IMF in global 'meltdown' warning

[babsbunny]

http://news.bbc.co.uk/2/hi/business/7665515.stm

The world financial system is teetering on the "brink of systemic meltdown", the head of the International Monetary Fund (IMF) has warned in Washington.

Dominique Strauss-Kahn said rich nations had so far failed to restore confidence, but he endorsed a new action plan by the G7 group.

He also said the IMF was ready to lend to countries in dire need of capital.

Mr Strauss-Kahn spoke after talks with US President George W Bush, G7 finance ministers and the World Bank.

On Friday in the US capital, the G7 group of most industralised nations released a five-point plan to free up the flow of credit, back efforts by banks to raise money and revive the mortgage market.

[Jackpine Radical]

1. The shock capitalists are gathering to pick the bones.

[malaise]

4. Not this time

The Shock Therapy died with the Washington Consensus and Friedman's model - Europe is nationalizing its banks - they don't trust their thieves either.

[TACstrat]

2. OMFG IMF WTF - nt

[malaise]

3. The Europeans have told the IMF what they're doing

and don't give a damn what they say. Indeed the Europeans have also told Bush that unless the US government partially nationalizes the banks, there will be no more European money. They have already been burnt by the goons on Wall Street and Bush.

[Poseidan]

5. funny though, isn't it?

Human bureaucracy is so ingrained, we cannot function without it. I mean, honestly... couldn't the world band together, and hit the reset button? We have farms... we have factories... we have knowledge... why do we chain ourselves to this system of ink and paper?

[ozymandius]

6. The IMF is most concerned about the IMF's acquisition of more clients.

Neither philanthropy nor altruistic principles guide their thoughts.

[malaise]

7. If you really want to understand the role of the IMF

read this fabulous resignation by Davison Budhoo. pdf.


http://www.naomiklein.org/files/resources/pdfs/budhoo.pdf

[ozymandius]

9. Extortion, currency destruction, privatization of natural resources..

This is just plain nasty. For those clicking through - the letter really gets rolling around Page 5.

[malaise]

10. One of the great letters of all time

Who feels it knows it. We are IMF victims - we know what they do very well.

[Union Thug]

8. One fingered salute to the IMF. Take your dirty money elsewhere. n/t

[Irish Girl]

11. The IMF is going to 'save' us all from a crisis their ilk created

Funny how that works, eh.

[tuckessee]

12. Does this make them *Chicken Littles*? n/t