 

Mon, 10/08/2012 - 21:38 | 2869624 erg
erg's picture

Exactly. She's tanning herself for posterity. Preserving herself for a futuristic museum of the macabre.

Tue, 10/09/2012 - 05:01 | 2870011 falak pema
falak pema's picture

the new mummy trend, she'll end up in the Louvre for sure; from the IMF to the Louvre Egyptian section, hows that for a place in history! 

As long as she stays mum, I think its in our collective interests! 

Mon, 10/08/2012 - 21:07 | 2869582 Atomizer
Atomizer's picture

Lagarde is just attempting to reach out to the Afro-American/Latino community by her synthetic skin pigment. Deep inside, she’s just as deficient as Bernank’s QE3 efforts.

Mon, 10/08/2012 - 21:10 | 2869587 vast-dom
vast-dom's picture

MUNSTAH

Tue, 10/09/2012 - 05:30 | 2870030 10mm
10mm's picture

She got dude face.

Tue, 10/09/2012 - 11:50 | 2871313 Totentänzerlied
Totentänzerlied's picture

Willy Wonka called, said one of his employees named Lagarde keeps missing "her" shift.........

Mon, 10/08/2012 - 20:37 | 2869544 lineskis
lineskis's picture

For f*ck sake, hold your iDevice in landscape! Please!

Mon, 10/08/2012 - 20:38 | 2869545 Dr. Engali
Dr. Engali's picture

We have to pass it first to see what's in it.

Nancy Pelosi

Maybe it's something in the cosmetics.

Mon, 10/08/2012 - 21:28 | 2869609 nmewn
nmewn's picture

Now there's a thought...if Lagarde's girdle is too tight will her eyes bug out of her head like Pelosi's? ;-)

Mon, 10/08/2012 - 21:46 | 2869637 erg
erg's picture

Ah yes...the Marty Feldman look.

Mon, 10/08/2012 - 22:28 | 2869733 nmewn
nmewn's picture

LOL!!!...don't get me goin on that despicable b____.

Mon, 10/08/2012 - 22:42 | 2869762 erg
erg's picture

I gotta ask now. When someone has a couple of divergent eyes...both misaligned, which one do you look at? If either.

Similarily, if someone has a glass eye, what weighting of time do you ascribe to the non-eye. Should it be 50-50? Is that an insult to the lone, good eye?

I think too much.

Back to the Caramilk thingy.

Mon, 10/08/2012 - 20:40 | 2869548 Things that go bump
Things that go bump's picture

Titular head?

Mon, 10/08/2012 - 20:57 | 2869573 LMAOLORI
LMAOLORI's picture

 

 

She's almost the female version of Paul Krugman 

Spending Cuts

The report called for U.S. policy makers to find an alternative to spending cuts that would trigger a recession

(almost because the report didn't call for raising our taxes something krugman wants)

Mon, 10/08/2012 - 21:38 | 2869623 Things that go bump
Things that go bump's picture

I am thinking more along the lines of the most recent American Presidents, Mr. Obama and Mr. Bush.  She gets the title, someone else holds the power and makes the decisions.  Who really was behind the ousting of the unlamented Dominique Strauss-Kahn?  

Mon, 10/08/2012 - 23:10 | 2869654 SafelyGraze
SafelyGraze's picture

"She's almost the female version of Paul Krugman "

almost. but not quite.

 

Mon, 10/08/2012 - 20:54 | 2869554 TeamDepends
TeamDepends's picture

She is also unaware that she is in bed with the Devil.

Mon, 10/08/2012 - 21:33 | 2869618 Crisismode
Crisismode's picture

The Devil would not have sex with someone so incredibly ugly.

 

Mon, 10/08/2012 - 21:50 | 2869652 TeamDepends
TeamDepends's picture

Touche!

Mon, 10/08/2012 - 21:56 | 2869664 erg
erg's picture

Triple condom ugly.

After telling his buddies that he has the most ugliest of a wife, he moved the fridge to expose a hidden door behind it.

"Honey, can you come upstairs for a moment?"

"Should I wear the bag?"

"No...I don't want to fuck you I just want to show you to my friends."

Mon, 10/08/2012 - 20:44 | 2869556 GCT
GCT's picture

I thought the USA political elite could blow smoke up my ass, but these guys and gal make our elite look like small beans.  They have taken dancing around an issue to a real art.  I guess it is how long Europe has been around. 

We are getting there!!!!

Mon, 10/08/2012 - 20:46 | 2869560 knukles
knukles's picture

 

 

(soft sobbing whimpering sounds in fetal position)

Mon, 10/08/2012 - 20:56 | 2869562 q99x2
q99x2's picture

Up your Y Axis Legarde.

Tue, 10/09/2012 - 06:42 | 2870065 Zero Govt
Zero Govt's picture

she wouldn't know where that was

the Irish Examiner has not only exposed Lagarde as a clueless ponce but also unravelled the entire world of management (McKinsey) consultancy for what it is, all-gob no-maths sham 

Mon, 10/08/2012 - 20:54 | 2869571 XRAYD
XRAYD's picture

Scary to think that this is now the "commitee to save the world" that has taken over from Greenspan, Summers, Rubin!

None of them has any personal risk in what they say or do - and they have many clones to replace them! 

Mon, 10/08/2012 - 21:08 | 2869584 davepowers
davepowers's picture

She looks like a Louis Vuitton handbag.

An empty one at that.

Mon, 10/08/2012 - 21:20 | 2869600 TeamDepends
TeamDepends's picture

Well, perhaps not empty, but full of "promissory notes"...

Mon, 10/08/2012 - 21:12 | 2869589 Duke of Con Dao
Duke of Con Dao's picture

here's a new one... Mash that is!

...

YouTube - Is Romney really a Knucklehead?

Mon, 10/08/2012 - 23:59 | 2869861 RSBriggs
RSBriggs's picture

No one is interested in your shit.

Mon, 10/08/2012 - 21:16 | 2869593 Zer0head
Zer0head's picture

You should have heard IMFcker Olivier Blanchard tell zee world how zee Americain fecal cliff is zee real probleme zat vee are facing

Mon, 10/08/2012 - 21:28 | 2869601 TWSceptic
TWSceptic's picture

The leather jacket looks ridiculous in this setting. She clearly shows that she lives in an ivory tower.

Mon, 10/08/2012 - 21:32 | 2869614 Global Hunter
Global Hunter's picture

maybe she thought the designer tea-towel around her neck with the leather jacket made her look like a world war one flying ace?  No idea she did look ridiculous.

Mon, 10/08/2012 - 21:33 | 2869617 El Hosel
El Hosel's picture

The market already moved anyway, the market now resides in Ben Bernanke's shorts..... His tool and his junk are ready for any and all reports, at any and all times. He has a party in his pants, everybody relax and enjoy the morning wood. The futures go green at 4am in sync with the Royal pee hardon.

Tue, 10/09/2012 - 09:14 | 2870356 El Hosel
El Hosel's picture

....... See the "standard" 9 point SPY ramp right on time ,1445 to 1454 starting at 4am ( must be central time ), this stuff never gets old.

 

Mon, 10/08/2012 - 21:26 | 2869606 Global Hunter
Global Hunter's picture

Christine Lagarde summons her inner David Brent.

Mon, 10/08/2012 - 21:35 | 2869619 zorba THE GREEK
zorba THE GREEK's picture

The IMF was created by 1st world countries to help 3rd world countries get through tough times.

What the hell are they doing bailing out Western Governments whose politicians overspent to

get votes for their re-election. There are so many desperate people in the world that could use

the IMF's help much more than fiscally irresponsible European nations.

Mon, 10/08/2012 - 23:08 | 2869804 TNTARG
TNTARG's picture

"The IMF was created by 1st world countries to help 3rd world countries get through tough times."

Wrong. That's what is written but not what they do. Is like the UN. They wrote the Chart... The Right of Self Determination for peoples is enshrined in the founding Chart of the United Nations ... Nice, but just words.

Tue, 10/09/2012 - 00:16 | 2869888 icanhasbailout
icanhasbailout's picture

We're all 3rd world countries now

Tue, 10/09/2012 - 05:06 | 2870018 lakecity55
lakecity55's picture

Hoax and Chains!

Tue, 10/09/2012 - 02:20 | 2869938 guidoamm
guidoamm's picture

Since when is giving bigger loans to someone who is already in debt considered "help"?

The modus operandi of the IMF has never changed. Politicians in developing countries mismanage the countries resources aided and abetted by local and international banks. When finances hit the arithmetical brick wall, the IMF rides in and provides bigger loans. Politicians and banks are saved and the population is doomed to repay the loans via increased cost of living and perpetual poverty.

The UN operates in similar fashion except that they make use of Western newly minted currency to spread it far and wide so as to keep the fractional reserve dynamic going. The UN plays a role in the expansion of Western credit markets thereby saddling Western society with increasing debts. When finances hit the arithmetical brick wall, the IMF rides in and provides bigger loans. Polticians and banks are saved and the population is doomed to repay the loans via increased cost of living and perpetual poverty.

The difference between developing countries and the West is purely that the West is fleeced last because it is the West that provides the tool for impoverishment - i.e. the fractionally reserved fiat currency...

 

 

Wed, 10/10/2012 - 08:16 | 2870050 matrix2012
matrix2012's picture

<QUiZ>:  IMF - WORLD BANK - BIS ... what all these three institutions have IN COMMON?

dunno the answer, just read below!

 

1944:  In Bretton Woods, New Hampshire, two further Rothschild world banks are created.  The International Monetary Fund (IMF), and the World Bank.

It’s not just America. The elite bankers who own and control the Federal Reserve, are also behind the central banks of almost every country in the world.

And they control the The European Union, the International Monetary Fund, the World Bank, the Bank of International Settlements, Goldman Sachs, JP Morgan, Citibank, etc.

 

The BIS is referred to the bankers as the, “Central bank for the central banks.”  Whereas the IMF and the WorldBank deal with governments, the BIS deals only with other central banks.  All its meetings are held in secret and involve the top central bankers from around the world.  For example the former head of the Federal Reserve, Alan Greenspan, would go to the BIS headquarters in Basel, Switzerland, ten times a year for these private meetings.

 

How Edmund de Rothschild Managed to Let 179 Governments Pay Him for Grasping Up to 30% of The Earth

http://www.bibliotecapleyades.net/sociopolitica/esp_sociopol_rothschild3...

Summary

After Edmund de Rothschild’s statement, totally without basis, at the 4th World Wilderness Congress in 1987, that CO2 is the cause of (a non-existent) global warming and that combating it needs money (our money), he founded the World Conservation Bank for this spurious reason.

In 1991 its name was changed to The Global Environment Facility (GEF).

 

The purpose of the Facility is to lend money to the poorest countries, 'money' printed by the IMF out of thin air and guaranteed by our governments.

The Facility seeks wilderness areas rich in minerals as security. The idea is that GEF money then flows back to reimburse our governments for loans. I.e., we give away our tax money. For what? When a country cannot repay loans to the GEF it must give up a piece of its territory to the Rothschild banks (GEF, IMF, World Bank).

 

The total amount of land involved can be as much as 30% of the Earth's surface.

If land cannot be offered as collateral, the country must starve (Haiti, Argentina and others). Rothschild's stroke of genius was that he had his GEF smuggled into the UN system at the Rio UN Summit in 1992 by his friend, Maurice Strong. Thus, high-ranking ministerial officials from 179 countries are practically co-opted onto the council of the bank, thereby endorsing Rothschild's theft of the world!

This article features interviews with a man who was a participant at the 4th World Wilderness Congress, a man who knows what happened there and who knew Rothschild personally, as well as David Rockefeller, who tried to silence him about what he had learned at the Wilderness Congress.

 

The GEF is to manage the money which was promised to the developing countries at Copenhagen (100 billion dollars a year from 2020 - 30 billion over the next 3 years) with the help of the World Bank.

However, Rothschild does not leave it there.

 

He and his henchmen are now joining the race along with certain governments (China, Saudi Arabia) to buy up large areas of farmland in developing countries and have the crops transported back to the home countries. This leaves the locals, already starving, with much less crops available - with food prices rising rapidly - which is exactly Rothschild’s intention.

This villainy forces people to flee from Africa to Europe. Food prices have doubled in the past year or so. Many people in Haiti, even before the earthquake, could barely afford to buy a minimally nourishing mud pie.

 

And so it goes on.

 

This is the ultimate goal of Rothschild’s New World Order.

Since the 4th World Wilderness Congress in 1987, where Earth Charter co-author and illuminist, Maurice Strong, fatefully introduced his friend, Edmund de Rothschild, the world has never been the same. The Devil - or should I say CO2 - was at large. Rothschild stated that CO2 was the cause of (non-existent) man-made global warming.

 

CO2, therefore, had to be caught at the poles and transported away in order to lower warm arctic/antarctic temperatures, and perhaps dumped in the Sahara!

This absurdity was accepted without discussion at the UN Rio Summit in 1992!

 

Here is Rothschild's approach

...to grabbing 30% of the Earth with the consent of our governments/central banks

 

Andrew Hitchcock in 'The History of the Money Changers,' 2006:

"In 1987, Edmund de Rothschild creates the World Conservation Bank which is designed to transfer debts from Third World countries to this bank, and in return, those countries would give land to this bank.

The idea is for the IMF to create more and more SDR’s backed by nothing, in order for struggling nations to borrow them.

"These nations will then gradually come under the control of the IMF as they struggle to pay the interest, and have to borrow more and more. The IMF will then decide which nations can borrow more and which will starve. They can also use this as leverage to take state owned assets like utilities as payment against the debt until they eventually own the nation states.

"1988: The World Central Bank has three arms, the World Bank, the BIS and the IMF.

2000: How the World bank and the IMF took over Argentina, Tanzania and Bolivia. Terrible reading.

 

The IMF is closely interwoven and here with Rothschild's BIS Bank, and the BIS, IMF and the World Bank have a common external website."

. . .

Conclusion
Have you got the point? Rothschild established the CO2 fraud at the 4th World Wilderness Congress as a 'fact'.

“It needs money”, he said.

In Rio 1992 his friend Maurice Strong ensured that Rothschild's lie and GEF Bank became UN policy.

So, he not only cashes in on COat Bluenext and the London Climate Exchange and soon at the Chicago Climate Exchange, if the US Senate approves Rockefeller/Brzezinski puppet Obama's Waxman-Markey Climate Change Bill.

Rothschild is making himself the world's leading COtrader now.


Now, Rothschild cashes in from all peoples on the planet, letting them toil as his slaves to pay to Rothschild's GEF bank, in order that Rothschild can fleece the poorest countries of the very same planet - or take their land with all its mineral riches as forfeited collateral!

Rothschild grabs land. He uses it for food-speculation and prospecting for and extraction of minerals.

 

In Haiti, before the earthquake, people could not even afford to buy humble mud pies because the price of food doubled - as a consequence of the production of bio-fuel because of Edmund de Rothschild’s unscrupulous but very profitable lie about COdriving global warming .

How the failure in Copenhagen must vex Rothschild. It could have led to an enforceable definition of his system to make huge profits through increasing COtaxes globally which would gradually lead to the 'world community's' ruin, as well as Rothschild becoming the shrouded emperor of the world.

But he has got time. He knows his time is near-after 234 years of hard mole work.

 

But it must be a big comfort to Rothschild that rich countries committed themselves to provide $30 billion of climate aid over the next three years and $100 billion a year from 2020 to the never-developing countries.

 

This money is to be paid through Rothschild's GEF!


                    * * * * * * * * * * * * *

 

How The Rothschilds Control & Rule the World

http://www.conspiracyplanet.com/channel.cfm?channelid=126&contentid=6769

by WILLIAM DEAN A.GARNER

(March 17, 2010) For decades, people have urged me, pushed me, prodded me, practically peeled off my skin, pulled out my eyes, and yanked out my brain to prove it, i.e. show them the data, the results, the books, manuals, pamphlets, journals, monographs, voice and video recordings, all the resources I have used to make the statements I do about the Brzezinski Cartel and the Rothschilds. 

On the evening of St. Patrick's Day 2010, I feel now is the time... but with a twist.

The list below shows 165 different ways how The First Sphere of Influence (Rothschilds and Brzezinski Cartel) controls the world. One hundred and sixty-five reasons to believe what I say to be 100% accurate and true.

Each entry is a separate and distinct central bank, located in a separate and distinct part of the world. These central banks cover the globe and know absolutely no boundaries, effectively erasing borders between even sworn enemies.

The Bank of International Settlements or BIS (pronounced BIZZ) is the Rothschild's piggy bank, a veritable deep-pit mine, the equivalent of quadrillions of dollars.

. . .

 

ABOUT THE AUTHOR: William Dean A. Garner is a New York Times bestselling ghostwriter and editor of many fiction and nonfiction books. A former biophysicist, US Army Airborne Ranger, and Corporate Mercenary, Garner did 211 overseas missions over a nine-year period, escorting clients out of hostile territories so they could have a voice of peace, freedom and liberty. A Jeffersonian Patriot, he writes and speaks about the dangers of The First Sphere of Influence, a global cartel controlled by the family Rothschild.

 

MORE: https://startpage.com/do/search?q=IMF+World+Bank+Rothschild+BIS

 

Mon, 10/08/2012 - 21:43 | 2869633 Jake88
Jake88's picture

Yada yada. Glossed over waste of time.

Mon, 10/08/2012 - 22:08 | 2869690 Duke of Con Dao
Mon, 10/08/2012 - 22:26 | 2869718 Schmuck Raker
Schmuck Raker's picture

Who the f__k uses Silverlight?

Eeeewww.

Tue, 10/09/2012 - 05:57 | 2870047 onebir
onebir's picture

+1

So haven't seen the video, but she shouldn't be getting caught out by an issue discussed pretty extensively in the WEO.

Just can't get the staff these days...

Mon, 10/08/2012 - 22:36 | 2869749 Meesohaawnee
Meesohaawnee's picture

market moving..is that up on futures? bullish

Mon, 10/08/2012 - 23:03 | 2869797 TNTARG
TNTARG's picture

Shit!  The video is a little too much. I'm gonna have nightmares...

Mon, 10/08/2012 - 23:29 | 2869831 The Shootist
The Shootist's picture

That's shocking. Europe's fucked. We're all fucked.

Tue, 10/09/2012 - 07:05 | 2870111 Zero Govt
Zero Govt's picture

that's not what the IMF Report says, you need to read it, so does the Chief of the IMF at some point

Tue, 10/09/2012 - 00:16 | 2869885 GreatUncle
GreatUncle's picture

2 systematic errors.

To over state growth to pretend you are good to borrow more is Keynesian by nature.

Then forget to mention hidden problems like hiding the unemployed in various guises from an increased uptake of education to debt categorised like PPFI so it does not appear in the stated total debt.

That is why we always receive over estimates because the full truth is not being stated. If it was then the fiscal consolidation would probably have to be much slower to prevent the wheels coming off.

Think they overestimate how much they are in control of the economic situation myself.

Tue, 10/09/2012 - 00:28 | 2869896 chump666
chump666's picture

send in those commies:

Shanghai Composite up a solid 2.0% at lunch
Investment bank says insurance companies buying
Chatter that CIRC guiding insurance companies to buy shares
Chinese officials always said they would support SSEC at 2000

Tiger style...

FMD how long can this global central bank/krugman/Keynesian nut-case insanity last?  We await Aloca, unless the Fed are buying aluminum?  You never know.

We are so doomed...

 

Tue, 10/09/2012 - 01:38 | 2869923 Resonate
Resonate's picture

'what do the data show?' if they can't even get a sub topic heading right, how are they going to keep running this ponzi without it collapsing?

oh yea... they can't and they can't.

Tue, 10/09/2012 - 02:54 | 2869949 Bastiat009
Bastiat009's picture

If only we lived in a free(-market) society, the business of predictions would be struggling ... the media would go under, economists/traders/pundits would stop showing up on TV, politicians would be jailed ... I certainly long for a free society.

How many of the predictions you've read here (on this site), whether you liked them or not, have come true, within the predicted time frame, of course. Because as we all know, on a long enough timeline ...

Tue, 10/09/2012 - 07:26 | 2870124 Zero Govt
Zero Govt's picture

Bastiat  -  whilst i agree our society/economy is being impoverished and suffocated to death by the Monopolists Matrix, its HQ central and primary ratchet being Govt, i disagree we are not "free"

we are still very much free to extricate ourselves from the Matrix at any time, from the banking system, from Govt taxation (theft) and from a whole host of other parasitical institutions

we also have a dozens of free markets, from farmers markets to small biz to the black market ...the sooner we endorse (with our custom) these markets and impoverish the BIG Bad markets. from retail to banks etc, the sooner change happens

you just have to make some simple (big) decisions and work toward your own increased freedom and prosperity in baby steps ...don't pretend you are not free to do so

Tue, 10/09/2012 - 03:30 | 2869961 cashcow
cashcow's picture

Lagardge should have stuck to synchronised swimming instead of giving it up to go into politics. Right now, she's way out of her depth and doesn't even realize.

Tue, 10/09/2012 - 07:38 | 2870178 Zero Govt
Zero Govt's picture

she was out of her depth as French Finance Minister having to raid long term pension savings to pay short term French Govt cash flow bills

don't blame her for the IMF's cronic ineptness at personal recruitment

the elite are running short of under-qualified crones to fill posts, desperation is setting in

Tue, 10/09/2012 - 04:08 | 2869975 Offthebeach
Offthebeach's picture

Is that Carl Sagan in drag?
( Billions of billions of billions of dollars of debts in the universe ......")

Tue, 10/09/2012 - 05:17 | 2870016 lakecity55
lakecity55's picture

She has a tax-free salary, unlike everyone else in France. Why the fuck should she give a shit?

The only work she does is on her tanning bed.

Actually, if you look up her life and work in Chicago, and her "coincidental" associations there, it will make sense.

Tue, 10/09/2012 - 13:45 | 2870035 matrix2012
matrix2012's picture

the two most outstanding looks of Lagarde:

        -her extraordinary tanned appearance (which is Michael Jackson antithesis), and

             -her lust for the latest fashion in leather things (her bag is one of the center piece)

 

just wonder much her orientation... straight or not... or AC/DC :-)> LoL

with a head like this, the world will simply sink even deeper n deeper... my great pity for the Southern European in particular.... (as for the Developing World, it has been very long and endless loot until today). 

all the crooks of this quality (and higher) are indeed entitled for the people's firing squad soon one day

 

 

Tue, 10/09/2012 - 05:39 | 2870036 Munkey
Munkey's picture

Lakecity55 has it nailed. When you're a socialist, it's who you know and not what you know. That's how they roll.

Tue, 10/09/2012 - 06:35 | 2870075 falak pema
falak pema's picture

I don't know much about Lagarde's skills as architect of new monetary order which will be on the agenda of IMF annual meeting at Tokyo. 

But She certainly has ignited a powder trail in Greece, where Mutti M is visiting today, to nail their hides as down payment for future surrogate handouts.

Her famous CD of 2000 names in Greece and 20000 world wide all with Schweizer scheizer numbered accounts has claimed two victims in Greece! 

Greek Men On 'Lagarde List' Found Dead - Business Insider

Mamma mia! Mummy Lagarde seems to inadvertently have started the house cleaning party in Greek Oligarchy land!

To be visiting other Eurocapitals like a Hollywood block buster? 

Who could ask for more! 

Tue, 10/09/2012 - 07:17 | 2870137 Flounder
Flounder's picture

You'll have to give her a break she only makes about $500k/yr tax free.  What's a mistress of the universe to do?  So much money so little time to spend it let alone do her job and read her office report.  Do the Greeks read ZH?

"The managing director of the International Monetary Fund is paid a salary of $467,940 (£298,675), automatically increased every year according to inflation. On top of that she receives an allowance of $83,760 – payable without "justification" – and additional expenses for entertainment, making her total package worth more than the amount received by US President Barack Obama according to reports last night.

Unlike Mr Obama, however, she does not have to pay any tax on this substantial income because of her diplomatic status."

http://www.independent.co.uk/news/world/europe/anger-over-christine-laga...

 

Tue, 10/09/2012 - 08:14 | 2870241 toomanyfakecons...
toomanyfakeconservatives's picture

Michael Savage is right about at least one thing: politics is Hollywood for ugly people!

Tue, 10/09/2012 - 09:33 | 2870424 dark pools of soros
dark pools of soros's picture

A pure 'the IMF satanist wears Prada' moment... The Irish lady had Midwestern garb on, clearly not a 'beautiful people' and so has to 'take it offline'. Which means go talk to a dead phone about this you peon shit

She told a reporter to take it off line.. Who the fuck does that?

Tue, 10/09/2012 - 09:33 | 2870426 Lost Wages
Lost Wages's picture

If I see this bitch I'm gonna lock her in a tanning bed and turn the thing on high.

Wed, 10/10/2012 - 16:03 | 2875969 KnowIDontKnow
KnowIDontKnow's picture

Ummm, am I the only one who noticed that every point is below the supposed red regression line?

Talking fancy math is entertaining and all, but to convince me you'll actually have to make sense.

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