"When the final report on the risks of the US financial system is released in 2010 — and it is likely to cause a stir internationally — only one of the people in positions of responsibility today will still be in office: Ben Bernanke."
I have to watch the election from a distance, the Potemkin village that is our political system is no longer funny or charming. Who the next President is, is largely irrelevant. Why such a negative disposition?
Because the IMF is going to subject the databases of major financial institutions in the USA to a stress test. Yeah, oh shit is right.
Der Spiegel said, "the Fed, the Securities and Exchange Commission, the major investment banks, mortgage banks and hedge funds will be asked to hand over confidential documents to the IMF team. They will be required to answer the questions they are asked during interviews. Their databases will be subjected to so-called stress tests — worst-case scenarios designed to simulate the broader effects of failures of other major financial institutions or a continuing decline of the dollar."Der Spiegel reports that the IMF is threatening to seriously study the accounts of America, something President George Bush is determined to prevent at least while he is in the White House, informing the IMF that it can begin its investigation but cannot complete it until he leaves office.
Whoever the poor bastard is that gets placed into office will have the Mother Of All Fuck
Ups to deal with. Two wars, Russia, China, Peak Oil, Global Warming, Food Shortages and . . . A http://business.theage.com.au/imf-finall... "> FAILED STATE .
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well, hot damn. it's about time.
accountability, literally.
and from the international community, no less.
poetic justice says i.
Be careful what you wish for
IMF austerity program recommendations are likely to give whoever is president an excuse to gut whatever is left of our social investment.
Leading to the IMF riot.
isn't the IMF staffed by corp and govt people anyway?
this is a crock--but it will lead to reduced social spending (altho everything will anyway because of the massive deficits the GOP always runs up)
Wolfowitz was Govt before, and many big bank people before him-- it seems like the IMF exists to benefit big banks/investment firms/western govts---and to keep a tight leash on developing countries.
or am i mixing up world bank and imf?
(or are those connected? where does the imf's money come from exactly?)
They're separate and have different purposes
and leadership and voting structures.
They are 2 of the 3 Bretton Woods institutions (the 3rd one was GATT, now WTO).
Countries and banks contribute money... they also get money through reimbursement of loans and interests.
Go Global!
ah--
i always wondered about them...the IMF would seem to need the World Bank in order to fund and to loan, i thought.
Well, I'm sure this has nothing to do with Shock Doctrine
Nothing, nothing at all.
[x] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.
First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi
Don't worry. Obama will take care of EVERYTHING!
He's so nollijable and speeryenced that there will be no problems. He knows exactly what he is doing. You are panicking over nothing.
Come together at The Confluence
Come together at The Confluence
LOL...
"Panicking over nothing".... That sounds like bot verbiage!
[x] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.
First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi
good catch Lambert
Well, I'm sure this has nothing to do with Shock Doctrine
Krugman on getting out of financial crisis
And I agree with others: the IMF spells disaster for any country that takes their “advice” (1990’s Russia, anyone?).