Whats the scoop on the IMF and the likes?

[Dozyproductions]

So I am of the opinion that things like the International Monetary Fund are "wrong" or "bad". I have done research on these guys but I have to be honest in saying that I have an automatic distrust for global bankers. What are your opinions on such institutions and from what examples?

If you could do me the favor in pointing me in the right direction that would be awesome!

[mrsleeve]

Standard UN style of hunger for control and corruption what more can be said


your on the right path, just look at who and what they do with all the money we and many other countries donate to the IMF...... that ought to be the most telling thing about them right there. They are like a global version of our FED.

[Vedubin01]

1 world currency is the end goal, and the mark for end times!

[nrubenstein]

The role of the IMF is to prevent currency collapse. As a lender of absolute last resort, they get to dictate the conditions. You could make a valid argument that they could have done a better job choosing what conditions to impose, but they have been reasonably successful. Research Korea in the Asian financial crisis if you want to look at it. The IMF DID save the currency and did decrease the spread of the contagion. On the other hand, they were more than a bit tone deaf on the conditions and you could argue that they didn't break the grip of the chaebols on the Korean economy.

They are NOT a UN style organization. The US has essentially controlled the IMF from its creation.

One world currency is not the end goal. The point of the IMF is to make many world currencies work. (And to be clear - you can not have a single currency without a single government. It just doesn't work as the EU is demonstrating ever so well for us right now.)

[Vedubin01]

One world currency is not the end goal. The point of the IMF is to make many world currencies work. (And to be clear - you can not have a single currency without a single government. It just doesn't work as the EU is demonstrating ever so well for us right now.)

I have a feeling you will be eating those words in less than 25 years.


The EU is working so hard to bring England to the Euro. The only way to stabilize the world currencies is to make it a one world currency. China, Russia, and a few others leading the way.


Try googling "IMF One World Currency"



The reality is, central banks and the IMF have no intention of replacing one national currency with yet another national currency as the world reserve. What they DO intend to do, however, is replace the dollar with a basket of national currencies linked together and homogenized under a single unit. This has been openly announced by the IMF for months, and Dominique Strauss-Kahn even produced a press release explaining the plan

[mrsleeve]

^

What he said

.

They are NOT a UN style organization. The US has essentially controlled the IMF from its creation.

And the US has not had a leadership position and large control of the UN (and its predecessor the league of nations) for the last 90ish years???

[Dozyproductions]

Yeah, I'm reading stuff like the quote below and books from other economists. The feeling you get is that such an enormous bureaucracy inevitably suffers from rich banker "good boys club' cronyism, favoritism and the likes. The fact that they get to dictate how the country restructures itself with policies that are as proven as witchcraft leads it to much power that I am comfortable them having.

Devaluation (forced on the country by the IMF in order to encourage its exports and to stabilize its currency) leads to an increase in the general price level (also known as inflation). In other words: immediately after a devaluation, the prices go up (this happened in Macedonia and led to a doubling of the inflation which persisted before the 16% devaluation in July 1997). High prices burden businesses and increase their default rates. The banks increase their interest rates to compensate for the higher risk (=higher default rate) and to claw back part of the inflation (=to maintain the same REAL interest rates as before the increase in inflation). Wages are never fully indexed. The salaries lag after the cost of living and the purchasing power of households is eroded. Taxes fall as a result of a decrease in wages and the collapse of many businesses and either the budget is cruelly cut (austerity and scaling back of social services) or the budget deficit increases (because the government spends more than it collects in taxes). Another bad option (though rarely used) is to raise taxes or improve the collection mechanisms. Rising manufacturing costs (fuel and freight are denominated in foreign currencies and so do many of the tradable inputs) lead to pricing out of many of the local firms (their prices become too high for the local markets to afford). A flood of cheaper imports ensues and the comparative advantages of the country suffer. Finally, the creditors take over the national economic policy (which is reminiscent of darker, colonial times).

[Kershaw]

have you played deus ex?

[Dozyproductions]

Can't say I have. Vas is das?

[gwb72tii]

They are NOT a UN style organization. The US has essentially bankrolled the IMF from its creation.

fixed

[nrubenstein]

Yeah, I'm reading stuff like the quote below and books from other economists. The feeling you get is that such an enormous bureaucracy inevitably suffers from rich banker "good boys club' cronyism, favoritism and the likes. The fact that they get to dictate how the country restructures itself with policies that are as proven as witchcraft leads it to much power that I am comfortable them having.

Would you prefer that the country currency was simply allowed to fail?

[Vedubin01]

Would you prefer that the country currency was simply allowed to fail?

actually yeah if it means it will restore the country back to core values and rebuild America with out all the entitlements.

Im ready for the ride, are you?

[Dozyproductions]

Would you prefer that the country currency was simply allowed to fail?

letting currencies fail is nothing new and is actually one of the methods to restructure weak or over speculated currencies.

[nrubenstein]

actually yeah if it means it will restore the country back to core values and rebuild America with out all the entitlements.

Im ready for the ride, are you?

You'll be pleased to know that there is no way in hell that the IMF could ever bail out the US anyway. So don't worry about it.

Edit: But no, as someone who actually has money (unlike most tea partiers), I'd rather that that didn't happen.

[nrubenstein]

letting currencies fail is nothing new and is actually one of the methods to restructure weak or over speculated currencies.

And you think that that is *less* harmful?