IMF chief warns of global financial meltdown

WASHINGTON - The International Monetary Fund warned Saturday that debt-ridden banks were pushing the global financial system to the brink of meltdown and wealthy nations had so far failed to restore confidence.

The IMF's policy setting panel said the economic crisis is so deep and widespread that it will require a willingness to take bold action.

The Group of 20 nations, which includes the world's wealthiest nations and the largest developing countries such as China, Brazil and India, issued a joint statement late Saturday night stressing their resolve to work together to overcome the current financial turmoil.

Source

This is somewhat odd language coming out of the IMF when it should seem that they would want to do all they could to restore market confidence, not further degrade it.

What REALLY ticks me off to this end is this:

So the administration decided to use the bailout bill to pump equity directly into the banks — an idea never mentioned during the congressional debate. The administration says it is authorized in an obscure corner of the 400-page legislation.

And THIS is exactly why we damn well should never let ourselves start passing things in haste! Now what friggin recourse do we have? Not a one....


AB1

I thing the IMF and the World Bank are the ones that created this "meltdown" in the first place. By manipulating the markets buying and selling blue chip stocks, and the pulling back credit, they created a panic. When the markets plunged, they bought up stock, made it seem like a blip and when enough smaller investors started putting money in to regain some of their losses, the big guys had their profits and then sold big again.

They are putting a meltdown scenario up to create world panic. Who will be the "knight in shining armor" that will ride in and save the day?

reply to post by PhilltFred


I'm sure they would LOVE nothing more than that, however, there is just no way that they have the resources to be able to do that, you know what I mean? I seriously dont think there is enough 'available' wealth out there to stem this at the moment.

They are scrambling like MAD, yet I'm pretty certain that the only real answer is a total correction.

AB1

Originally posted by alphabetaone
This is somewhat odd language coming out of the IMF when it should seem that they would want to do all they could to restore market confidence, not further degrade it.

Agreed. That leads me to believe in one of two possibilities:

1. The economic mess was engineered/allowed to happen/etc
or
2. Things really are that bad, or worse than we think.

I'm not comfortable with either option, and I can't seem to come up with an option I would be comfortable with.

reply to post by anachryon


True, OR maybe both!

I would truly like instead of all these darned closed door meetings, I think at THIS point we ALL, globally, have the right to sit in on EACH AND EVERY single one of these meetings! Via television, Web, what have you...you know?

I think we ALL have the absolute right at this point to be completely involved with each and every move these guys make. It's killing me that we just have NO (zero) options to hedge ourselves against THEIR opinions for us. I know for certain, that if we faiul because we at least had an interactive VOICE in the matter, maybe we could all find it just somewhat more palatable.


AB1

Originally posted by alphabetaone
This is somewhat odd language coming out of the IMF when it should seem that they would want to do all they could to restore market confidence, not further degrade it.

What REALLY ticks me off to this end is this:

So the administration decided to use the bailout bill to pump equity directly into the banks — an idea never mentioned during the congressional debate. The administration says it is authorized in an obscure corner of the 400-page legislation.

And THIS is exactly why we damn well should never let ourselves start passing things in haste! Now what friggin recourse do we have? Not a one....


AB1

It's not easy to understand "the odd language." There are many places overseas where people speak Truth. Also, saying that things will be fixed and order restored shortly would calm down only heavily brainwashed American populace and no one else.

This may sound better (the same article):

“We will do what it takes to resolve the crisis and the world’s economy will emerge stronger as a result,” he said.

It's not difficult to identify the speaker. Word of confidence painting the bright, strong future came from George Bush.

The world will recover only when it insulate itself from greed-soaked US financial system.
Here's the don't-leave-us plea:

The fresh message of the day was Bush's plea that nations work together to address the crisis, avoiding the go-it-alone protectionist trade strategies that worsened conditions during the Great Depression.

George, this is not about global trade, this is all about global financial system. Would you stop bulsh-tting your ass off? Just once in your life time -- please?



[edit on 10/11/2008 by stander]

reply to post by stander


Im pretty sure at this point that GWB not BS'ing is out of the realm of possibility lol

I simply refuse to believe the audacity though, of saying "wait, ya know what, I just remembered!! All those suckers (ie., my constituents) didn't have the time to read, now lets jam those dollars down their throats even more!"

It's just as though there is no one left but a ruling class yet with no subjects... it's bizarre.


AB1

They're bringing in their New World Order

www.youtube.com...