Commentary on the IMF & World Bank
For this week’s News of the Week
First read the White House Press Statement:
Statement on International Monetary Fund (IMF) and World Bank Spring Meetings, April 22-23, 2006
“The Spring Meetings of the International Monetary Fund and World Bank come at an important time for both institutions as they strive to carry-out their responsibilities to foster robust, sustainable global economic growth. The IMF is an important institution and its member states need to commit to prepare the institution and their own economies to address the challenges of the modern global economy by strengthening market institutions and market discipline over financial decisions to promote a stable and prosperous global financial system. At the World Bank they must build on the successful completion of the G8 debt cancellation initiative by implementing President Wolfowitz’s vision to foster good governance and combat corruption. It is important for both institutions to set priorities so that each institution’s unique mission receives the focus it deserves.”
Source: http://www.whitehouse.gov/news/releases/2006/04/20060421-8.html
Reuters Translation
See Global finance chiefs worry about dollar direction, Reuters, Friday Apr 21, 2006.
Solari Translation
The latest round of asset stripping the US government and economy is almost complete. The governmental mechanism has been engineered through The Patriot Act and other laws for the next phase, the “workout.” This next phase will address the resulting debt problem described in Kevin Phillip’s new book American Theocracy, p.358, as follows:
“In 1997 net US international indebtedness rose to $360 billion, and in 1999, to a trillion dollars. The year of the attack on the World Trade Center saw US net international indebtedness reach $2.3 trillion. Thereafter, as we have seen, the total swelled in 2003 to $2.7 trillion, and ballooned to $3.3 trillion in 2004, with a 2005 figure in the $4 trillion range.†(See my review of Phillips book in prior blog.)
Coincidently, there is approximately $4 trillion missing from the US Treasury since fiscal 1998. Is there a connection? Absolutely. This is why I say that taking steps to get the $4 trillion missing money back are the single most important policy issue and actions of our day.
That is because what is important is WHO is in charge.
Turning authority over to the IMF makes it easy for the people who stole the $4 trillion to keep the money and remain in charge. The IMF can then hold the American people responsible for “$4 trillion of indebtedness” in the name of “fiscal responsibility.” American governmental leaders will say that the “tough” decisions are out of their hands, while they are free to implement draconian measures with a post-Patriot Act enforcement system.
The IMF game is new to the US — but not to the rest of the world. To understand what is coming, read Williamson on Russia in the 1990’s or Greg Palast on Latin America.
In the short run, look for accelerating inflation in the dollar price of real assets.