Saturday, October 11, 2008

IMF Getting Serious

IMF warns of financial meltdown; Europe seeks unity

WASHINGTON/COLOMBEY-LES-DEUX-EGLISES, France (Reuters) - The IMF warned on Saturday that the global financial system was on the brink of meltdown, while France and Germany pushed ahead with a pan-European crisis response to try to prevent the worst global downturn in decades. At a joint news conference, French President Nicolas Sarkozy and German Chancellor Angela Merkel said they had "prepared a certain number of decisions" to present at a Sunday meeting of European leaders as they work feverishly to restore blocked credit markets to working order.

Posted by plato @ 08:21 PM (706 views)
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9 thoughts on “IMF Getting Serious

  • problem – reaction – solution

    when they create the debt based money supply

    they don’t create the interest

    elephant herd in the sitting room

    WHY SHOULD GLOBAL ECONOMICS BE DEPENDANT ON DEBT?

    CAST OFF YOUR CHAINS – SLAVES

    oh my dog now what have you said Mary?

    historic note :- Mary allowed the dutch prince to take her daddy’s thrown, crown, bananamilkshake.

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  • theboltonfury says:

    malc – have you been boozing? 🙂

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  • bolton……

    He is on a great quest………………………. and the one on the right is the best looking.

    Anyway what do you think of the IMF?

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  • theboltonfury says:

    so very true – he gets it from his Mum

    The IMF – I think they change their tune more often than an Italian politician , and as such can’t be truly taken as all that credible

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  • planning4acrash says:

    I think the IMF should be disbanded. Privately funded international groups have no place in democratic politics. They only serve as a power base for oligarch’s.

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  • Perhaps S2R1’s doomsday scenario is about to happen on tuesday [14th] after all. Hmmmm… wonder if he can predict the lotto numbers as well.

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  • planning4acrash says:

    Malct, you get to the core of the problem. They create the debt but do not create the interest. Demand for more fiat money to pay off interest is what creates demand for and illusionary value for fiat money. Without usery, fiat money would be worthless, because it is worthless, a piece of paper is a piece of paper. Gold and silver, on the other hand, have a base metal industrial value, so demand for them is natural, without need for usery/(interest charged on money) to create demand for it.

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  • planning4acrash says:

    In a system of barter, because the co-incident of needs often does not occur, i.e. you want eggs from Joe, but he doesn’t have the bread that you need, so, people gravitate towards hoarding the most tradable and trusted item, which becomes a currency for that economy. By trusted, I mean, the least open to being manipulated by government. Gold and silver have been the most successful for that purpose the past 5000 years, but, many other societies gravitated towards other things in the past, from feathers to shells. Copper for example is valuable, but, not as tradable as gold, so people gravitate towards gold. Its not to say that gold is the best currency. Destroy money today, and we may just gravitate towards something else other than gold, or, a free market with a number of currencies.

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  • i’m really worried the ‘certain number of decisions’ will include a further drastic cut in interest rates – and I’ll lose money – currently got my savings in with N&I – should I move to HSBC offering 6.25%? – suddenly HSBC are offering v high rates when normally their rates are rubbish – makes me very suspicious.

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