The IMF's list of 'participants' - new and old...
According to the Wall Street Journal the IMF is reactivating a 'New Arrangements to Borrow' (ironically, NAB) to keep Europe's soverign-debt crisis from bringing down the entire usurous global financial ponzi-scheme. The panacea (or is it just a bandaid) that the IMF is looking for: A credit pool of $580 billion.
Incredibly, besides India and other financial heavyweights like Cyprus and the Philippines, it also looks like Greece and Portugal will now be called on to bail themselves out! (Hmm, I wonder what the cold steel of a monetary gun to the temple feels like.)
As usual, there is an incisive, insightful and rather alarming analysis on Zerohedge. It's a must-read.
Let's hear about the seriousness of the issue from the head of the IMF...
In the opening remarks of her talk on “The Challenges for the Global Economy”, delivered at the Royal Institute for International Affairs - Chatham House, London, on 9 September 2011, Christine Lagarde, Managing Director of the IMF, said: "The bottom line is that global activity has slowed, and downside risks have increased. At the same time, the global rebalancing of demand needed for sustainable global growth has stalled."
In plain English, it means, "Welcome to the Edge of Monetary Apocalypse" - or in simpler terms words, "It's time for the proles to get used to the Age of Global Austerity."
Of course, the esteemed financial and political 'leaders' who participated in the discourse at Chatham House cannot be inconvenienced by the loss of either power or pelf as a result of a disaster they are complicit in - wittingly, or only half-wittingly... It is the citizen, the taxpayer, the worker, the employee, the small business-owner, and his progeny who must be made to pay - and that's what our alphabet soup of 'security agencies' are for anyway.
Is it 1984 quite yet?
I hate brand love. - Call me naive, but after more than 33 years in the business, I am nevertheless consistently astounded by the amount of bullshit our industry can churn out....
1 day ago