Posted on 11/04/2011 2:18:07 AM PDT by TigerLikesRooster
Special IMF Money Considered
By IAN TALLEY and DAVID GAUTHIER-VILLARS
CANNES, France—World leaders are actively considering mandating the International Monetary Fund to print more of its special currency to help solve the euro-zone crisis, according to several people familiar with the matter.
Asking the IMF to print more of its Special Drawing Rights—essentially an IOU that countries can exchange for cash—is one of the ways the Group of 20 industrialized and developing countries is considering supplementing European efforts to stem the debt crisis that is threatening to spark a global financial meltdown and another recession.
G-20 leaders are pressing euro zone leaders to deliver a detailed and credible plan to leverage their own bailout fund, boost bank capital buffers and restructure ailing economies. Political disarray in Greece and the inability of euro-zone officials to so far agree on exactly how they plan to build a firewall to prevent contagion is fueling talks on alternative emergency measures.
If Europe agrees on a credible strategy to reassure its G-20 colleagues, the group would be willing to consider the SDR allocation and other financing options to bolster European action, the officials said.
(Excerpt) Read more at online.wsj.com ...
P!
We sure seem to be having a lot of crises in the last few years. I see the hand of Soros and his plan for a global meltdown, on top of which he intends to build his new Open Society. As always, the words Marxists use mean the opposite of what we think they mean.
Great. The way out of a mountain of debt is to start another pile with a different color of Monopoly Money...
These things aren't real, ya know.
Well, the bond illusion didn’t work so let’s try a money illusion.
They’d be better off letting the Greeks renounce their debt and leave the Euro.
The EU will never let a nation leave its grasp. Which is why Britain and Greece are being denied their referendums. And why the American taxpayer better prepare for more incoming.
What's the difference between an "IOU" and giving them the keys to our Treasury? We ARE the people who fund the IMG... and we're broke.
International Monetary Fund, thought I’d better specify due to those initials, big trouble there, particularly with my foul-mouthed persona. Thanks TigerLikesRooster.
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