Posted on 10/11/2008 1:30:10 PM PDT by John W
WASHINGTON - The International Monetary Fund warned Saturday that debt-ridden banks were pushing the global financial system to the brink of meltdown and rich nations had so far failed to restore confidence.
President Bush appealed for patience as world leaders raced to stabilize financial markets and avert the deepest global recession in decades, but the 185-nation IMF said more steps would be needed in the coming months.
"Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown," IMF chief Dominique Strauss-Kahn said.
(Excerpt) Read more at msnbc.msn.com ...
I could have told you that...
Looks like an opportunity to scare us all into Socialism.
Here in Mexico, pesos went up to $14 pesos to a dollar. I can´t understand how if the dollar is loosing so much in banks, why the Mexican peso would slide in value as well. It seemed it would be the opposite, but I wonder if 3rd world countries aren´t also playing the blame game, and can take advantage of the shaking on Wall Street to adjust their own inflationary devices in their monetary currencies in each country...which seems makes it all that much worse.
An just think, we’re going to have an inexperienced, race-baiting, community organizing, ACORN Marxist to deal with it for our side. Congratulations America! You done good with your presidential selection this year!
It looks that way. Once they destroy all of our wealth from savings and other assets, we will all be equal except for the chosen few.
“IMF Chief Warns of Global Financial Meltdown”
Okay, let’s warn him of the French Revolution. Where in blazes do you find guillotines these days? I can’t even speak French.
Excuse-moi, Monsieur. You got-em head chopper in you adobe, Kemo Sabe? Domo arigato gozaimasu, dude.
Just setting the stage for the glorious New World Order.
The US, Europe and Japan did and got a financial crisis when tin pot dictators pocketed the loans and the countries defaulted on their debt.
I generally regard the IMF as a good source of ideas ... providing one does the opposite of what they recommend.
Ah, the New World Order...brings me back to the first Bush.
0bama is just the kind of person to advocate socialism at a worldwide level. And so are his brainwashed followers.
And if Democrats have a super majority rule of both Houses, anything is possible.
What we are seeing is in fact the fall of the capitalistic American empire being replaced by insidious elements of alien origin . The ships are circling for the final kill .
In America we don’t have a credit crisis. We don’t have a liquidity crisis. We have a confidence crisis. No amount on injected credit or lquidiity will solve a confidence crisis.
The financial crisis in America can be solved in 24 hours. It has specific identifiable causes that can be resolved with the stroke of a pen. Not saying everything would return to normal that quick, but we could be on the way back to normal that quick.
As for the rest of the world, I suspect their problems are similar. Not credit. Not liquidity. Confidence. And could likely be solved just as quickly.
But that’s the point. “They”, whoever “they” are, don’t want the problem to be solved. Crises, manufactured crises to be specific, are vehicles for all manner of draconian actions, laws, etc.
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