Europe to USA : Give more money to IMF so we can bailout Greece, page 1

Yeah that's gonna go well...Hopefully congress still has some atoms of integrity in their bodies and tell the IMF to go to hell...

Europe: We've Done All We Can, Now It's America's Turn To Help

FRIEDEN EUROPEANS CAN'T DO MUCH FOR GREECE BEYOND AGREEMENT - BBG
FRIEDEN: GREECE NEEDS STRUCTURAL REFORMS, SHORT-TERM FINANCING - BBG
FRIEDEN: GREECE HAS HISTORY OF PROBLEMS IMPLEMENTING DECISIONS - BBG
FRIEDEN: GREECE SHOULDN'T BE IN EURO-ZONE IF CONDITIONS NOT MET - BBG

And... drumroll please:

FRIEDEN SAYS HE WISHES U.S. MORE INVOLVED IN STRENGTHENING IMF - BBG

Globalism we can believe in! Or not. Time for Greece to default, banks to go under and the EU to implode already.

www.ethnos.gr...

krugman.blogs.nytimes.com...

And here’s the thing: when this started, Greece was running a large primary deficit — which meant that even if it repudiated all its debt, it would still have been forced to make a major fiscal contraction. This is no longer true. So we’re now looking at a scenario in which Greece is forced into killing levels of austerity to pay its foreign creditors, with no real light at the end of the tunnel.

What a lot of this stuff doesn't make clear is that the states that are undergoing these austerity measures to be in the EU zone are expected to be booking transfer payments as growth.

Transfer payments can be useful, but anyone who thinks that they are the same thing as growth haven't studied the decades upon decades of this model in Canada. They have their place, but they are NOT growth.

www.spiegel.de...

Soros: They create a vicious circle. The deficit countries have to improve their competitive position vis-a-vis Germany, so they will have to cut their budget deficits and reduce wages. In a weak economy, profit margins will also be under pressure. This will reduce tax revenues and require further austerity measures, creating a vicious circle. Markets do not correct their own excesses. Either there is too much demand or too little. This is what the economist John Maynard Keynes explained to the world, except that he is not listened to by some people in Germany. But Keynes explained it very well -- when there is a deficiency of demand, you have to use public policy to stimulate the economy

Personally, I think Keynsian economics is a failure but everyone insists on continuing to use it.

reply to post by Aeons

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Of course Keynesian economics is a failure. It's based on the ever expansion of credit and debt, which at some point fails...

If I could back in time, on my way to kill Hitler, I would make a stop to get Keynes...

reply to post by TheLieWeLive

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They have no oil only Grease....

Can't believe I typed that...

reply to post by Vitchilo

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I'm not sure where you are getting your figures from. Are you using unproven reserves or something?

www.indexmundi.com...

reply to post by Aeons

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Oil Shale in the US alone would equal 2.2 Trillion barrels of oil. US unarguably has the abillity to be 100% self sustaining in regards to fuel for the next 100+ years... if only Congress wasn't paid so handsomely by the oil companies who make their $$$ via imports & dirt cheap foreign extraction (as well as propigation of the peak oil falacy.)

As to the OP... *shrug* I want to believe we're good. I actually kinda do believe we're good. The current GOP crop of candidates all seem to be relatively uneasy about any foreign aid, let alone sending it to the IMF. I can't see the House permitting Obama to cut a check to the IMF, either. I can't see any scenario in which Obama holds the presidency with a Democrat majority in either chamber (to be honest I can't really say I see a second term at all...) The modern emphasis of the GOP is dramatically less spending on aid... In fact, the EESA bill (created TARP) was initially voted against by 68% of House Republicans and only 40% of House Dems. The second voting, which narrowly passed the bill after a bunch of horsecrap and cowflops were spread by the adminsitration citing doom if it wasn't passed, saw more Democrats change to support than Republican and the core of the GOP Congressional delegation still cast 'Nay' votes.

The fact that this many GOP reps were vehemntly opposed to bailing out American banks tells me that they're unlikely to buckle to international pressure from a bunch of European high brows that believe they are more important than they actually are.

reply to post by Aeons

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Here...

While it’s estimated that Canada may have as much as 2 trillion barrels of oil in reserves, “the U.S. Geological Survey estimates the [US] has 4.3 trillion barrels of in-place oil shale resources centered in Colorado, Utah and Wyoming, said Helen Hankins, Colorado director for the U.S. Bureau of Land Management” according to the Associated Press.

4.3 trillion barrels is 16 times the reserves of Saudi Arabia, or enough oil to supply the US for 600 years.

The US has a BOATLOAD of oil...but it costs more to get per barrel and it pollutes a lot... just like oil sands in Canada...

As to the OP... *shrug* I want to believe we're good. I actually kinda do believe we're good. The current GOP crop of candidates all seem to be relatively uneasy about any foreign aid, let alone sending it to the IMF.

Well...

US Congress approves money for IMF, Afghanistan, Iraq

The US will loan $100 billion to the IMF to help stabilise countries facing chronic budget shortfalls amid the ongoing financial crisis.

That was in 2009, but still, most of these bastards are still in office.

And since the money is going towards globalism and the big banks, the GOP would vote for it...if not, Obama would do it by executive order or Bernanke would do it on his own.

reply to post by Vitchilo

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Well yes, you have lots of Shale Oil. You also have some that is currently technically overly challenging to get at.

reply to post by Vitchilo

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Congress can play the hero anyway they can, but still they are a whole bunch of corrupted whores that knows very well that when it comes to the IMF and their money supplier the Fed is nothing they can do about how funds are funneled to the IMF from tax payers dollars.

So, any time you see a congress whore making and gesture of disagreement when it comes to the IMF or the Fed is nothing but a big show.

Now dumb those that fall for the political hoax.

The IMF is the US and the US is the IMF and their biggest donor is the FED.

They will get their money from the generosity of the US hard working people with the Fed regardless and is nothing we can do about it but complain.

That is how powerful the Fed is in this country it can go around congress and doesn't need presidential approval for their corrupted dealings, just Wall street approval.

reply to post by Vitchilo

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That amount is the money that we the sheeple are allowed to know about it, the rest of the money that the Fed can pump into the IMF is not anybody business including congress or the president and neither the tax payer.

reply to post by Recollector

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There is a big push on to diversify the EU's energy demand.

Foreign groups funded local groups to tank Keystone, because Keystone would have helped diversify some of Europe's energy demand to North America. That is not something that the Middle East or Russian interests want. They want to keep Europe's demand coming to them.

reply to post by Aeons

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Your analysis of US aid and US oil stabillity is archaic and on its way out. Oil is only a global commodity in the US because the US blocks efforts to expand drilling and blocks efforts to become energy self sufficient while we tap the rest of the world. As far as aid goes, regardless of your opinion on the topic, facts indicate that if a GOP candidate is elected POTUS, the aid gravy train to the rest of the world will slow down dramatically. If we're paying our lunch money to some other country to keep them from getting upset I have to ask "Why?" The US is still the biggest, baddest kid in school... why would we ever consider paying money to a bunch of wannabe bully midgets?

Originally posted by Vitchilo
US Congress approves money for IMF, Afghanistan, Iraq

The US will loan $100 billion to the IMF to help stabilise countries facing chronic budget shortfalls amid the ongoing financial crisis.

That was in 2009, but still, most of these bastards are still in office.

That was pre-TEA revolution, my friend. 2009 Congress was ruled by Nancy Pelosi and her "We have to max out the credit cards before we can know what our spending limit is" philosophy. She's since been marginalized along with her assinine colleagues.

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