World Bank:" no catastrophe is anticipated in the coming six to nine months."

I hope you all are reassured now....

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"Francois Bourguignon, chief economist of none other than the World Bank, stated that as a result of the fiscal and monetary policies of the United States (i.e., the Bush administration), "no catastrophe is anticipated in the coming six to nine months."

Mr. Bourguignon went on to add that he was "not yet totally pessimistic." "
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oh, ya now I'm really reassured!! At least I know we have six months before the house of cards collaspes!!!

Just two articles, the first is a commentary of the second, to reassure you
of your financial security!!

www.dailykos.com...

story.news.yahoo.com.../nm/economy_forex_worldbank_dc

Did anyone else run across the article the other day that said Bush was in the Social Security Fund's vault, and all there was was treasury bonds, and he referred to them as "worthless peices of paper"?
I swear I saw it, but I can't find it again...
But, well, if he did, I can see why foreign investers would want to dump their bonds!!!

Yes i saw this, its actualy quite funny i think the way he phrased it made me laugh.

World Bank though is hardly a whiter than white institution, here is a fairly accurate description of it in my opinion;

"The World Bank, based in Washington, is a multilateral institution that lends money to governments and government agencies for development projects. For more than twenty years, the Bank has imposed stringent conditions, known as “Structural Adjustment Programs,” on recipient countries, forcing them to adopt reforms such as deregulation of capital markets, privatization of state companies, and downsizing of public programs for social welfare. Privatization of water supplies, fees for public schools and hospitals, and privatization of public pensions are among the most controversial Bank reforms. While the Bank insists that “fighting poverty” is its first priority, many critics believe instead that it is responsible for rising poverty. Many also criticize its cozy relationship with Wall Street and the United States Treasury Department. The stormy resignation of World Bank Vice President and Chief Economist Joseph Stiglitz in late 1999, and his subsequent public comments, suggest that the Bank is not as benign as it claims to be."

As they represent the equivelent economic imperialists that Bourguignon statement is particularly interesting.

The world bank has its fingers in to many aspects of global economy. It wouldnt suprise me if they have inside info on every thing that happens nearly every where in the world. Im not saying to turn into a raving loon if they say the sky is falling, but if they say expect 6 months of calm, be happy and enjoy it while you can. Mark 6 months from now on your calander and see where we are at.