IMF global power grab
Now that the IMF has emerged as the center of global lending and financial regulation, it’s time to take a global tour and assess recent changes. Let’s begin our tour of the global economy with a reminder of the corruption involved in the TARP bailouts. Andy Kroll at The Nation summarizes what the bailouts accomplished, maintenance of the big criminal banks at taxpayer expense. We gave you this information many months ago, but Kroll summarizes it well. We wonder if the TARP and big banker anger has subsided? We are still a little angry, how about you?
The New York Times has a long piece on Timothy Geithner’s role in the financial crisis. Readers of NWOU knew most of this months ago, but it’s good to see the New York Times catch up.
The Shanghai Cooperative nations met in Russia earlier in June. Michael Hudson describes their vision for a multipolar world order to replace the American Empire. This summit merely ratified arrangements that were in the works before the G20 meeting in April, to organize the victim nations to blunt further damage wreaked by U.S. bankers. The proposal for a new global currency to replace the dollar is coming out of this group.
At Seeking Alpha, Jeff Nielson contradicts Hudson’s description of the “Chinese dilemma” by pointing out that China controls the U.S. debt markets. We’re not so sure about “control,” but China has the most financial assets of any major nation. So why isn’t China buying up U.S. assets? The U.S. government is blocking purchase of U.S. corporations. As a result, China is moving into the hedge fund business and is becoming a major speculative player in world markets.
The Asia Times reports that Chinese dissidents are disappearing. The Chinese no longer admire Western democracies and are convinced their system is superior. Hi Jintao is worried about Chinese consumerism and is pushing a version of Confucianism to put a little morality and character in the Communist morality void. Let’s see, what happens when you establish a government that is devoted to the eradication of the family, religion, society, and morality? You get corrupt government officials at every level.
China has a huge, unsolvable problem. It’s officials are addicted to gambling and won’t stop gambling away the funds under their control.
Chinese are also objecting to China’s requirement that all computers have blocking software.
China has announced a “buy Chinese” policy that may derail any hopes that China will serve as a source of demand that can pull other economies out of recession. This is a smart policy on China’s part. Every other country should tear up its free trade agreements and do the same.
It’s amusing to read long-time radical Robert Scheer’s admission of naivete in “Foreclosure Fiasco.” It is a guarantee you will be fooled if you follow the Left. Who did Scheer think was building up Communist China? Did Scheer miss the Age of Cooperation when it was right out in the open? Apparently, Scheer still hasn’t figured out the role of Barney Frank and Christopher Dodd in causing the housing crisis. The Left has ideological blindness, but you don’t need to.
The Economist offers a laughable article on the growing debt. Liberals are responsible for these deficits and only now seem to notice the debt problem. Their solution: raise the retirement age and have the government take over the health system. Shameless. The Economist is a New World Order front. Our solution: throw the Social Democrats out and phase out their socialist programs.
Congressman Ron Paul accuses the Democrats of wanting to crash the U.S. economy. That’s a pretty gutsy call. We’ve always liked Ron Paul, he seems like a decent man with the right ideas. Read this article to learn about U.S. funds sent around the world under the authority of the war refunding bill. Notice that the U.S. Treasury is extending a line of credit to the IMF just as the IMF begins its audit of the U.S. financial system.
The European Union has attempted to take control of England’s financial system. Tighter regulation of The City’s hedge funds is way overdue. Better yet, outlaw these parasites. But Peter Schwarz reports that The City has resisted control by the EU.
Over 100 English businesses are expected to go out of business every day, for the next two years. Forecast at the Telegraph. The article doesn’t mention the changed landscape when the retail sector radically shrinks and the public sector continues to grow at unprecedented rates. Socialism. Bad future.
“Taxpayers are paying through the nose for Treasury officials’ ignorance of how the City works.”
Also of interest: Four of London’s investment banks have charged the government 9 million pounds for advice on how to fix the financial crisis. The U.S. Congress has the same problem as the British Parliament: none of its members really understands economics. That is one reason congressmen can be stampeded into voting for bills they have never read.
“The most notable aspect of the crisis is the thorough discrediting of western academic economists, including every single winner of the Economics Nobel Prize.”
William Engdahl believes the global economy is diverging into two groups, the overly indebted and the less indebted. Engdahl believes that young and growing populations will pull emerging markets into growth as the mature economies decline and face the problem of supporting aging populations. Engdahl is one of many economic observers forecasting a decline in the dollar as more robust economies set the pace of technological innovation and increased production. This has become a kind of conventional counter-wisdom to the Keynesian policies of the globalists, stemming from the Austrian school of economics. Engdahl is a pretty astute observer, and his analysis sounds reasonable, but it hasn’t happened yet. We don’t know exactly what is holding the U.S. economy up, but it hasn’t completely crashed yet and may recover.
Stephan Lendman at Global Research has discovered the IMF Financial Stability Board and links it with Obama’s recently announced financial reform proposals. (See Obama’s proposed reforms that would give more power to the Federal Reserve at Money Morning.) Lendman believes Obama’s reforms are based on false premises and are fatally flawed. He fears Obama is merely supporting the Wall Street crooks and cooperating with the global financial controllers. We’re not sure he is right. We believe the IMF audit of the Federal Reserve and control over U.S. financial institutions may curb Wall Street’s issuance of debt instruments abroad and may force real reforms on Wall Street. Obama is cooperating with the global financial controllers, and he is surrounded by the same crooks who caused the crisis, but Obama may be forced into going along with revised globalist policies. Obama probably isn’t bright enough to create an economic policy. Of course, giving more regulatory power to the Federal Reserve at this point is a bad idea. We expect the Fed to receive more fire from various parties concerned about the huge debt obligations on its books.
Related: U.S. Congress has authorized the IMF to sell its gold. By the way, much of this IMF gold used to be in Fort Knox. The U.S. Treasury gave the gold to the IMF as part of its funding agreement.
“We’re spending trillions we don’t have to create government programs to spend even more trillions we don’t have.”
Mark Steyn has a nice article on where the stimulus money goes.
James Bibbings talks about falling U.S. oil demand and China’s commodity purchases.
MSN looks at previous housing downturns and how long recovery took. Isn’t it funny how many people are waiting for more housing price inflation, as if higher prices were normal and good?
Deutsche Bank forecasts a recovery in housing prices in 2017.
How do the globalists view the present state of the global economy? Most gobalists are dumb as sticks, but Michael Klare has written a readable article that doesn’t insult our intelligence at Foreign Policy in Focus. Klare is worried about food production and increasing poverty in the Third World. A valid concern, but keep the globalists out if you want the poorest nations to find economic stability.
Isn’t it amazing how many problems globalism causes? Are you imagining that giving the IMF greater control over the world economy will lead to a global economic recovery? What are you rooting for, more global trade, more U.S. jobs shipped abroad, more impoverished Mexican farmers forced to immigrate to the United States, Communist China richer and more powerful, greater profits for multinational corporations, higher real estate prices? We’ll help you shift your vision away from corrupt globalist values in future posts.
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