IMF downgrades world growth, warns of 'precarious' 2020

Global trade tensions, continued uncertainty and rising prospects for a no-deal Brexit are sapping the strength of the world economy, which faces a "precarious" 2020, the International Monetary Fund warned on Tuesday.

Trade conflicts are undercutting investment and weakening manufacturing, and the IMF urged countries to avoid using tariffs to resolve their differences.

In the quarterly update of its World Economic Outlook, the IMF trimmed the global forecast issued in April by 0.1 percentage point this year and next, with growth expected to hit 3.2 percent in 2019 and 3.5 percent in 2020.

But the report sounded the alarm, saying things could easily go wrong.

https://news.yahoo.com/imf-downgrades-world-growth-warns-precarious-2020-143309185.html

EU Says Greeks Should Work 6-Day Week: Report

That's real white of the the European Commission, European Central Bank and International Monetary Fund to leave the the 2 week vacation in. So because the Greek government went hog wild spending (it ain't like the people did it) all it's citizens should be enslaved to work 6 days a week for 13 hours a day.
Did the central bank need an injection? My guess is, yes. And I know the IMF has hit the US up, so seriously who the hell do they think they are?
How long do you think you could keep running on that type of schedule?
2 weeks to a month maximum is all I could do. A body nor a mind runs well without rest.
Greece just needs to default. The money they would get pretty much only goes to pay interest.

Greeks should operate a six-day working week for all sectors, international creditors said in a letter to the Greek government, a measure which forms part of a wider set of demands in return for aid to the country.

The paper printed the following extract from the letter: "Increase the number of maximum workdays to six days per week for all sectors. Increase flexibility of work schedules; set the minimum daily rest to 11 hours; delink the working hours of employees from the opening hours of the establishment; eliminate restrictions on minimum/maximum time between morning and afternoon shifts; allow the consecutive two-week leave to be taken anytime during the year in seasonal sectors."

Greece has had to agree to an austerity package and stringent labor market reforms in order to continue receiving payments from its creditors.

US Ready to Back Bigger EU Stability Fund: Official

http://www.cnbc.com/id/40454469

Them officials in Washington better shut up!
2 million people are falling off of unemployment with no extension left.
Giving up to the IMF again at this point is a humongous bitch slap, that ain't gonna be taken to lightly.
And if that wasn't enough to already think about, here's a little more, just how much less will your dollar buying power now be?


The United States would be ready to support the extension of the European Financial Stability Facility via an extra commitment of money from the International Monetary Fund, a U.S. official told Reuters on Wednesday.

Rothschild Bank AND Goldman Sachs Are Both On The LIST Of Bondholders Getting U.S. Taxpayer Billions In Irish Bailout

http://blacklistednews.com/Rothschild-Bank-AND-Goldman-Sachs-Are-Both-On-The-LIST-Of-Bondholders-Getting-U.S.-Taxpayer-Billions-In-Irish-Bailout/11597/0/24/24/Y/M.html


Check out who is on the list, it will make you puke.
Enough is enough.
Bonds fail that's life, the taxpayers of every nation are not the banks payers of last resort!
I think we're all quite sick of picking up their tab.



U.S. taxpayers finance approximately 20% of the IMF's budget.

Guess what, Ireland. Brian Lenihan and Brian Cowen just sold you down the IMF river. Why? To bail out bank bondholders and giant European banks. Of course! That's what governments are for these days, apparently. And they'll tell you that the bailout policy is all for you own good. And for little old ladies and pensioners and orphans. Just don't tell that to the cancer patients.

Yep, another nation made IMF debt slaves on behalf of the international banking cartels. And Goldman Sachs and Rothschild & Compagnie are on the list.

Check it out below -- Guido Fawkes' blog has acquired the list of Anglo-Irish Bank's bondholders.

##

From Guido Fawke...

Anglo-Irish Bank did not represent a systemic risk to the Irish economy, it wasn’t a high street bank like AIB or the Bank of Ireland. If it had been allowed to go the way of Lehmans the only losers would have been shareholders and bondholders. The Irish state stepped in and nationalised a bank that was basically run by crooks lending to property speculators.

•The Irish people are taking losses that should rightly have been shouldered by bondholders.
Every child in Ireland is being bequeathed a huge debt at birth to protect the interests of foreign, mainly German, bondholders – why? Guido was once a bond trader, it was always understood that sometimes the bond issuer defaults.

•That is the risk investors take.
So why is Dublin’s political establishment so keen to protect foreign investors at the expense of future generations? Guido has obtained the list of foreign Anglo-Irish bondholders as at the close of business tonight. These are the people whom Dublin’s politicians really seem to care about:

Zoellick seeks gold standard debate

http://www.ft.com/cms/s/0/eda8f512-eaae-11df-b28d-00144feab49a.html#axzz14fOeJSk8


Well what's wrong with this picture?
Looks good on the surface, but on the under neath side of this reality, Zoellick is a Ben and Timmy butt buddy.
It's time to start looking over our shoulder now,
Coz something wicked walks this way.
His change of tune is eerie and has the hair on the back of my neck standing up.




Leading economies should consider readopting a modified global gold standard to guide currency movements, argues the president of the World Bank.

Writing in the Financial Times, Robert Zoellick, the bank’s president since 2007, says a successor is needed to what he calls the “Bretton Woods II” system of floating currencies that has held since the Robert Zoellickfixed exchange rate regime broke down in 1971

World Bank gives $13 mn for Mizoram roads project

http://economictimes.indiatimes.com/news/economy/infrastructure/World-Bank-gives-13-mn-for-Mizoram-roads-project/articleshow/6791192.cms

While Haiti still suffers the devastation from the catastrophic earthquake 9 months ago without the pledged aid from the world, the IMF ( with our little Timmy as the governor)lavishes 13 million to the Mizoram State Roads Project to widen their roads to congestion.
Because god know that sitting in traffic can be a real nightmare and is so much more important than the famine and disease that the Haitians must contend with due to the over crowding of the relief camps.
Another first rate fine example of the IMF making the world a better place to live in.


WASHINGTON: The World Bank has approved a credit worth $13 million in additional financing for the Mizoram State Roads Project to continue revitalizing and modernising the state's highway system.

The project will help improve the management and carrying capacity of the core state road network in order to lower transportation bottlenecks and costs, and stimulate economic activity in the northeast Indian state, the Bank said announcing the loan on Wednesday.

The project will help widen and improve 180 km of state highways, and rehabilitate and maintain another 300 km. It will also finance improvements in equipment and training for the state Public Works Department

Banks' $4 trillion debts are 'Achilles’ heel of the economic recovery', warns IMF

http://www.telegraph.co.uk/finance/economics/8043800/Banks-4-trillion-debts-are-Achilles-heel-of-the-economic-recovery-warns-IMF.html

rolled over means refinanced with the due interst being added to make the principal just that much larger, so that "WE" the "PEOPLE" of the world
will have to continue to pay that debt at a higher cost.
Naturally the "Banks" will be rewarded handsomely for all the fees that they will garner from having to bail them out again.
The financial system is broken. It's now time to go tell them to f@ck themselves. They created this mess and it not "OUR" problem to pay for it.
We've already done that in spades and the proof is in the pudding, it does not work.
We are only burying "OUR" own countries in that much more debt by catering to the "banks" needs

Lenders across Europe and the US are facing a $4 trillion refinancing hurdle in the coming 24 months and many still need to recapitalise, the Washington-based organisation said in its Global Financial Stability Report. Governments will have to inject fresh equity into banks – particularly in Spain, Germany and the US – as well as prop up their funding structures by extending emergency support.

“Progress toward global financial stability has experienced a setback since April ... [due to] the recent turmoil in sovereign debt markets,” the IMF said. “The global financial system is still in a period of significant uncertainty and remains the Achilles’ heel of the economic recovery.”


Although banks have recognised all but $550bn of the $2.2 trillion of bad debts the IMF estimates needed to be written off between 2007 and 2010, they are still facing a looming funding shock that will need state support. “Nearly $4 trillion of bank debt will need to be rolled over in the next 24 months,” the report

IMF fears 'social explosion' from world jobs crisis

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8000561/IMF-fears-social-explosion-from-world-jobs-crisis.html

Oh looky there, another eye opening wisdom spewed from another extension of the world government's money sucking leech.
The one that won't stop until we're bled out.

America and Europe face the worst jobs crisis since the 1930s and risk "an explosion of social unrest" unless they tread carefully, the International Monetary Fund has warned

"The labour market is in dire straits. The Great Recession has left behind a waste land of unemployment," said Dominique Strauss-Kahn, the IMF's chief, at an Oslo jobs summit with the International Labour Federation (ILO).

Crisis Awaits World’s Banks as Trillions Come Due

http://www.nytimes.com/2010/07/12/business/global/12refinance.html?_r=2

Debt refinancing to be able to further serve the ongoing payments of interest.
Digging the hole just that much more deeper.
The question is: How long before it all caves in from lack of support?

The sovereign debt crisis would seem to create worry enough for European banks, but there is another gathering threat that has not garnered as much notice: the trillions of dollars in short-term borrowing that institutions around the world must repay or roll over in the next two years.

Banks worldwide owe nearly $5 trillion to bondholders and other creditors that will come due through 2012, according to estimates by the Bank for International Settlements. About $2.6 trillion of the liabilities are in Europe.

U.S. banks must refinance about $1.3 trillion through 2012. While that sum is nothing to scoff at, analysts seem most concerned about Europe because the banking system there is already weighed down by the sovereign debt crisis.

Congress blocks indiscriminate IMF aid for Europe

http://blogs.telegraph.co.uk/finance...id-for-europe/


Europe may have to clean up its own mess after all. The US Senate has voted 94:0 to block use of taxpayers’ money for IMF rescues that make no economic sense or bail-outs for countries like Greece that far are beyond the point of no return.

“This amendment will help prevent American taxpayer dollars from underwriting dysfunctional governments abroad,” said Texas Senator John Cornyn, the chief sponsor. “American taxpayers have seen more bailouts than they can stomach, and the last thing they should have to worry about are their hard-earned tax dollars being used to rescue a foreign government. Greece is not by any stretch of the imagination too big to fail.”

Co-sponsor David Vitter from Louisiana said America had run out of money. “Our country already owes trillions of dollars in debt. We simply can’t afford to take on other countries’ debt in addition to our own.”

It is unclear where this leaves the EU’s $1 trillion “shock and uh” package. Urlich Leuchtmann from Commerzbank said the IMF share of $320bn was the only genuine money on the table, the rest being largely euro smoke and mirrors, or plain bluff.

The measure is an amendment to the US financial overhaul law. Backed by both parties, it can hardly be ignored by the Obama administration whatever Tim Geithner may or may not want to do. The bill has to go to Conference for reconciliation with the House, but the point is made.

It instructs the US representative at the IMF to determine whether a country with a public debt above 100 per cent of GDP can be expected to repay IMF loans. If this cannot be certified, the US must oppose the rescue package.

Dylan Ratigan on the IMF-EU Bailout

http://www.msnbc.msn.com/id/21134540/vp/37070441#37070441


Dylan wants to know WHY!

Germany 'might have to foot entire euro aid bill'

http://www.telegraph.co.uk/expat/expatnews/7710001/Germany-might-have-to-foot-entire-euro-aid-bill.html

Well not the entire bill Germany, the American taxpayer is making a very large contribution through the IMF, and I heard that that figure just got even larger since England said they refused.
And yes you are apt to be held responsible for the entire European sum, because lets face it, it's not logical to expect any of the piigs to be able to come up with their share, since they are the prevailing reason at this point, for the needed bailout.

Germany's opposition Social Democrats (SPD) said on Tuesday they had not decided whether to support a European rescue package for the euro, and warned the country could end up footing the entire cost of the bill.

The package - 440billion euros in guarantees from euro states plus 60billion euros in a European stabilisation fund - includes some 123billion in loan guarantees from Germany, a German government source said on Tuesday.

SPD parliamentary whip Thomas Oppermann told ARD television there were still too many open questions about the plan, which parliament is due to begin debating next week.

"What happens if other countries who get aid from the package drop out? Will the German share increase then?" he said.

The government has said the German share could rise because not all EU member states would have the means to participate.

"In the worst case scenario, the Germans may have to guarantee the 440billion euros alone, and we won't be able to do that," added Oppermann

"We are Europe's fools again!" Germany's biggest selling daily, Bild, said on its front page on Tuesday.

Meanwhile, hedge funds, banks and speculators could do what they wanted on financial markets, Oppermann said.

"A substantial participation of the banks and hedge funds in the costs of the crisis must be arranged," he said.

"Today we'll probably just see a simple authorisation of credit again

EU finance ministers said the International Monetary Fund was expected to contribute 250billion euros to the package, taking the total to 750billion euros, about £642billion

Britain must fend for itself in event of crisis, French official warns

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7710261/Britain-must-fend-for-itself-in-event-of-crisis-French-official-warns.html

Personally I just think Mr Darling is being responsible to his country.
They don't have the money to give, their own debt is eating them alive, just like ours. Mr Darling is just more concerned about his country's national debt load and refuses to pile more debt on top of it unlike the banking elite that run our country.


Jean-Pierre Jouyet said the UK would have to fend for itself if ongoing political uncertainty led to a meltdown in the financial markets.

“The English are very certainly going to be targeted given the political difficulties they have. Help yourself and heaven will help you. If you don’t want to show solidarity to the eurozone, then let’s see what happens to the United Kingdom,” he told Europe 1 radio.


Mr Jouyet, European affairs minister from 2007-2008, was clearly angered by the Chancellor Alistair Darling’s refusal to pledge funds in an attempt to protect the euro, by failing to agree to provide troubled eurozone countries with €440bn in loans or guarantees.

He said it was a clear sign of the divisions within the European Union. “There is not a two speed Europe but a three speed Europe. You have Europe of the euro, Europe of the countries that understand the euro...and you have the English,” he said.

However, Mr Darling did agree to contribute to a €60bn extension to an existing European Union facility to help those countries in particular difficulty.

The International Monetary Fund has agreed to provide a further €250bn.

The Greek spirit of resistance turns its guns on the IMF

http://www.guardian.co.uk/world/2010/may/09/greece-debt-crisis-euro-imf




"This has gone beyond economic matters to a battle for national independence," says Manolis Glezos, the leftist who shot to fame snatching the swastika from the Acropolis shortly after Hitler's forces streamed into Athens in 1941.

"Papandreou himself has admitted we had no say in the economic measures thrust upon us. They were decided by the EU and IMF. We are now under foreign supervision and that raises questions about our economic, military and political independence."

IMF calls for new body to save taxpayers from burden of failing banks

http://www.guardian.co.uk/business/2010/mar/19/imf-save-taxpayers-failing-banks


Dominique Strauss-Kahn of IMF says new body would force shareholders and creditors to bear costs of bank failure


The International Monetary Fund has called for a European "fire brigade" funded by the finance industry to deal with the collapse of banks that operate in several countries.

Managing director Dominique Strauss-Kahn urged the European Union to create a European resolution authority to deal with insolvent banks that would force shareholders and uninsured creditors – rather than taxpayers –to bear the costs of failure. The authority would be funded by the financial industry from deposit insurance fees and levies on institutions, he said.

"What I think is needed is a European resolution authority, armed with the mandate and the tools to deal cost-effectively with failing cross-border banks – an ex-ante [before the event] solution to the problems that currently hamper co-operation in crisis situations, rather than an ex-post one," Strauss-Kahn told a conference in Brussels today.

"It should cover at least the major cross-border banking groups, as well as all banks running large-scale cross-border operations under the single passport."

It sound all good until I read this
That government burden sharing is more taxpayer funding

The system would need access to a fiscal back-up mechanism, he said, with a mechanism of burden-sharing between governments.

Ukraine wants $2bn loan from IMF

http://news.bbc.co.uk/2/hi/business/8408741.stm

The "D" word was mentioned. Default...and another one bites the dust


Ukraine has made an urgent appeal to the International Monetary Fund for about $2bn in emergency loans.

It says it needs the money to meet external obligations and avoid the danger of a "spill-over effect" on other economically vulnerable states.

Ukraine says it desperately needs the money. It has hinted that if it does not get extra funds soon, the consequences could be serious.

At risk could be its ability to pay salaries, foreign debt and, crucially for its neighbours, its gas bill - notoriously supplied by Gazprom.

Drug money saved banks in global crisis, claims UN advisor

http://www.guardian.co.uk/global/2009/dec/13/drug-money-banks-saved-un-cfief-claims

Did we call off the war on drugs? Or is it just a problem of common convenience when it's needed to be?
How much money have "WE" spent fighting the war on drugs?

Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations' drugs and crime tsar has told the Observer.

Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.

This will raise questions about crime's influence on the economic system at times of crisis. It will also prompt further examination of the banking sector as world leaders, including Barack Obama and Gordon Brown, call for new International Monetary Fund regulations. Speaking from his office in Vienna, Costa said evidence that illegal money was being absorbed into the financial system was first drawn to his attention by intelligence agencies and prosecutors around 18 months ago. "In many instances, the money from drugs was the only liquid investment capital. In the second half of 2008, liquidity was the banking system's main problem and hence liquid capital became an important factor,"

Shooting of Prominent Economist Baffles Police

http://www.wjla.com/news/stories/1009/666906.html

Was it a fit or was it a "Hit"

Police are still looking for clues after a prominent economist was shot in the garage of his upscale home.

Ashoka Mody has been identified in an email to his fellow employees at the International Monetary Fund as the man shot Thursday night around 7:30 in his Bethesda garage in the 6800 block of Millwood Road

Mody is currently the assistant director in the European department and an expert in economic development and international finance.

IMF puts total cost of crisis at £7.1 trillion

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5995810/IMF-puts-total-cost-of-crisis-at-7.1-trillion.html


The staggering total is is equivalent to around a fifth of the entire globe's annual economic output and includes capital injections pumped into banks in order to prevent them from collapse, the cost of soaking up so-called toxic assets, guarantees over debt and liquidity support from central banks. Although much of the total may never be called on, the potential outlay still dwarfs any previous repair bill for the global economy.

The IMF calculations, produced ahead of the two-year anniversary of the crisis, underline the continually mounting cost. Most of the cash has been handed over by developed countries, for whom the bill has been $10.2 trillion, while developing countries have spent only $1.7 trillion − the majority of which is in central bank liquidity support for their stuttering financial sectors