$100 billion U.S. loan for IMF

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http://www.reuters.com/article/politicsN...&rpc=22&sp=true
 Quote:
The $100 billion is part of commitments made by Group of 20 countries at a London summit on April 2, which agreed to triple IMF resources to a total of $750 billion to help the IMF respond to crises in emerging market economies as a result of the global financial crisis and economic downturn. The U.S. funding will boost the IMF's so-called New Arrangements to Borrow, or NAB, a facility which allows member countries to provide credit to the IMF to deal with crises that may threaten the stability of the global financial system
Hey, we're flush with fresh cash from the printing press so what the heck...
 
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They appear to not know whether they're real or counterfeit. Q: While it's surely illegal to counterfeit US currency in the USA ..and surely illegal to attempt to pass such currency where it is accepted, is it automatically illegal to just duplicate currency worldwide? I mean, if I want to do up a replica of the Somaliland Shilling ..would there be a crime committed given that the process costs more than it's worth? It could make for decorative tp..
 
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 Originally Posted By: Tempest
 Quote:
It is not a loan.
I'm sure of that, and I don't believe I said that it was?
Just referring to the title, I guess.
 
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The US owns part of the IMF so it looks like a capital funding, not a loan. I wish I had time to check the IMF financials. The people int the countries that borrow are quite unhappy with them. The lion's share of the loans goes into the pockets of the corrupt officials and Western consulting firms and the people end up servicing the debt. It also gives leverage to the IMF to design the economic policies of the countries that borrow from them. The biggest example is the Argentinian economic meltdown of the past few years.
 

Tempest

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 Quote:
It also gives leverage to the IMF to design the economic policies of the countries that borrow from them.
And there we have it.
 
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 Originally Posted By: CivicFan
The biggest example is the Argentinian economic meltdown of the past few years.
The reason that I posted is because the IMF is one big black hole where nothing ever comes back out of it. Why would anyone, except somebody doing one big sugar coat, call is a loan is beyond me.
 
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Yup, IMF is practically the source of financial enslavement and revolutionary turmoil for floundering second and third world countries. Most folks don't recognize that the IMF and World Bank basically dictate our fiscal policies here in the US too. The leverage bankers will be the end of many a great civilization if people don't wake up and smell the coffee soon.
 
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Yep. My friends from Bangladesh filled me in on IMF loans or even "direct foreign aid" If it was foreign aid, it ended up being "conditional" ..which included some American company/consultant/friend's son's company getting the cash by providing the alleged service/goods. Just taking it out a whole new door. The IMF is a crack dealer.
 
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Just to clarify on the 'gaining leverage' part. As a major creditor, IMF will draft the budget, or at least approve it, to make sure that the spending portion includes funds to service the loans. It will craft tax policies so that the countries have increased tax revenues so that they can service the loans. The end result is higher taxes but fewer government provided services. The beneficiaries are the high ranking government officials and their families, and foreign consulting firms.
 
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 Originally Posted By: Tempest
http://www.reuters.com/article/politicsN...&rpc=22&sp=true
 Quote:
The $100 billion is part of commitments made by Group of 20 countries at a London summit on April 2, which agreed to triple IMF resources to a total of $750 billion to help the IMF respond to crises in emerging market economies as a result of the global financial crisis and economic downturn. The U.S. funding will boost the IMF's so-called New Arrangements to Borrow, or NAB, a facility which allows member countries to provide credit to the IMF to deal with crises that may threaten the stability of the global financial system
Hey, we're flush with fresh cash from the printing press so what the heck...
It is free money!!!
 
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