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  • No, China's Renminbi Is Not The U.S. Dollar's Equal [IMF’s China Gambit]

    12/01/2015 3:17:53 AM PST · by expat_panama · 17 replies
    Investors Business Daily ^ | 11/30/2015 | Editorial
    Geopolitics: Just as China hit economic turmoil, the IMF announced that its Special Drawing Rights basket will include China's currency, on a par with the dollar. No, it's not on a par, and this move is purely political. China's been hankering for global "respect" for years, a function of its years of state-directed economic growth in the 8% range. And sure, it has worked to some extent, raising gross domestic product per capita to a bit over $6,000, with Communist Party central planners earlier this month hailing the success of their latest five-year plan (yes, they still have those). It's...
  • China’s Renminbi Is Approved by I.M.F. as a Main World Currency [Video behind link.]

    11/30/2015 12:48:55 PM PST · by familyop · 31 replies
    New York Times ^ | NOV. 30, 2015 | KEITH BRADSHER
    HONG KONG--The International Monetary Fund on Monday designated the Chinese renminbi as one of the world's elite currencies, a major milestone that underscores the country's rising financial and economic heft. The decision will help pave the way for broader use of the renminbi in trade and finance, securing China's standing as a global economic power. Just four other currencies--the dollar, the euro, the pound and the yen--have the I.M.F. designation...Many central banks follow this benchmark in building their reserves, which countries hold to help protect their economies in times of trouble. By adding the renminbi to this group, the I.M.F....
  • China’s Renminbi Is Approved as a Main World Currency

    11/30/2015 9:41:22 AM PST · by Swordmaker · 13 replies
    New York Times ^ | NOV. 30, 2015 | By KEITH BRADSHER
    HONG KONG — The International Monetary Fund on Monday approved the Chinese renminbi as one of the world’s main central bank reserve currencies, a major acknowledgement of the country’s rising financial and economic heft. The I.M.F. decision will help pave the way for broader use of the renminbi in trade and finance, securing China’s standing as a global economic power. But it also introduces new uncertainty into China’s economy and financial system, as the country was forced to relax many currency controls to meet the I.M.F. requirements. The changes could inject volatility into the Chinese economy, since large flows of...
  • When Enemies Infiltrated the White House ( Harry Dexter White and fellow travelers )

    10/21/2015 10:30:39 AM PDT · by george76 · 19 replies
    FrontPage Magazine ^ | March 10, 2013 | Daniel Greenfield
    How a Soviet mole in FDR's inner circle triggered Pearl Harbor and its dire relevancy to our conflict today. ... On December 7, 1941, 353 Japanese aircraft delivered a shocking blow .. Nearly seven years later, Harry Dexter White, a senior official in the Roosevelt Administration, appeared to testify before the House Committee on Un-American Activities . Numerous witnesses, including Whittaker Chambers and Elizabeth Bentley, had implicated White in involvement with the Communist Party and the Soviet Union. ... Harry Dexter White, a Harvard PhD and Assistant Treasury Secretary, had played a major role in creating the World Bank...
  • Why Are The IMF, The UN, The BIS And Citibank All Warning That An Economic Crisis Could Be Imminent?

    10/10/2015 8:12:07 AM PDT · by Jack Hydrazine · 12 replies
    TheEconomicCollapseBlog.com ^ | 8OCT2015 | Michael Snyder
    The warnings are getting louder. Is anybody listening? For months, I have been documenting on my website how the global financial system is absolutely primed for a crisis, and now some of the most important financial institutions in the entire world are warning about the exact same thing. For example, this week I was stunned to see that the Telegraph had published an article with the following ominous headline: $3 trillion corporate credit crunch looms as debtors face day of reckoning, says IMF. And actually what we are heading for would more accurately be described as a credit freeze or...
  • China slowdown, market jitters threaten world economy: IMF

    09/02/2015 8:58:12 PM PDT · by BenLurkin · 7 replies
    ctvnews ^ | Paul Wiseman
    The Chinese economic slowdown, though long anticipated, "appears to have larger-than-previously-envisaged" repercussions in other countries, the IMF said. China's troubles have sent the prices of raw materials such as oil and copper into a freefall, pinching Brazil, Russia and other commodity exporters. The report did not revise the fund's economic forecasts for this year, last updated in July, though it concluded that "downside risks have risen." The IMF expects the global economy to grow 3.3 per cent this year, little-changed from 3.4 per cent in 2014; the U.S. economy to grow 2.5 per cent, versus 2.4 per cent in 2014;...
  • US Military Uses IMF & World Bank To Launder 85% Of Its Black Budget

    08/14/2015 3:21:47 PM PDT · by Nachum · 20 replies
    Zero Hedge ^ | 8/14/15 | Tyler Durden
    Though transparency was a cause he championed when campaigning for the presidency, President Obama has largely avoided making certain defense costs known to the public. However, when it comes to military appropriations for government spy agencies, we know from Freedom of Information Act requests that the so-called black budget is an increasingly massive expenditure subsidized by American taxpayers. The CIA and and NSA alone garnered $52.6 billion in funding in 2013 while the Department of Defense black ops budget for secret military projects exceeds this number. It is estimated to be $58.7 billion for the fiscal year 2015. What is...
  • Ukraine averts default with $120mn bond payment

    07/24/2015 6:07:01 PM PDT · by Navy Patriot · 2 replies
    BNE News ^ | July 24, 2015 | Sergei Kuznetsov
    Ukraine made a $120mn interest payment on its Eurobonds on July 24, once again staving off a much speculated default scenario on billions in external debt that the country owes private creditors. With the International Monetary Fund (IMF) pressuring Ukraine to quickly agree the restructuring of $15.3bn in privately held debt with a group of main creditors, the latest payment creates valuable breathing space for further talks before the "big one", a $500mn payment on bonds due September 23. Artem Shevalev, Ukraine's Deputy Finance Minister, first informed Russia's TASS news agency that Kyiv paid the $120mn. Ukraine's UNIAN news agency...

    07/14/2015 6:12:47 PM PDT · by nickcarraway · 4 replies
    Greece will need far bigger debt relief than eurozone partners have been prepared to envisage.Greece will need far bigger debt relief than eurozone partners have been prepared to envisage so far due to the devastation of its economy and banks in the last two weeks, a confidential study by the International Monetary Fund seen by Reuters shows. The updated debt sustainability analysis (DSA) was sent to eurozone governments late on Monday, hours after Athens and its 18 partners agreed in principle to open negotiations on a third bailout program of up to 86 billion in return for tougher austerity measures...
  • The Crony Bank That Won't Die: Cruz Dives Into Ex-Im fight

    07/13/2015 7:44:51 PM PDT · by MN_Mike · 47 replies
    The Hill ^ | July 13, 2015 | Kevin Cirilli
    McConnell is trying to bring back the crony bank, Ex-Im Bank. It sunset at end of June 2015. Now he plans to tie it to a highway bill. At Wednesdays press conference, Cruz will be joined by Sen. Mike Lee (R-Utah) and Rep. Bill Flores (R-Texas), chairman of the Republican Study Committee.
  • Greek socialists reluctantly accept IMF meddling in deal to save the country they ruined

    07/13/2015 4:36:24 AM PDT · by Sean_Anthony · 11 replies
    Canada Free Press ^ | 07/13/15 | Dan Calabrese
    If I were negotiating this deal on behalf of the IMF and the EU, one term I would demand is the resignation of the socialist government Its the third bailout of Greece in five years. Heck, even Chrysler must be appalled at a performance like that. And while were still waiting for the details, early reports indicate that Greeces socialist government had to accept much more stringent terms than the ones they told Greek voters to reject just last week. Its easy just telling everyone yes to whatever they want until you run out of stuff to give them. Thats...
  • Greeks Face 'Humiliating' Demands As Twitter Says #ThisIsACoup (EU Demands "Banker Dictatorship"?)

    07/12/2015 8:41:53 PM PDT · by tcrlaf · 64 replies
    TeleSur ^ | 6-12-2015 | Telesur
    As European Union leaders push Greece for more austerity reforms, Athens enters political crisis and social media erupts in response. A two-day emergency meeting on Greeces economic future ended Sunday with strict conditions from the European Union, including contentious austerity reforms, if it wants a new bailout and keep the euro. To meet the conditions for fresh aid packages and a third bailout that Greece needs to avoid bankruptcy, European finance ministers want Greece to pass a series of austerity measures--including tax and pension reforms-- through Parliament and put them into law by Wednesday. Greece will also have to lose...
  • Bankruptcy is the only way Greece can fashion a new beginning

    07/06/2015 11:52:23 AM PDT · by Tolerance Sucks Rocks · 32 replies
    The Washington Times ^ | July 5, 2015 | Stephen Moore
    Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What Im suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less maybe a lot less. Its...
  • Exclusive: Europeans tried to block IMF debt report on Greece: sources

    07/04/2015 6:48:38 AM PDT · by Citizen Zed · 11 replies
    Reuters ^ | 7-3-2015 | Paul Taylor
    Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday. The document released in Washington on Thursday said Greece's public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers. It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat. Publication of the draft Debt Sustainability Analysis...
  • It's Official: Greece defaults on IMF payment

    06/30/2015 7:24:07 PM PDT · by SeekAndFind · 55 replies
    The Star ^ | 06/30/2015 | Tanya Talaga
    Greece joins Somalia, Sudan and Zimbabwe on the latest to be in debt to the International Monetary Fund. As Athenians rallied underneath thunderclouds to show their support for keeping Greece in the eurozone of single currency nations, their broke government defaulted on a $2.2-billion payment to the International Monetary Fund. At midnight on Tuesday, Greece joined Sudan, Somalia and Zimbabwe as countries in arrears to the IMF. Also at midnight, the bailout assistance package that began in February 2012 formally expired, leaving Greece without access to any emergency finances. In Washington, the IMF acknowledged that Greece had failed to meet...
  • Greece to Default on $1.73 Billion IMF Payment

    06/29/2015 10:37:02 AM PDT · by catnipman · 70 replies
    wall street journal ^ | 6/29/2015 | Gabriele Steinhauser and Nektaria Stamouli
    ... Greek Prime Minister Alexis Tsipras spoke by phone with Mr. Juncker and European Parliament President Martin Schulz and asked for help getting an extension to the bailout, a Greek government official said. The Greek prime minister [Tsipras]expressed the position that the democratic expression of the Greek people is hindered by the closure of banks, which doesnt apply with the democratic tradition of Europe, the official said. ... Mr. Tsipras and his government are calling on Greeks to vote no to send a signal to Europe and the IMF
  • The sooner Greece defaults and dumps the Euro the better

    06/28/2015 6:46:15 PM PDT · by Tolerance Sucks Rocks · 17 replies
    The Washington Times ^ | June 26, 2015 | Peter Morici
    <p>Greece and its principal creditorsthe European Union, European Central Bank and International Monetary Fundshould acknowledge that Athens will never be able to repay the 131 billion it owes, write down its debt and let the Aegean nation exit the euro gracefully.</p>
  • Greece's Tsipras summons cabinet as debt deadline nears (Euro zone partners ratchet things up)

    06/26/2015 12:40:01 PM PDT · by NormsRevenge · 2 replies
    Reuters on Yahoo ^ | 6/26/15 | Renee Maltezou and Jan Strupczewski
    BRUSSELS/ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras summoned an urgent meeting of his cabinet on Friday after euro zone partners warned Athens it had until the weekend to accept a cash-for-reform deal or plunge towards default. Despite angry rhetoric and accusations of "blackmail", negotiations were continuing in Brussels to find a last-ditch compromise to keep Greece in the euro zone to avoid a political train-wreck, economic chaos and financial market disruption. ... He said there was no foundation for the increasing speculation in Athens that Tsipras could call snap elections if a deal cannot be reached. ... In a...
  • IMF has betrayed its mission in Greece, captive to EMU creditors

    06/05/2015 3:56:20 PM PDT · by The_Reader_David · 4 replies
    The Telegraph (London) ^ | 5 June 2015 | Ambrose Evans-Pritchard
    .... The International Monetary Fund is in very serious trouble. Events have reached a point in Greece where the Fund's own credibility and long-term survival are at stake. The Greeks are not withholding a 300m payment to the IMF because they have run out of money, though they soon will do. .... They knew exactly what they were doing. The IMFs Christine Lagarde was caught badly off guard. Staff officials in Washington were stunned. .... The IMFs Original Sin in Greece was to allow the urbane Parisian Dominique Strauss-Kahn to hijack the institution to prop up Europes monetary union and...
  • Greece misses IMF payment in warning shot as showdown with Europe escalates

    06/05/2015 7:11:22 AM PDT · by C19fan · 7 replies
    UK Telegraph ^ | June 4, 2015 | Ambrose Evans-Pritchard
    Greece is to take the drastic step of skipping a 300m payment to the International Monetary Fund on Friday, invoking an obscure mechanism in abeyance since the 1970s to bundle all debts due in June and pay them at the end of the month. It is the first time that a developed country has ever missed a payment to the IMF since the creation of the Bretton Woods institutions at the end of the Second World War. The news broke after the Athens stock exchange had closed but a bloodbath is feared when the bourse opens on Friday. Yields on...
  • House Committee Drops Funding for State Department Climate-Change Programs

    06/04/2015 9:42:40 AM PDT · by Olog-hai · 18 replies
    Cybercast News Service ^ | June 4, 2015 | 4:18 AM EDT | Patrick Goodenough
    Just months before the most important U.N. climate conference in years, Republican appropriators in the House of Representatives are taking aim at one of the Obama administrations most cherished prioritiesinternational climate change funding. An appropriations bill for the State Department and foreign operations, released Tuesday, excludes funding for three major climate initiativesthe Green Climate Fund, the Clean Technology Fund, and the Strategic Climate Fundand also removes funding for the U.N.-backed Intergovernmental Panel on Climate Change (IPCC). Also in the firing line is funding for the U.N. Population Fund (UNFPA), the International Monetary Fund (IMF) and debt relief.
  • IMF Panics - Slashes US Growth Forecasts, Demands Fed Stay On Hold For Another Year

    06/04/2015 10:54:11 AM PDT · by blam · 7 replies
    Zero Hedge ^ | 6-4-2015 | Tyler Durden
    Tyler Durden 06/04/2015 09:41 -0400 Anxiety over financial stability and shadow banking risks appear to have force Christine Lagarde and her fellow extrapolators to hit the panic button: *IMF CUTS U.S. 2015 GROWTH FORECAST TO 2.5% FROM 3.1% *FED SHOULD WAIT FOR TANGIBLE SIGNS OF WAGE, PRICE GAINS: IMF *DOLLAR `MODERATELY OVERVALUED,' CURBING U.S. GROWTH, JOBS: IMF *IMF URGES FED TO DELAY FIRST RATE INCREASE UNTIL 1H 2016 Adding that they viewed the Dollar as "moderately overvalued" and any more appreciation would be "harmful," it seems global disinflationary pressures have left the IMF no choice but to say publicly what...
  • IMF Panics - Slashes US Growth Forecasts, Demands Fed Stay On Hold For Another Year

    06/04/2015 8:50:33 AM PDT · by tcrlaf · 15 replies
    Zerohedge ^ | 6-4-2015 | Durden
    Anxiety over financial stability and shadow banking risks appear to have force Christine Lagarde and her fellow extrapolators to hit the panic button: -IMF CUTS U.S. 2015 GROWTH FORECAST TO 2.5% FROM 3.1% -FED SHOULD WAIT FOR TANGIBLE SIGNS OF WAGE, PRICE GAINS: IMF -DOLLAR `MODERATELY OVERVALUED, CURBING U.S. GROWTH, JOBS: IMF -IMF URGES FED TO DELAY FIRST RATE INCREASE UNTIL 1H 2016 Adding that they viewed the Dollar as "moderately overvalued" and any more appreciation would be "harmful," it seems global disinflationary pressures have left the IMF no choice but to say publicly what everyone has uttered under their...
  • Poroshenko Signs Moratorium on Foreign Debt Repayment (Ukraine)

    05/28/2015 9:21:20 AM PDT · by tcrlaf · 1 replies
    Sputnik ^ | 5-28-2015 | Sputnik
    Ukrainian President Petro Poroshenko has signed a law allowing Ukraine to impose a moratorium on repayment of its foreign debt until at least July 2016, a press release on Poroshenko's official website said Thursday. The Ukrainian parliament approved the bill, which could affect repayment of the country's $3-billion debt to Russia on May 19. Russian President Vladimir Putin said earlier the bill de facto was an announcement of a default, casting a negative light on the professionalism of Ukraine's leadership. Moreover, Russian Finance Minister Anton Siluanov said that Moscow would turn to an international court if the Ukrainian president signed...
  • George Soros: We Are On The Threshold Of A Third World War

    05/27/2015 8:46:07 AM PDT · by aimhigh · 57 replies
    ETF Daily News ^ | 05/27/2015 | Paul Joseph Watson
    Billionaire investor George Soros told the World Bank this week that the planet is on the verge of a third world war that could arise out of an economic collapse in China. If there is conflict between China and a military ally of the United States, like Japan, then it is not an exaggeration to say that we are on the threshold of a third world war, Soros said during a Bretton Woods conference. . . . . Soros said the only solution to the prospect was to allow China to join the IMFs basket of global currencies so that...
  • The EPA Myth of Clean Power

    05/18/2015 8:36:56 AM PDT · by Sean_Anthony · 8 replies
    Canada Free Press ^ | 05/18/15 | Al Caruba
    What the EPA is attempting to impose on America is a drain on our production of electricity coupled with an increase in its price. It is an obscene attack on our economy There are many things I do not like about the Environmental Protection Agency, but what angers me most are the lies that stream forth from it to justify programs that have no basis in fact or science, and which threaten the economy. Currently, its Clean Power plan is generating its latest and most duplicitous Administer, Gina McCarthy, to go around saying that it will not be costly, nor...
  • IMF Attempts to Hide True Cost of Renewables by Claiming Fossil Fuels Receive Large Subsidies

    05/18/2015 11:39:11 AM PDT · by bestintxas · 10 replies
    breitbart ^ | 5/18/15 | Donna Rachel Edmunds
    Fossil fuel companies are benefiting from a global subsidy of 3.4 trillion a year, the International Monetary Fund has declared. The figure dwarfs that of government handouts for renewable energies, which amount to 77 billion a year. But closer inspection reveals the fossil fuel related sum not to be a subsidy, as it amounts to nothing more than the alleged costs to governments of dealing with fossil fuel pollution. The IMF have insisted that their figure is shocking, but extremely robust, and are using it to lobby for an end to subsidies for fossil fuel companies on both health and...
  • Fossil fuels subsidised by $10m every minute, says IMF

    05/18/2015 9:09:02 AM PDT · by kingu · 20 replies
    Guardian UK ^ | Monday 18 May 2015 09.30 EDT | Damian Carrington
    Fossil fuel companies are benefitting from global subsidies of $5.3tn (3.4tn) a year, equivalent to $10m every minute of every day, according to a startling new estimate by the International Monetary Fund. The IMF calls the revelation shocking and says the figure is an extremely robust estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the worlds governments. The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused...
  • Exclusive: Greece taps IMF reserves to pay IMF debt - sources

    05/12/2015 10:07:37 AM PDT · by tcrlaf · 8 replies
    Yahoo News ^ | 5-12-2015 | Lefteris Papadimas and George Georgiopoulos
    Greece emptied an IMF holding account to repay 750 million euros ($840 million) due to the fund, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances. With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions later this month. Greece, like all other International Monetary Fund members, holds reserves from the IMF that are denominated in Special Drawing Rights (SDR), a basket...
  • IMF Proposes to Sabotage Chinas Economy

    05/02/2015 1:40:55 PM PDT · by Kaslin · 4 replies
    Townhall.com ^ | May 2, 2015 | Daniel J. Mitchell
    For the people of China, there’s good news and bad news. The good news, as illustrated by the chart, is that economic freedom has increased dramatically since 1980. This liberalization has lifted hundreds of millions from abject poverty. The bad news is that China still has a long way to go if it wants to become a rich, market-oriented nation. Notwithstanding big gains since 1980, it still ranks in the lower-third of nations for economic freedom. Yes, there’s been impressive growth, but it started from a very low level. As a result, per-capita economic output is still just a fraction...
  • Stocks plunge 1% amid overseas decline; Dow negative for the year

    04/17/2015 11:52:34 AM PDT · by Citizen Zed · 5 replies
    yahoo finance | Reuters | cnbc ^ | 4-17-2015 | Patti Domm and Peter Schacknow
    U.S. stocks traded sharply lower on Friday, following a global decline in equities on renewed Greece concerns and new Chinese trading regulations. The major averages had their worst day since March 25. The Dow Jones industrial average plunged more than 350 points to trade negative for the year, with American Express (AXP) and 3M (MMM) among the greatest decliners. "I think what's more market moving (than domestic data) is Europe and concerns about Greece, and the put trading rules (in) China," Jim Meyer, chief investment officer at Tower Bridge Advisors. Meyer said the negative reaction in equities and futures was...
  • IMF: Risks rise as dollar hits emerging markets

    04/15/2015 11:16:57 AM PDT · by Citizen Zed · 1 replies
    The Salt Lake Tribune ^ | 4-15-2015 | Andrew Mayeda Bloomberg News
    Risks to the global financial system are rising, as emerging markets face a squeeze from the strong U.S. dollar and weak commodity prices, the IMF said. While the strengthening greenback and lower oil prices are boosting the world recovery, the changing landscape is putting pressure on countries and firms that export crude and other commodities, the International Monetary Fund said in its semiannual Global Financial Stability Report released Wednesday. "Further rapid dollar appreciation and an abrupt rise in U.S. interest rates, coupled with a rise in geopolitical risks, could put added pressure on emerging-market currencies and asset markets," the IMF...
  • Greece prepares for debt default if talks with creditors fail

    04/14/2015 6:22:37 AM PDT · by mykroar · 7 replies
    Financial Times ^ | 4/13/15 | Kerin Hope and Tony Barber
    Greece is preparing to take the dramatic step of declaring a debt default unless it can reach a deal with its international creditors by the end of April, according to people briefed on the radical leftist government’s thinking. The government, which is rapidly running out of funds to pay public sector salaries and state pensions, has decided to withhold €2.5bn of payments due to the International Monetary Fund in May and June if no agreement is struck, they said. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste...
  • Greece demands 279bn(Euros) from Germany in Nazi War Reparations

    04/07/2015 10:20:23 AM PDT · by tcrlaf · 44 replies
    UK Telegraph ^ | 4-7-2015 | Mehreen Khan
    Greece has demanded nearly 279bn in reparations from Germany, more than the value of its current bail-out, as the cash-strapped country continues to pursue compensation for crimes carried out by the Third Reich. A parliamentary committee established by Prime Minister Alexis Tsipras put an official number on the claim, which includes the cost of a forced Nazi loan made by the Bank of Greece and the return of archaeological treasures. Greece suffered a brutal occupation at the hands of the Third Reich in 1941, with over 40,000 people starving to death in Athens alone. SNIP--- Berlin moved to quickly to...
  • Endless Supply of Rabbits? Greece to Make April 9 IMF Repayment;

    04/05/2015 11:26:57 AM PDT · by Kaslin · 3 replies
    Townhall.com ^ | April 5, 2015 | Mike Shedlock
    Greece to Make April 9 IMF Repayment April 9th was one of the critical dates by which Greece was said to be out of cash. By now most expect these kinds of deadlines to come and go in belief the eurozone hat has an endless supply of rabbits. Sure enough, Reuters reports Greece Says Ready to Make IMF Payment on April 9 Greece will repay a loan tranche to the IMF on time on April 9, its deputy finance minister said on Friday, seeking to quell fears of default after a flurry of contradictory statements on the issue in recent...
  • Greece Said To Prepare "Grexit", Drachma, Bank Nationalization Plans

    04/04/2015 12:47:25 AM PDT · by Crapolla · 19 replies
    zero hedge ^ | 04/03/2015 | Tyler Durden
    On Thursday morning, we took an in-depth look at what the progression of events is likely to be in the event a cash-strapped, negotiation-weary Greece finally, for lack of will or for lack of options, fails to scrape together enough cash to pay its creditors. As BofAML notes, a missed IMF payment and/or failure to make interest payments to either the ECB or private creditors over the coming weeks would likely lead to default within 30 days, at which point "mark-to-fantasy" becomes mark-to-market and then "mark-to-default" in very short order. Although Greek officials came out midday with a categorical denial...
  • Greece draws up drachma plans, prepares to miss IMF payment

    04/03/2015 4:41:02 AM PDT · by C19fan · 22 replies
    UK Telegraph ^ | April 2, 2015 | Ambrose Evans-Pritchard, & Mehreen Khan
    Greece is drawing up drastic plans to nationalise the country's banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands. Sources close to the ruling Syriza party said the government is determined to keep public services running and pay pensions as funds run critically low. It may be forced to take the unprecedented step of missing a payment to the International Monetary Fund next week.
  • Repeal, Don't Reform the IMF!

    03/30/2015 4:38:19 PM PDT · by Kaslin · 4 replies
    Townhall.com ^ | March 30, 2015 | Ron Paul
    A responsible financial institution would not extend a new loan of between $17 and $40 billion to a borrower already struggling to pay back an existing multi-billion dollar loan. Yet that is just what the International Monetary Fund (IMF) did last month when it extended a new loan to the government of Ukraine. This new loan may not make much economic sense, but propping up the existing Ukrainian government serves the foreign policy agenda of the U.S. government. ?? Since the IMF receives most of its funding from the United States, it is hardly surprising that it would tailor...
  • Power from the People:The decline in unionization in recent decades has fed the rise in incomes at t

    Power from the People FINANCE & DEVELOPMENT, March 2015, Vol. 52, No. 1 Florence Jaumotte and Carolina Osorio Buitron The decline in unionization in recent decades has fed the rise in incomes at the topInequality has risen in many advanced economies since the 1980s, largely because of the concentration of incomes at the top of the distribution. Measures of inequality have increased substantially, but the most striking development is the large and continuous increase in the share of total income garnered by the 10 percent of the population that earns the most—which is only partially captured by the more traditional...
  • The AIIB Debacle: What Washington Should Do Now (China)

    03/22/2015 7:29:16 AM PDT · by mac_truck · 3 replies
    The Diplomat ^ | 3/21/2015 | Elizabeth Economy
    U.S. strategy on Chinas new bank has been flawed from the start. Time to step back and regroup. It is time for Washington to take a step back and regroup. Its Asian Infrastructure Investment Bank (AIIB) strategy, ill-considered from the get-go, has now taken a major hit with the announcement this past week by the United Kingdom that it plans to join the Chinese-led AIIB. Washingtons concerns over the AIIB are well-established: the competition the AIIB poses to pre-existing development institutions such as the World Bank and Asian Development Bank; concern over the potential for weak environmental standards and social...
  • $100 Trillion American Economic Collapse with Jim Rickards

    12/11/2014 8:11:12 AM PST · by Ghost of SVR4 · 11 replies
    Youtube ^ | Oct 21, 2014 | Jim Rickards
    I don't know too much about Jim Rickards, just found this to be an interesting video about the overall economy and some tidbits about what our government agencies are up to. The video is a 45 minutes long interview of sorts and discussion. Just posting in the event other are interested.
  • Europe Has A Modest Proposal For Greece: "Don't Pay Wages For One Or Two Months"

    03/13/2015 10:24:02 AM PDT · by tcrlaf · 22 replies
    zerohedge ^ | 3-13-2015 | durden
    The Greek liquidity, pardon "cash flow" problems are so bad, not only Zero Hedge, but also Bloomberg has launched a daily maturity tracker of how much money Greece has to pay either to the IMF or to prefund T-Bill rollovers. This is what Bloomberg blasted out earlier today: Greece is preparing for another week of hurdles that ends with a ~EU2b repayment on March 20. Most economists say that it will be difficult for Greece to get past end of March without fresh EU funds. Heres a timeline of the most important events scheduled this week: Monday, March 16: Greece...
  • Currency Wars Continue As IMF Concedes End To Dollar Hegemony

    03/10/2015 9:07:39 AM PDT · by Olog-hai · 36 replies
    GoldCore ^ | March 9, 2015 | Mark OByrne
    Currency wars and the growing trend away from dollar dominance in international finance, particularly in emerging markets, was highlighted in an interesting CNBC article this morning entitled Is the Dollar Losing its Clout Among EMs? It refers to the deliberate and stated policy of de-dollarization around the world, the decline in the use of the dollar in international trade and as a reserve currency, and the emergence of the new BRICS bank. The article quotes best-selling author and Pentagon insider, Jim Rickards. Rickards says that the status of the dollar as a reserve currency is still solid despite its decline...
  • Pro-Abortion Population Controllers are Targeting Tanzania and Uganda

    12/29/2014 6:10:58 PM PST · by Morgana
    life news ^ | 12/29/14 | Stephen Phelan
    Only an hour ago we had been lamenting yet another incredibly bad road. Here in the Ugandan outback, it is as pointless to complain about the roads as it is to complain about politicians in America, but railing against the unchangeable can lighten the mood. But on the way out of a small village in the Bukedea region of Uganda, we didnt feel the bumps. That was when our teams defenses failed, and when the gravity of the assault on womenperpetrated by the champions of womens health and empowermentreally hit home. It may have been just me, but my guess...
  • Uganda president blames Western donors for country's woes

    05/03/2005 8:09:33 AM PDT · by motomosanto · 13 replies · 556+ views
    CNN ^ | May 2, 2005 | Reuters
    President Yoweri Museveni said in a statement that Uganda must become financially independent of donor nations that provide about half its budget but which he said are partly to blame for many if its problems. Museveni has often hit out at donors for giving "unsolicited" advice, and says that by exporting their bountiful raw materials for processing in the West, African nations are the real donors. "The raw materials that we have been donating to the Western countries must be turned into final products," he said in the statement, saying there were international markets for Ugandan coffee, cotton, cereals, beef,...
  • Strauss-Kahn Had Secret Flat In Paris To Hide Group Sex From Wife, Court Hears

    02/12/2015 10:02:13 PM PST · by Steelfish · 3 replies
    Guardian (UK) ^ | February 12, 2015 | Angelique Chrisafis
    Strauss-Kahn Had Secret Flat In Paris To Hide Group Sex From Wife, Court Hears Former IMF chief tells aggravated pimping trial apartment in upmarket Paris area was for discreet meetings with women Angelique Chrisafis 12 February 2015 Dominique Strauss-Kahn, the former head of the International Monetary Fund, has told a court how he rented a luxury flat in Paris under an acquaintances name because he was married and wanted somewhere discreet to meet women for group sex. Strauss-Kahn is on trial for alleged aggravated pimping aiding and abetting the prostitution of seven women and could be jailed for...
  • Greece says will not cooperate with troika or seek aid extension

    01/30/2015 11:48:58 AM PST · by tcrlaf · 16 replies
    cnbc ^ | 1-30-2015 | Reuters
    Greece's government will not cooperate with the EU and IMF mission bankrolling the country and will not seek an extension to the bailout program, its finance minister said on Friday. Jeroen Dijsselbloem, head of the euro zone finance ministers' group who is in Athens for talks with the new government, said the two sides would decide what would happen next before the program ends on Feb. 28.
  • Oil falls again as IMF cuts forecast; Iran hints at $25 oil

    01/20/2015 2:46:49 PM PST · by Berlin_Freeper · 24 replies
    reuters.com ^ | Jan 20, 2015 | Barani Krishnan
    Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.
  • China To Launch Yuan Swap Trading With Russian Rubles On Monday

    12/28/2014 12:24:02 PM PST · by opentalk · 6 replies
    zero hedge ^ | 12/26/14 | Tyler Durden
    The world was slow to wake up to the new reality in which China is now thede factoIMF sovereign backstop, as Zero Hedge described two weeks ago in "China Prepares To Bailout Russia" when we noted that a PBOC swap-line was meant to reduce the role of the US dollar if China and Russia need to help each other overcome a liquidity squeeze, something we first noted over two months ago in "China, Russia Sign CNY150 Billion Local-Currency Swap As Plunging Oil Prices Sting Putin."In fact, it was only this week that Bloomberg reported that "China Offers Russia Help With...
  • Putin Is Mentally Unhinged

    12/27/2014 6:12:17 AM PST · by Kaslin · 99 replies
    Townhall.com ^ | December 27, 2014 | Mark Nuckols
    In his annual year end press conference, Russian President Vladimir Putin showed beyond the shadow of a doubt that he is in fact mentally unhinged. For three hours, by turns he demonstrated signs of schizophrenic paranoia, pathological dishonesty, deep seated passive-aggressive tendencies, woeful ignorance of world affairs and economics, and delusional confidence in Russias future prospects. Putin evokes the national self-image of the Russian bear. Putins bear is a natural hunter contentedly chasing pigs and boars, but otherwise minding his own business in his own sovereign forest. But somebody wants this bear to have a makeover, and to give up...