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"Repeal, Don't Reform The IMF" Ron Paul Rages

Tyler Durden's picture




 

Submitted by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

A responsible financial institution would not extend a new loan of between 17 and 40 billion dollars to a borrower already struggling to pay back an existing multi-billion dollar loan. Yet that is just what the International Monetary Fund (IMF) did last month when it extended a new loan to the government of Ukraine. This new loan may not make much economic sense, but propping up the existing Ukrainian government serves the foreign policy agenda of the US government.

Would you lend these guys your money? (a 2600bps spread to Treasuries) Well you just did!


 

Since the IMF receives most of its funding from the United States, it is hardly surprising that it would tailor its actions to advance the US government’s foreign policy goals. The IMF also has a history of using the funds provided to it by the American taxpayer to prop up dictatorial regimes and support unsound economic policies.

Some may claim the IMF does promote free markets by requiring that countries receiving IMF loans implement some positive economic reforms, such as reducing government spending. However, other conditions imposed by the IMF, such as that the country receiving the loan deflate its currency and implement an industrial policy promoting exports, do not seem designed to promote a true free market, much less improve the people’s living standards by giving them greater economic opportunities.

The problem with the IMF cannot be fixed by changing the conditions attached to IMF loans. The fundamental problem with the IMF is that it is funded by resources taken forcibly from the private sector. By taking resources out of private hands and giving them to IMF bureaucrats, government distorts the marketplace, harming both American taxpayers and the citizens of the countries receiving the IMF loans. The idea that the IMF is somehow better able to allocate capital than are private investors is just as flawed as every other form of central planning. The IMF must be repealed, not reformed.

The IMF is not the only US institution that manipulates the global economy. Over the past several years, a mysterious buyer, identified only as “Belgium,” so named because the buyer acts through a Belgian-domiciled account, has become the third-largest holder of Treasury securities. Belgium's large purchases always occur at opportune times for the US government, such as when a foreign country sells a large amount of Treasuries. “Belgium” also made large purchases in the months just after the Fed launched the quantitative easing program. While there is no evidence this buyer is working directly with the US government, the timing of these purchases does raise suspicions.

It is not out of the realm of possibility that the Federal Reserve is involved in these purchases. The limited audit of the Federal Reserve’s actions during the financial crisis that was authorized by the Dodd-Frank Act revealed that the Fed actively intervenes in global markets.

What other deals with foreign governments is the Fed making? Is the Fed, like the IMF, working to bail out Greece and other EU countries? Is the Fed working secretly to aid US foreign policy as it did in the early 1980s, when it financed loans to then-US ally Saddam Hussein? The lack of transparency about the Fed’s dealings with overseas central banks and foreign governments is one more reason why Congress needs to pass the audit the fed bill.

By taking money from American taxpayers to support economically weak and oftentimes corrupt governments, the IMF distorts the market, enriches corrupt governments, and harms both the American taxpayer and the residents of the counties receiving IMF "aid." It is past time to end the IMF along with all instruments of American interventionist foreign policy.

 

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Mon, 03/30/2015 - 21:32 | 5944158 Newsboy
Newsboy's picture

What about that Asian Infrastructure Investment Bank?

How's that look to ya?

Mon, 03/30/2015 - 21:58 | 5944237 A Nanny Moose
A Nanny Moose's picture

Has Greece joined yet? D'ya think they'd allow it?

Mon, 03/30/2015 - 22:25 | 5944311 Urban Roman
Urban Roman's picture

Or prosecute the IMF, even better.

John Perkins might know where some skeletons are buried to get that process underway.

Mon, 03/30/2015 - 22:12 | 5944275 Fukushima Fricassee
Fukushima Fricassee's picture

Unfortunatly more rightous than the IMF.

Tue, 03/31/2015 - 00:07 | 5944493 blowing winter
blowing winter's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com

Mon, 03/30/2015 - 21:38 | 5944178 tarabel
tarabel's picture

 

 

Go, go, AIIB. Let China finance the deadbeats of the world for a while and see how they like it. 

Mon, 03/30/2015 - 22:16 | 5944292 UselessEater
UselessEater's picture

You seriously think the financing game is national and random?

Mon, 03/30/2015 - 21:39 | 5944179 Fun Facts
Fun Facts's picture

The IMF has legitimized white collar syndicate crime.

Pimps and thugs wearing expensive suits.

Picture them smoking a cigar in a wifebeater and underwear, socks and sandals in Miami Beach for a truer visual reference.

Ordering hits from their condo balcony.

Mon, 03/30/2015 - 22:23 | 5944306 TeethVillage88s
TeethVillage88s's picture

I hate A-Shirts, and we all have to talk about ethics of not torturing, not kidnapping, not renditioning, not turning over suspects to foreign governments for torture, not Droning, not assassinating with explosives, and reducing the secrets of corporations, private businesses and government.

We all need a structure for our business, but must be simple, streamlined not intrusive, not a Domestic Intelligence Umbrella over all citizens data.

Structure prevents fudging if you keep the lawyers at bay.

Laws and Accounting Rules and Financial Rules keep Fraud and Chicanery to a minimum if you keep the lawyers at bay.

The Truth: Lawyers & Justices & Politicians & Wall Street Bankers are self Regulated.

Set up Rules. Make them limit Financial Instruments and limit Accounting, so that Auditing is possible and financial ratings are possible. High Administrative Costs by dollars not by percentage of revenue or percent of profit should be highlighted.

Tue, 03/31/2015 - 00:55 | 5944572 Kirk2NCC1701
Kirk2NCC1701's picture

"The IMF has legitimized white collar syndicate crime."

Yes. And I love how Rompin' Ron has the decency and backbone to call them on it -- albeit in his civil manner.

His son is trying to achieve more by standing further from the fire, but I'm no sure it will help, since TPTB chose which presentable puppets they want to use.

Tinkering around the edges and changing the paintjob isn't gonna fix the dilapidated Mansion that simply needs a bulldozer and a new start. Which is why I no longer rant about Obama's "incompetence", as it's all helping bring about the "Day of the Bulldozer" and the Rebuild that much sooner.

Tue, 03/31/2015 - 04:59 | 5944738 messystateofaffairs
messystateofaffairs's picture

Ron and Rand should take a page from Putins book. Eyes and ears open, mouth shut, make the right friends quietly, promise the wrong folks the moon, then at just the right moment, kick em in the balls. 

They should know nice guys finish last, they just disturbing the sheeples teevee time, unless they are controlled opposition and they do know that.

Tue, 03/31/2015 - 07:28 | 5944843 Pumpkin
Pumpkin's picture

I'd give $100 to see Rand kick Boehner right in the balls live on CSPAN.

Mon, 03/30/2015 - 21:47 | 5944182 philosophers bone
philosophers bone's picture

"A responsible financial institution would not extend a loan......"

In the case of the IMF, the underlying assumption, being that the lender intends to receive a direct financial return on the loan, rather than taking control of governments / assets, is not correct.

Mon, 03/30/2015 - 22:08 | 5944243 TeethVillage88s
TeethVillage88s's picture

See looks like clear Corruption to many people.

Looks like we could regulate the problem with standardized accounting, auditing, financial Instruments, and financial ratings that take into consideration the excessive administrative costs, excessive perks, excessive compensation, and costs that deprive the investors of their share of profits.

I wish I was an accountant or auditor.

The guy in the street generally thinks it is all corrupt and it looks corrupt and like the Wild, Wild, West on Wall Street, on London, and in international negotiations for Banks and Foreign Country applicants (Applicants to the King).

Maybe Elizabeth Warren still looks like a Reformer.

Maybe the Pentagon has people looking to support the Declaration of Independence and the US Constitution and are just looking for a Reformer, someone with the guts to stay in the Ring. Maybe the Pentagon has been working on a plan for decades to bring back freedom.

Mon, 03/30/2015 - 21:43 | 5944192 Stoploss
Stoploss's picture

How bout we put the useless super collider to work by replacing the force with black powder, load the FED in one end, IMF in the other, light the fuse an run like hell.

Mon, 03/30/2015 - 21:54 | 5944226 Oldwood
Oldwood's picture

How long will it take for us to accept that change only happens in one direction. Its like we are stuck on an ice covered hillside. Anything we do to effect motion ultimately only takes us further down the hill. Only when we reach the bottom can we hope for a new direction. Every effort to shrink government makes it bigger and stronger. Every momentum we see is trending for larger more concentrated powers and while destructive forces look to challenge that, I believe they will only yield more concentration. The economic destruction in Europe will drive even more power into a centralized economic system that can print and bail out any and all who will knell before them. We are watching as China is forging stronger relationships with Russia and many other countries of the world with their new central bank, including even their mortal enemy Japan. SA is attempting o unify military forces with Egypt and other ME states which will create even stronger alliances. These large central governments primarily seek to compete with America but ultimately will only subjugate their citizens even more, including Americans.

Mon, 03/30/2015 - 22:41 | 5944336 TeethVillage88s
TeethVillage88s's picture

Power makes change happen for their benefit. And if you attempt to create legislation, TPTB will CO-OP the Legislation and make it their advantage... like the Alternative Minimum Tax.

In 1968 the US Government learned that Some Wealthy Americans paid no federal taxes. This was because of Loophole and credits.

Thousands now are wealthy and don't pay a Federal Tax.

The AMT was an attempt to remedy the situation. Totally was taken over by Lobbyist for the wealthy.

Mon, 03/30/2015 - 21:54 | 5944228 wisefool
wisefool's picture

Ron Paul is probably the one out of a million people who could pass the TSA passenger screening criteria. ...err...wait...

Mon, 03/30/2015 - 22:10 | 5944270 teslaberry
teslaberry's picture

it's not 'our money'.  i don't even know what that means anymore. what would 'our money' be. gold? a gold backed currency? is there any gold left anywhere for the 'people's government?' oh. i don't think so. 

ha!

Mon, 03/30/2015 - 22:14 | 5944288 NoWayJose
NoWayJose's picture

Hey - we will need the IMF when the world discovers that the US can never repay its debt!

Mon, 03/30/2015 - 22:32 | 5944326 TeethVillage88s
TeethVillage88s's picture

But isn't the US a major funding source for WB & IMF??

If the US goes broke, likely the IMF & WB will need funds...

Mon, 03/30/2015 - 22:38 | 5944338 ebworthen
ebworthen's picture

Kill the IMF, end the FED; just as soon as citizens understand they are debt serfs.

I'm with you Dr. Paul, but you're trying to herd cats in a laser pen factory.

Mon, 03/30/2015 - 22:59 | 5944383 Freewheelin Franklin
Freewheelin Franklin's picture

The Federal Reserve doesn't need to be audited, it needs to be abolished. If you audit it, you will find that it is doing exactly what it is supposed to be doing. 

 

- G Edward Griffin

Mon, 03/30/2015 - 23:26 | 5944432 kchrisc
kchrisc's picture

Guillotine the Fed. Audit the heads.

The banksters need to repay us.

Mon, 03/30/2015 - 23:22 | 5944422 Jack Burton
Jack Burton's picture

Of course, the IMF isn't the United States' only way of indirectly manipulating world economies. Paul also makes note of a mysterious buyer, known only as "Belgium," who has grown to become the third-largest holder of Treasury securities.

"Belgium's large purchases always occur at opportune times for the US government, such as when a foreign country sells a large amount of Treasuries," Paul says. "While there is no evidence this buyer is working directly with the US government, the timing of these purchases does raise suspicions."

The above is worth remembering. Everything is fixed and manipulated. Without the Dollar as world hegemon, the Neocons in Washington would be totally fucked!
Mon, 03/30/2015 - 23:26 | 5944433 geekz_rule
geekz_rule's picture

it almost makes ya wonder if the nutballs like fullford are true?

Mon, 03/30/2015 - 23:57 | 5944483 kchrisc
kchrisc's picture

"Of course, the IMF isn't the United States' only way of indirectly manipulating world economies."

Trace the strings a little further and you'll actually see the puppeteers.

 

Hint: Hens controlling the duck pond.

Tue, 03/31/2015 - 05:08 | 5944690 bunnyswanson
bunnyswanson's picture

http://dissidentvoice.org/2013/10/central-bankers-and-the-institute-of-i...

"...But the relationship between the IIF and central bankers goes beyond the timid attempts at “regulation” on the part of global central banks. In fact, central bankers traverse through the revolving door of financial markets: from the mega-banks into the central banks."

 

http://www.occupy.com/article/global-power-project-exposing-institute-in...

 

Same people.  Probaby playing bridge together as we speak.

s "main activities" include providing so-called “impartial analysis and research” to its members in order to “shape regulatory, financial, and economic policy issues....influence the public debate on particular policy proposals....[and work] with policymakers, regulators, and multilateral organizations... with an emphasis on voluntary market-based approaches to crisis prevention and management." - See more at: http://www.occupy.com/article/global-power-project-exposing-institute-in... As the IIF notes on its website, its "main activities" include providing so-called “impartial analysis and research” to its members in order to “shape regulatory, financial, and economic policy issues....influence the public debate on particular policy proposals....[and work] with policymakers, regulators, and multilateral organizations... with an emphasis on voluntary market-based approaches to crisis prevention and management." - See more at: http://www.occupy.com/article/global-power-project-exposing-institute-in... As the IIF notes on its website, its "main activities" include providing so-called “impartial analysis and research” to its members in order to “shape regulatory, financial, and economic policy issues....influence the public debate on particular policy proposals....[and work] with policymakers, regulators, and multilateral organizations... with an emphasis on voluntary market-based approaches to crisis prevention and management." - See more at: http://www.occupy.com/article/global-power-project-exposing-institute-in...
Tue, 03/31/2015 - 07:09 | 5944827 Grimaldus
Grimaldus's picture

@ JB

What is worth remembering is that PROGRESSIVES are in charge. There is nothing neocon about it. Blaming neocons is like blaming bush. Your progressive messaih obongo the bird brain has been running things with all of his Corzine Corps assclowns.

Progressives OWN this shit. Think the IMF or the FED is staffed with constitutional conservatives? Nope, what you got there is obamatron assclown Jon Corzine progressives.

Time to wake the f**k up and embrace your progressive suck.

Go pretend to not be a progressive assclown drone somewhere else.

Grimaldus

 

Mon, 03/30/2015 - 23:23 | 5944427 geekz_rule
geekz_rule's picture

Confessions of an economic hitman, perkins

nuff said

P < P + I

Mon, 03/30/2015 - 23:25 | 5944429 kchrisc
kchrisc's picture

International Monetary Fraud

“Let me issue and control a nation’s money and I care not who writes the laws.” Mayer Amschel Rothschild

The banksters need to repay us.

 

“Let me make and operate a nation’s guillotines, and I will Restore their care for the Law of the Land.” A Goy

Tue, 03/31/2015 - 04:39 | 5944726 messystateofaffairs
messystateofaffairs's picture

Why do I get this feeling that the price of yarmulkes would fall due to decreased demand if you were in charge of the guillotines?

Tue, 03/31/2015 - 00:07 | 5944492 q99x2
q99x2's picture

Arrest and prosecute them.

Tue, 03/31/2015 - 00:08 | 5944494 Northern Lights
Northern Lights's picture

IMF, like the fuckers passing around the colleciton plate in church.

Tue, 03/31/2015 - 01:17 | 5944598 stonehands
stonehands's picture

Ha ha,20 yrs of Ron "milktoast" Paul now you've got the dopey son as your best hope?

All you retarded Merkins-stop VOTING and for crying out loud quit joining the gutless killer fag military-who do you think projects force on behalf of D.C./i.r.s/i.m.f.?

 

Tue, 03/31/2015 - 07:12 | 5944829 Grimaldus
Grimaldus's picture

Ahhh the progressive assclown is strong with this one.......

 

Grimaldus

Tue, 03/31/2015 - 03:42 | 5944609 FIAT CON
FIAT CON's picture

.

Tue, 03/31/2015 - 01:39 | 5944618 KashNCarry
KashNCarry's picture

Read Confessions of An Economic Hitman

Tue, 03/31/2015 - 02:38 | 5944665 FIAT CON
FIAT CON's picture

I agree, Yes I have.

 Good read!

 Here it is "Confessions of an Economic Hit-man”

Tue, 03/31/2015 - 03:34 | 5944699 alfbell
alfbell's picture

 

 

Nothing to be done. Waste of time and effort trying to reform or abolish... TPTB are too deeply imbedded, and control the reins (thru military, police and prisons). We have no choice but to wait until the continuous perverted, short-sighted actions of this network (BIS, IMF, central banks, TBTF banks, corrupt corporations, SCOTUS, IRS, CIA, NSA, and the equivalent agencies in all the other developed countries) finally takes us over the brink into a full-blown crisis. Then we'll have to pick up the pieces, throw them all away, wipe the slate clean... and build a better world.

WARNING:We'll have to pervent Hitler, Mao or Stalin types from getting into positions of power (which will be the type of leaders the "ignorant of history" masses will knee-jerkedly want to vote into office).

It may take some years before we get to this full-blown crisis.

Tue, 03/31/2015 - 07:17 | 5944833 Grimaldus
Grimaldus's picture

"WARNING:We'll have to pervent Hitler, Mao or Stalin types from getting into positions of power (which will be the type of leaders the "ignorant of history" masses will knee-jerkedly want to vote into office)."

 

They are there already. Obama, Hillary, Kerry. Stone cold progressive murderers.

And no it is never to late to stop progressive crime or criminals.

Lot's of bankers and politicians will be prosecuted and very soon.

Grimaldus

Tue, 03/31/2015 - 04:20 | 5944721 messystateofaffairs
messystateofaffairs's picture

Repeal the IMF? How would guys like John Perkins get good jobs?

Tue, 03/31/2015 - 05:06 | 5944742 Dre4dwolf
Dre4dwolf's picture

Make it bigger so it falls apart faster.

 

Only way out from under is to grow the giants to the point that when they do fall, they crush themselves under their own weight and never get back up again.

Tue, 03/31/2015 - 07:27 | 5944842 deerhunter
deerhunter's picture

Let's be real folks.  We support the UN.  We support the IMF.  We support the bankers when we are indebted for 30 years as they produce a check out of thin air for the title company.  We support the  government workers who make double per year annual salary and lifetime benefits,  pensions etc with our property taxes.

Nothing changes.  We have been groomed to be sheared like sheep.  I was forbidden a "windshield permit"  available only online to go coyote hunting in a 6 week only season this winter because i forgot to report my hunting results on line last year.  It took me 6 phone calls and 2 plus hours of time to finally be able to print up a permit and go .  Guns registered,  hunting license fees paid for 45 plus years of hunting in 3 states.  See,  when you hire a government employee they will find something to do to "regulate" your life.  After 20 hours or porn watching a week they still must be required to do something to earn their pay.

I have paid as much as 240 dollars for a permit to install a 1500 patio sliding door.  Every suburb is different with permit rules and laws.  240 dollars removes your profit margin.  Go ahead,,, say just charge the homeowner.  Good luck with that. 

Government run amok.  It will continue.  Get online.  Find out what your librarian makes.  Look at her/his/metro/trans/asianlez/ make for their pension and health care benefits. 

Not enough.  Think the Queer Nation is tolerant?  Ask the governor of Indiana.  WE just called them cocksuckers back in the day.

Don't want to sell a couple queers a wedding cake.  Sue them.  State what you really think about homosexuality.  Picket.

AskChick Filet. 

If you dont build things you can't sell things.  We have been sold a hollowed out bill of goods.  Stop the madness.  Say what you think and man the fuck up.  You don't want your 2nd graders taught sex education.  Man the fuck up and go to a school board meeting.  Get arrested as  you protest.  Run Jane run here comes dick should work until at least  6th grade.

Or just give them all condoms cause they are going to do it anyway.  Teach them all about my two dads,   or my two moms.  Evertything is ok.  Explore your sexuality.  You may be a woman trapped in a mans body. 

I got to stop.  IDRMC.    I dont recognize my country.  New political party.  When everything is grey area and there are no rights and wrongs you soon have no discipline.  Complacency has hollowed out this country from the inside out.  No rules, no accountability,  America I hardly knew ya.

Tue, 03/31/2015 - 08:22 | 5944915 Lmo Mutton
Lmo Mutton's picture

You would lose that $100.

Boehner has no balls.

Tue, 03/31/2015 - 08:26 | 5944926 BoPeople
BoPeople's picture

What I have found in this world is that the controlling powers, through their favored agents, always seem to find a way to corrupt the use of potentially good things. They seemingly believe that by corrupting the use of something they can more easily corrupt the people and that may be true. People are fragile, ignorant, impressionable and corruptable. It does not seem that we are given sufficient information (maybe that is why we were given the internet ... to help even things out ... but it too has obviously been corrupted) and a fair chance and so we must persevere and find fairness for ourselves and if we have the strength to not let the corruption destroy us. The controllers want eternal slaves. Some people are happy being eternal slaves if they are powerful slaves.

... and so it goes with the IMF. It was a good idea which has been corrupted by the evil controlling powers. Instead of the IMF using its money creation power to help people, it has been enslaving them with debt and having them buy weapons for the purpose of creating chaos and war.

The world would be better off without the current version of the IMF.

Tue, 03/31/2015 - 13:43 | 5945832 alfbell
alfbell's picture

 

 

Can't believe some Marxist gave me a down arrow on my earlier post.

Do not cooperate with a government that does not support its people.

Non-cooperation, plus giving these people a long enough rope to hang themselves, is the only way to achieve the downfall of this system.

Do NOT follow this link or you will be banned from the site!