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IMF sees 200 billion euro capital gap at European banks

September 1, 2011 1 comment

financialpost

BRUSSELS — The International Monetary Fund has estimated European banks could face a capital shortfall of 200 billion euros (US$287 billion), a European source said on Wednesday.

The figure has prompted a fierce response from European officials who said the analysis was misleading, according to the Financial Times.

The newspaper, citing two officials, said the 200 billion euro figure was one estimate of the impact of marking sovereign bonds to market.

The IMF will Read more…

IMF chief calls on US to raise borrowing limit

July 11, 2011 Comments off

miamiherald

WASHINGTON — The International Monetary Fund’s new chief foresees “real nasty consequences” for the U.S. and global economies if the U.S. fails to raise its borrowing limit.

Christine Lagarde, the first woman to head the lending institution, said in an interview broadcast Sunday that it would cause interest rates to rise and stock markets to fall. That would threaten an important IMF goal, which is preserving stability in the world economy, she said.

The U.S. borrowing limit is $14.3 trillion. Obama administration officials say the U.S. would begin to default without an agreement by Aug. 2.

“If you draw out the entire scenario of Read more…

IMF HACKED! Large Amount Data Stolen

June 14, 2011 1 comment

 

Categories: IMF Tags: , , ,

Bilderbergers May Give Green Light to Mexican Central Banker as New IMF Boss

June 8, 2011 Comments off

infowars

Business Report today reports that Mexican central banker Agustín Carstens will be the next boss at the International Monetary Fund.

Earlier today, Prison Planet.com editor and lead journalist Paul Joseph Watson reported via video that the new IMF head would be decided this week at the Bilderberg confab.


The Latin America News Dispatch announced Carstens bid on May 25.

According to news reports, a dozen Latin American countries support the appointment of Carstens to head up the globalist loan sharking operation. The countries are Belize, Bolivia, Colombia, Honduras, Guatemala, Nicaragua, Panama, Paraguay, Peru, Dominican Republic, Uruguay and Venezuela.

The nations, a statement said, are convinced “of the need to promote greater participation of emerging economies in the region” in selecting the replacement of Dominique Strauss-Kahn as head of the world finance body.

Strauss-Kahn stepped down from the position after it was alleged he attempted to rape a hotel maid. Some believe Strauss-Kahn was set-up in order to remove him from the IMF.

French Finance Minister Christine Lagarde has also been mentioned as a possible replacement. Both Carstens and Lagarde have embarked on tours to promote their bids.

Agustín Carstens is a top-level insider. He is a Mexican economist who has held high-level positions at the Banco de México, World Bank, International Monetary Fund, and Bank of International Settlements.

As an economist, he has advocated an orthodox neoliberal economic approach to the third world and so-called “emerging economies.”

China Central Bank: New IMF Leadership Should Reflect New World Order

May 19, 2011 Comments off

zerohedge

There’s a funny thing about the New World Order: it eventually gets too big and bites the hand the feeds it. Enter the PBoC: “The new IMF leadership needs to reflect changes in the world economic order and be more representative of emerging market economies, Chinese central bank governor Zhou Xiaochuan said Thursday in his first public comments since the arrest of Dominique Strauss-Kahn. “The senior management team of the IMF should better reflect changes in world economic patterns and should be more representative of emerging market economies.” Translation – no more European of American cronies. It is also probably safe to say that Lagarde’s odds of pulling the white smoke out of the conclave bag have just plunged. It is also safe to say that with China now unofficially Europe’s backstopper (and there were those wondering why China is buying all those Spanish and Portuguese bonds), what China wants, China gets.

From Market News:

 Zhou also said he regretted Strauss-Kahn’s decision to resign as the Managing Director of IMF.

“The current world economy is recovering slowly from the financial crisis and the European sovereign debt crisis is at a key stage. A powerful IMF support is needed to overcome current difficulties facing Europe and ensure world economic developments are on a robust, sustainable and balanced track,” Zhou added.

German Chancellor Angela Merkel reiterated earlier today that the next head of the International Monetary Fund should be a European again.

And so the stage is set for the next big geopolitical theater: Germany vs China over the largely symbolic issue of who gets to scare the Sofitel maids next.

What You Need to Know About the International Monetary Fund

May 17, 2011 1 comment

wealthcycles

The International Monetary Fund is in the news again for scandals of a more personal and dubious type—the arrest of fund chief Dominique Strauss-Kahn over allegations of sexual assault. This comes at a time when the IMF can least afford to be embroiled in political scandals—the global recovery is tenable at best, and the combination of rising prices, declining credit, and falling faith in fiat currencies is becoming a cocktail for disaster. But this does give us a great opportunity to help people understand what the IMF does, who pays for it, and how it works.

What the Heck is it?

Most people in the world couldn’t describe what the IMF does; yet if your country is one of the 187 member countries, you have paid for it. ABC World News says this:

The Fund has deposits from member countries – commonly called “quotas” – totaling some $340 billion, with additional commitments for about $600 billion from member governments should the funds be needed.
Quota requirements are determined by the size of the member country’s economy. So the United States, with a $14 trillion GDP, is the biggest contributor with about 18 percent of the quotas.

And what do they do with all that fiat currency? To answer that, we need a little history lesson.

The IMF was founded after World War II during the beginning of the Bretton Woods system. In the Bretton Woods system, exchange rates were Read more…

I.M.F. Names Replacement as Chief Awaits Arraignment

May 15, 2011 Comments off

nytimes

Hours after its chief, Dominique Strauss-Kahn, was arrested in connection with the alleged sexual attack of a maid at a Midtown Manhattan hotel, the International Monetary Fundon Sunday named John Lipsky as acting managing director.

Mr. Lipsky, the I.M.F.’s first deputy managing director, is a former U.S. Treasury executive and onetime banker at JP Morgan. William Murray, an I.M.F. spokesman, said that Mr. Lipsky, who has been overseeing the logistics of the bailout of the Greek economy, would meet with members of the I.M.F. board in Washington later in the day, according to Reuters.

“In line with standard I.M.F. procedures, John Lipsky, first deputy managing director, is acting managing director while the M.D. is not in D.C.,” Mr. Murray said in a statement. “Mr. Lipsky will chair the informal Board session today.”

Mr. Strauss-Kahn, 62, was awaiting arraignment on Sunday afternoon in Manhattan. The New York Police Department formally arrested him at 2:15 that morning “on charges of criminal sexual act, attempted rape, and an unlawful imprisonment in connection with a sexual assault on a 32-year-old chambermaid in the luxury suite of a Midtown Manhattan hotel yesterday” about 1 p.m., Deputy Commissioner Paul J. Browne, the department’s chief spokesman, said.

Reached by telephone, Benjamin Brafman, a lawyer, said he would be representing Mr. Strauss-Kahn with William Taylor, a lawyer in

Washington.

“We have not yet been able to meet with our client and we may have more to say tomorrow,” said Mr. Brafman, who said he had been contacted Read more…

IMF Says Europe’s Debt Woes Could Spread

May 13, 2011 Comments off

chosun

The International Monetary Fund is warning that the governmental debt problems in Greece, Ireland and Portugal could spread to other European countries that employ the euro currency and also to the emerging economies in eastern Europe.

In its semi-annual report on the European economy, the IMF said Thursday that officials so far have been able to contain the continent’s debt contagion to the three countries on Europe’s geographic periphery. But the Washington-based financing agency said there “remains a tangible downside risk” of debt problems spreading. It said European nations will have to make “unrelenting” efforts to contain their financial problems.

The IMF said weak banking systems remain a threat to the financial health of the 17 nations where the euro is the common currency. It said the reduction in the number of banks in Europe is proceeding too slowly and that greater financial integration on the continent is needed.

Greece and Ireland reluctantly accepted bailouts from the IMF and their European neighbors last year and now Portugal is Read more…

Why Is the U.S. Bankrolling IMF’s Bailouts in Europe?

May 3, 2011 2 comments

humanevents
The World Bank and International Monetary Fund held their spring meeting April 14 to 18 in Washington, D.C.  Both financial titans were created after World War II to foster economic cooperation and development around the globe.  With 16.2% of the International Monetary Fund (IMF) shares, the United States is the largest shareholder among the 187 nations who belong to the fund—even though its managing director has always been a European.

Remote to most Americans, the IMF has been in the headlines recently because of its role as one of the financial rescuers of three European nations whose economies collapsed last year.  Under Managing Director Dominique Strauss-Kahn (the former French finance minister, who is considered the leading Socialist candidate for president of France in 2012), the IMF has joined with the European Union to sculpt bailout packages for Greece, Ireland, and Portugal.  Coupled with loans from the EU, the price tags on the bailout packages come to $157 billion for Greece, $122 billion for Ireland, and most recently, $116 billion for Portugal.

Obviously, these are quite substantial packages for the three economically devastated countries.  They will become very relevant to U.S. taxpayers when they realize that, because we are the largest single contributor to the organization, and with Spain and Italy now Read more…

IMF bombshell: Age of America nears end: China’s economy will surpass the U.S. in 2016

April 25, 2011 Comments off

marketwatch

For the first time, the international organization has set a date for the moment when the “Age of America” will end and the U.S. economy will be overtaken by that of China.

The Obama deficit tour

The Wall Street Journal editorial page’s Steve Moore critiques the president’s speeches attacking Republican budget plans.

And it’s a lot closer than you may think.

According to the latest IMF official forecasts, China’s economy will surpass that of America in real terms in 2016 — just five years from now.

Put that in your calendar.

It provides a painful context for the budget wrangling taking place in Washington, D.C., right now. It raises enormous questions about what the international security system is going to look like in just a handful of years. And it casts a deepening cloud over both the U.S. dollar and the giant Treasury market, which have been propped up for decades by their privileged status as the liabilities of the world’s hegemonic power.

According to the IMF forecast, whomever is elected U.S. president next year — Obama? Mitt Romney? Donald Trump? — will be the last to preside over the world’s largest economy.

Most people aren’t prepared for this. They aren’t even aware it’s that close. Listen to experts of various stripes, and they will tell you Read more…