Sep 18

SMILE: IMF Chief Christine Lagarde to Face Trial in French Court:

Once in while, a feel good story comes around. As we covered in our recent episode of ON THE QT @21WIRE.TV, the thought of IMF head Christine Lagarde facing trial over her $440 million pay-off to elite insider Bernard Tapie – is certain to bring a smile to many. For years, the public have had to endure watching globalist elites swooning around their jet-set circuit. From Aspen, to Wall Street, to the World Economic Forum in Davos, they pontificate about ‘economics’, and alongside their pop culture mascots like Bono from U2 seated comfortably in their Gulfstream Jets. They claim to  be peddling  “solutions’ and that they are somehow saving the world’s poor from abject poverty.

However, Lagarde isn’t the first international bankster luminary to be led into the dock. No sooner did previous IMF head Dominique Straus-Khanannounce during a speech  the “risks for the global economy” calling for a new approach to economic policymaking, Straus-Khan was swiftly brought down after being accused of raping an NYC hotel maid. Later, he was dragged over the media coals for his membership to a elite VIP ‘sex party’ ring.

Is Lagarde involved in high level corruption, or is she being decommissioned for another reason? Or is it both?

christine-lagarde-imf
France 24/Reuters

International Monetary Find (IMF) chief Christine Lagarde will stand trial for her role in a €400 million ($440 million) payout as French finance minister in 2008 to businessman Bernard Tapie from December 12, a French court said on Monday. Continue reading »

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Sep 07

FYI.


jacob-rothschild-net-worth

Hungary Becomes First European Nation To Ban Rothschild Banks:

The name Rothschild is literally associated with wealth. This is because for over 200 years, the family has remained the most powerful and wealthy family in the world. Most of the Rothschild fortune has been made in the world of banking, but investments in other industries, such as coal, estates, and construction, have helped secure the family’s wealth and immense power.

One of the banks owned by the Rothschild group (the biggest banking group in the world) is the International Monetary Fund (IMF), AKA ’Imposing Misery and Famine’. Not only does the group make money off usurious interest rates at the misfortune of crumbling economies, it literally owns governments and people of power. Because it’s nearly impossible to escape the clutches of the banking group, news of IMF being booted from Hungary is being heralded as a victorious happening. Continue reading »

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Aug 31

H/t reader squodgy:

“The extent of the hypocrisy and total dismissal of wealth distribution for the masses is cringeworthy.
If we hadn’t concluded banks and bankers are nothing more than criminals in pinstripes, we have no excuse now.”


cash

Funding terrorist and laundering money as the world stands by and does nothing:

You cannot fund terrorists without cash

The IMF released back in June 2016 a document discussing the global scourge known as drug money laundering and the financing of terrorist organizations. We have discussed both of these situations and as one might suspect they are tied at the hip and the same banking cabal has been “fined” in a court of law for both of these offenses. If the IMF, the UN or any government around the world gave two cents about either of these operations ending there would be people either in prison or in front of a firing squad for treason.

The soft sell the IMF is peddling is classic propaganda and misdirection. Continue reading »

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Jul 19

Flashback:

Hungary: PM Victor Orban’s Historic Speech: The Migrant Crisis Is A Preplanned And Orchestrated Operation (Video):


Hungary asks IMF to leave the country after early payback:

Hungary has announced plans to repay its bailout loan from the International Monetary Fund early and asked the organization to leave the country.

The head of Hungary’s Central Bank Gyorgy Matolcsy wrote a letter to IMF Managing Director Christine Lagarde on Monday asking for it to close its representative office in Budapest as it was “not necessary to maintain” it any longer.

The IMF says it is ready to agree since the current IMF representative in Hungary is due to leave soon anyway. Continue reading »

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Jul 07

“Crazy” – The Complete Story Of Debt, In A 40 Minute Video:

Real Vision TV’s Grant Williams offers a true look into what is known as an absurd debt level and unimaginable central bank manipulation.  Less than a week ago we highlighted Grant’s comments on commodities.  Although the information contained in the video below is nothing new to Zero Hedge, we do enjoy the way the information is presented.  Set aside some time to listen as Grant tells a story about debt and the current investment landscape.

Grant sees people “with more power than you can possibly imagine” as the ones responsible for experimental economics that led the world down a path of self destruction. 

I don’t think there is any argument about whether or not the central bankers of the world should have done something in 2008.  The question is ‘should they still be doing it 8 years later‘?”

We recommend viewing the entire clip

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“When a country embarks on deficit financing (Obamanomics) and inflationism (Quantitative easing) you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
– Ron Paul

“Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.”
– Ron Paul

By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
– John Maynard Keynes

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
– Alan Greenspan

“Capital must protect itself in every way… Debts must be collected and loans and mortgages foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by the central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principle men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd.”
– J. P. Morgan

“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the FED. They are not government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers.”
– Louis McFadden

“It was not accidental [the 1929 stock-market “crash”]. It was a carefully contrived occurrence. … The international bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all.”
– Louis McFadden

“What good fortune for governments that the people do not think.”
– Adolf Hitler

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federal-reserve-quantitative-easing-printing-money

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Jun 30

FYI.


Deutschedeutsche-bank-lehman

“Deutsche Bank Poses The Greatest Risk To The Global Financial System”: IMF:

Over three years ago we wrote “At $72.8 Trillion, Presenting The Bank With The Biggest Derivative Exposure In The World” in which we introduced a bank few until then had imagined was the riskiest in the world.

As we explained then “the bank with the single largest derivative exposure is not located in the US at all, but in the heart of Europe, and its name, as some may have guessed by now, is Deutsche Bank. The amount in question? €55,605,039,000,000. Which, converted into USD at the current EURUSD exchange rate amounts to $72,842,601,090,000….  Or roughly $2 trillion more than JPMorgan’s.” Continue reading »

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Jun 22

Dollar-Bending

The US dollar has been overvalued by 10-20 percent, according to the IMF:

WASHINGTON (Sputnik) — The US dollar has been overvalued by up to 20 percent, the International Monetary Fund (IMF) said in a report on Wednesday.

“At today’s levels of the real effective exchange rate, the current account deficit is expected to rise above 4 percent of GDP by 2020, pointing to the US dollar being overvalued by 10-20 percent,” the IMF stated. Continue reading »

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Jun 21
Abenomics needs to be reloaded... The government can introduce a ‘comply or explain’ mechanism for profitable companies to ensure that they raise base wages by at least 3% and back this up by stronger tax incentives or — as a last resort — penalties,”

The IMF Tells Japan: Abenomics Is A Miserable Failure, Recommends “Forcing Companies To Raise Wages.. Or Else!”:

For those confused as to whether or not Abenomics was working, all one has to do is glance at the recent export data released by the Ministry of Finance for confirmation that it’s been a complete disaster.

Japan’s exports fell 11.3% in May on a y/y basis, the eighth consecutive month that exports have fallen according to Bloomberg. Exports to the US fell 10.7% from a year earlier, and exports to China, Japan’s largest trading partner plummeted 14.9% y/y.

20160620_japan-exports

However, do not be alarmed, as the IMF is all over the matter. In a statement released on Monday, the IMF had a lot of sage advice to provide Prime Minister Abe about his Abenomics policies that have failed to produce literally any of the intended results. Continue reading »

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May 27

greece


Dr. Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

The Looting Stage of Capitalism: Germany’s Assault on the IMF:

Having successfully used the EU to conquer the Greek people by turning the Greek “leftwing” government into a pawn of Germany’s banks, Germany now finds the IMF in the way of its plan to loot Greece into oblivion.

The IMF’s rules prevent the organization from lending to countries that cannot repay the loan. The IMF has concluded on the basis of facts and analysis that Greece cannot repay.  Therefore, the IMF is unwilling to lend Greece the money with which to repay the private banks. Continue reading »

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May 07

Showdown! In Leaked Letter IMF Tells Germany “Debt Relief For Greece Or IMF Drops Out”:

It’s showdown time.

The IMF has threatened it will pull out of the Greek bailout program unless Greece gets debt relief.

German Chancellor Angela Merkel, Austria, Finland, and the other Eurozone creditors will not like today’s development one bit.

Showdown! Continue reading »

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Apr 07

lagarde yellen

Lost Faith In Central Banks And The Economic End Game:

We live in strange economic times, stranger perhaps than at any other point in history. Since 2007-2008, the globally intertwined and dependent fiscal system has suffered considerable declines in every conceivable area. Manufacturing around the world is in a slump, from Japan to China to Europe, with the minimal manufacturing accomplished in the U.S. also fading. Consumption is falling, most notably in petroleum and raw materials. Employment is truly dismal, with the U.S. posting over 94 million people as “non-participants” in the national work force. Continue reading »

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Apr 05

Apr 5, 2016

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Apr 04

Greece-IMF

Yanis Varoufakis Issues a Major Warning to the Greek People:

Varoufakis said that Schäuble, Germany’s finance minister and the architect of the deals Greece signed in 2010 and 2012, was “consistent throughout”. “His view was ‘I’m not discussing the program – this was accepted by the previous [Greek] government and we can’t possibly allow an election to change anything.

 “So at that point I said ‘Well perhaps we should simply not hold elections anymore for indebted countries’, and there was no answer. The only interpretation I can give [of their view] is, ‘Yes, that would be a good idea, but it would be difficult. So you either sign on the dotted line or you are out.’”

– From last year’s post:  Everything You Need to Know About the Greek Crisis and ECB Fascism in Two Paragraphs

By now, most of you have heard about Wikileaks’ release of internal deliberations between the top two IMF officials in charge of managing the Greek debt crisis – Poul Thomsen, the head of the IMF’s European Department, and Delia Velkouleskou, the IMF Mission Chief for Greece. Continue reading »

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Apr 02

Greek Prime Minister Sends Angry Letter To Christine Lagarde Over IMF Leak:

Today’s Wikileaks disclosure, in which two IMF officials hinted that the IMF may use a “credit event as a means to pressurize(sic) Greece” as it has been subsequently put by Greek officials, has elicited another round of widespread anger in Athens and could jeopardize the upcoming Greek debt negotiations.

The anger has been made more acute because Greece previously accused Poul Thomsen, one of the IMF staffers caught on the leak, of effectively sabotaging talks in the past when the IMF refused to compromise on Greek pension cuts after the government proposed alternatives with an equivalent fiscal impact.

As such, hoping to ride on the latest wave of populist anger, it was only a matter of time before the country’s prime minister Alexis Tsipras officially responded to the IMF. Continue reading »

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Apr 02

Greece Demands Explanation From IMF Over Leaked Transcript:

Greek politicians wasted no time in seeking a response from the IMF over the leaked transcript released earlier today by Wikileaks suggesting the IMF may threaten to pull out of the country’s bailout as a tactic to force European lenders to more offer debt relief, and which according to the Greek government was “interpreted as revealing an IMF effort to blackmail Athens with a possible credit event to force it to give in on pension cuts which it has rejected.”

According to Reuters, “Greece demanded an explanation from the International Monetary Fund on Saturday after an apparent leaked transcript suggested the IMF may threaten to pull out of the country’s bailout as a tactic to force European lenders to more offer debt relief.” Continue reading »

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Feb 01

Dr. Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University.

The West Is Reduced To Looting Itself — Paul Craig Roberts:

I, Michael Hudson, John Perkins, and a few others have reported the multi-pronged looting of peoples by Western economic institutions, principally the big New York Banks with the aid of the International Monetary Fund (IMF).

Third World countries were and are looted by being inticed into development plans for electrification or some such purpose. The gullible and trusting governments are told that they can make their countries rich by taking out foreign loans to implement a Western-presented development plan, with the result being sufficient tax revenues from economic development to service the foreign loan. Continue reading »

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Jan 19

IMF Slashes Global Growth Outlook Again, Warning “Of Great Challenges” In Year Ahead:

A sharper than expected downturn in China, a soaring USD, sudden bouts of global risk aversion, and escalating geopolitical tensions will conspire to make 2016 a “bumpy ride,” the IMF says, on the way to cutting its forecast for global growth for the fifth time in fifteen months.

 

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Dec 17

French Economy Minister Christine Lagarde speaks during a news conference in Riyadh

IMF chief Lagarde to appeal French trial decision:

PARIS (AP) — International Monetary Fund chief Christine Lagarde has been ordered to stand trial in France over her role in a 2008 arbitration ruling that handed 400 million euros ($434 million) to a French business magnate.

The DSKing Of Christine Lagarde: Someone Wants To Eliminate The Head Of The IMF:

A French court ordered the orange-skinned IMF head to finally face trial over her alleged role in the Tapie payout scandal. What is most unexpected about this outcome is that France’s top prosecutor had recommended in September that investigations against Lagarde in the case be dropped.

 

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Dec 09

The IMF has now been drawn into the U.S. Cold War orbit. On Tuesday it made a radical decision to dismantle the condition that had integrated the global financial system for the past half century… By doing so, it announced its new policy: “We only enforce debts owed in US dollars to US allies.”


French Economy Minister Christine Lagarde speaks during a news conference in Riyadh

The IMF Just Entered The Cold War, Forgives Ukraine’s Debt To Russia:

On December 8, the IMF’s Chief Spokesman Gerry Rice sent a note saying:

“The IMF’s Executive Board met today and agreed to change the current policy on non-toleration of arrears to official creditors. We will provide details on the scope and rationale for this policy change in the next day or so.”

Since 1947 when it really started operations, the World Bank has acted as a branch of the U.S. Defense Department, from its first major chairman John J. McCloy through Robert McNamara to Robert Zoellick and neocon Paul Wolfowitz. From the outset, it has promoted U.S. exports – especially farm exports – by steering Third World countries to produce plantation crops rather than feeding their own populations. (They are to import U.S. grain.) But it has felt obliged to wrap its U.S. export promotion and support for the dollar area in an ostensibly internationalist rhetoric, as if what’s good for the United States is good for the world. Continue reading »

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Nov 16

China and Russia too are run by TPTB.

To them this is a big game of chess and the people are the pawns that will be sacrificed.


IMF Greenlights Addition Of Chinese Yuan To SDR Basket: Wall Street Responds:

While the world was following the tragic events unfolding on Friday night in France where hundreds of innocent civilians were killed or injured, an important economic development took place at the IMF, whose staff and head Christine Lagarde, officially greenlighted the acceptance of China’s currency – the Renminbi, or Yuan – into the IMF’s foreign exchange basket, also known as the Special Drawing Rights.

As Reuters summarizes, the recommendation paves the way for the Fund’s executive board, which has the final say, to place the yuan on a par with the U.S. dollar Japanese yen, British pound and euro at a meeting scheduled for November 30. At this point only an explicit veto by US political interests deep behind the stage can derail the CNY’s ascension into the SDR. The United States, the Fund’s biggest shareholder, has said it would back the yuan’s inclusion if it met the IMF’s criteria, a U.S. Treasury spokesperson said, adding: “We will review the IMF’s paper in that light.” Continue reading »

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Nov 09

Venezuela Default Countdown Begins: After Selling Billions In Gold, Caracas Raids $467 Million In IMF Reserves:

In late October, when describing Venezuela’s desperate steps to keep itself afloat for a few more months, we reported that in order to fund $3.5 billion bond payments in early November, Maduro’s government had engaged in something that is the very definition of insanity: selling the country’s sovereign (and pateiently repatriated by his deceased predecessor) gold to repay creditors.

Specifically, in the past several months, Caracas has quietly parted with 19% of its gold holdings: “Central bank financial statements posted this week on its website show monetary gold totaled 91.41 billion bolivars in January and 74.14 billion bolivars in May.  At the strongest official exchange rate of 6.3 bolivars per U.S. dollar, which the bank uses for its financial statements, that decline would be equivalent to $2.74 billion.” Continue reading »

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Oct 21

Saudisbenz

Saudi Arabia Will Be Broke In 5 Years, IMF Predicts

 

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Oct 06

IMF Cuts Global Growth For The Fourth Time In 12 Months… But That’s Not The Biggest Problem

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Sep 04

House-Of-Cards

The IMF Just Confirmed The Nightmare Scenario For Central Banks Is Now In Play (ZeroHedge, Sep 4, 2015):

The most important piece of news announced today was also, as usually happens, the most underreported: it had nothing to do with US jobs, with the Fed’s hiking intentions, with China, or even the ongoing “1998-style” carnage in emerging markets. Instead, it was the admission by ECB governing council member Ewald Nowotny that what we said about the ECB hitting a supply brick wall, was right. Specifically, earlier today Bloomberg quoted the Austrian central banker that the ECB asset-backed securities purchasing program “hasn’t been as successful as we’d hoped.

Why? “It’s simply because they are running out. There are simply too few of these structured products out there.” Continue reading »

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Aug 28

Russian president Vladimir Putin

Putin To Get $3 Billion From US Taxpayers After Ukraine Bond Debacle (ZeroHedge, Aug 28, 2015):

On Thursday, Ukraine struck a restructuring agreement on some $18 billion in Eurobonds with a group of creditors headed by Franklin Templeton. The deal calls for a 20% writedown and a reprofiling that includes a maturity extension of four years and an across-the-board 7.75% coupon. All told, Kiev should save around, let’s just call it $4 billion once everything is said and done (there are some miscellaneous loans and bonds that still have to be worked out).

That’s the good news.

The bad news is that Ukraine also owes $3 billion to Vladimir Putin.

Now obviously, owing Vladimir Putin $3 billion is not a situation one ever wants to find themselves in, but this particular case is exacerbated by the fact that Putin did not loan the money to Ukraine as we know it now, he loaned the money to a Ukraine that was governed by Russian-backed Viktor Yanukovych. Of course Yanukovych was run out of the country last year following a wave of John McCain-attended protests. Continue reading »

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Aug 23

currency wars

– China chooses her weapons (Gold Money Aug 20, 2015):

China’s recent mini-devaluations had less to do with her mounting economic challenges, and more to do with a statement from the IMF on 4 August, that it was proposing to defer the decision to include the yuan in the SDR until next October

The IMF’s excuse was to avoid changes at the calendar year-end and to allow users of the SDR time to “adjust to a potential changed basket composition”. It was a poor explanation that was hardly credible, given that SDR users have already had five years to prepare; but the decision confirming the delay was finally released by the IMF in a statement on Wednesday 19th. Continue reading »

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Aug 19

No SDR For You: IMF Tells China To Wait At Least One Year Until Reserve Basket Inclusion (ZeroHedge, Aug 19, 2015):

If there was any confusion as to whether the recently devalued Chinese yuan would be landing in the IMF SDR basket on January 1, the Fund just cleared it up.

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Aug 14

H/t reader squodgy:

US Military Uses IMF and World Bank to Launder 85% of Its Black Budget (Anti Media, Aug 13, 2015):

Though transparency was a cause he championed when campaigning for the presidency, President Obama has largely avoided making certain defense costs known to the public. However, when it comes to military appropriations for government spy agencies, we know from Freedom of Information Act requests that the so-called “black budget” is an increasingly massive expenditure subsidized by American taxpayers. The CIA and and NSA alone garnered $52.6 billion in funding in 2013 while the Department of Defense black ops budget for secret military projects exceeds this number. It is estimated to be $58.7 billion for the fiscal year 2015.

What is the black budget? Officially, it is the military’s appropriations for “spy satellites, stealth bombers, next-missile-spotting radars, next-gen drones, and ultra-powerful eavesdropping gear.Continue reading »

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Jul 27

Quadriga

– Goodbye Troika: Germany Rides Into Its Greek Colony On The “Quadriga” (ZeroHedge, July 27, 2015):

With creditors’ motorcades having officially returned to the streets of Athens in the wake of Greek lawmakers’ approval of the second set of bailout prior actions last Wednesday, tensions are understandably high.

After all, these are the same “institutions” which Yanis Varoufakis famously booted from Greece after Syriza swept to power in January, and they’ve come to represent the oppression of the Greek people and are now a symbol of the country’s debt servitude.

Although an absurd attempt was made to rebrand the dreaded “troika” earlier this year, the new and rather amorphous moniker – “the institutions” – never really stuck and perhaps because everyone involved felt the need to put a new name to the group that Greeks regard as the scourge of the Aegean in order to make negotiators feel safer on their trips to Athens, creditors have now added the ESM to their collective and rebranded themselves “The Quadriga.” 

Apparently (and unfortunately), this is not a joke. Here’s MNI: Continue reading »

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Jul 26

–  Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors (ZeroHedge, July 26, 2015):

Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3’s terms, are a “strong sell” at any price: due to the collapse of the local economy as a result of the velocity of money plunging to zero thanks to capital controls which just had their 1 month anniversary, bank Non-Performing Loans, already at €100 billion (out of a total of €210 billion in loans), are rising at a pace as high as €1 billion per day (this was confirmed when the IMF boosted Greece’s liquidity needs by €25 billion in just two weeks), are rising at a pace unseen at any time in modern history. Continue reading »

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