With SDRs the IMF will start printing money o/of thin air – we no what that does. Y does only EU bank protest?
http://business.theage.com.au/business/g20s-global-cash-splash-infuriates-european-central-bank-20090408-a0v2.html
SDRs = "Special Drawing Rights" (or IOUs) of the IMF.
"THE European Central Bank has launched a blistering attack on G20 plans to use the International Monetary Fund to pump liquidity into the world economy, calling it "pure cash creation" outside the normal mechanisms of control.
"This is helicopter money for the globe," said Jurgen Stark, the ECB’s chief economist and Germany’s member on the bank’s executive board. "There hasn’t been a study to see whether the world needs additional liquidity. In the old days one would take a long time to explore such a thing," he told the German business newspaper Handelsblatt.
The newspaper cited an "unidentified" central banker protesting that the G20 had rammed through radical changes that could do "irreparable damage" to the global financial system. He added: "What is happening with the IMF is scandalous. They are going to lay waste to everything in this crisis as a result of political horse-trading."
Personally, I couldn’t agree more, quite apart from the sellout of soverignity in the G20 communique.
What do you think?
Oh goody! A new kind of ‘fiat" money and one that does not even exist except for in the "minds" of those that back it. There of course is zero accountability to those that disperse it or provide the "guidelines" on how to adhere to the rules they make in the IMF back-rooms.
They have failed to help more than 75% of the countries they have lent money to. All they did was allow the monster corporations to take/steal property owned by the people of the countries whose dictators borrowed and stole the money.
The IMF is the World Bankster Mafia and Obama is in with them.*
*far as I can tell from the G20 summit.
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