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International Monetary Fund Slowly Taking Over as Global Economic Regulator and Banker

Posted By admin On May 2, 2009 @ 5:11 am In Money Watch | Comments Disabled

Washington’s Blog [1]
Saturday, May 2, 2009

AP [2] writes:

The Group of 20 countries have made the [IMF] the linchpin in their efforts to combat the worst economic downturn since the Great Depression

The Washington Post notes [3]:

Global financial chiefs agreed yesterday to reshape the International Monetary Fund, moving to broaden its mission …

The IMF, which in recent years had become largely an advisory body to nations in crisis, will now be charged with aggressive monitoring of the global economy. Underscoring that role, Treasury Secretary Timothy F. Geithner said yesterday that Washington had consented to a rigorous IMF review of the U.S. financial system for the first time since the fund was created at the end of World War II.

(Actually, the IMF began the review last year – under the condition that the results not be released until Bush was out of office [4]).

The IMF will also, apparently, sell treasury-like bonds to raise money for loans [5] it makes to ailing countries. This ties into statements some time ago by an economist that investors would eventually buy IMF bonds as a safe-haven investment, thus quickening the shift away from the dollar and American treasuries as reserve currency and safe-haven investments.

As previously noted, the IMF’s Special Drawing Rights currency may replace the dollar [6] as world reserve currency.

Indeed, the Telegraph’s lead financial writer Ambrose Evans-Pritchard argues [7] that “the world is a step closer to a global currency, backed by a global central bank, running monetary policy for all humanity.”

Note: I have no idea whether or not Ellen Brown is correct that the Bank for International Settlements (BIS) has been, and will continue to be, the real power behind the throne [8].

International Monetary Fund Slowly Taking Over as Global Economic Regulator and Banker obama 340x169 [9]


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URLs in this post:

[1] Washington’s Blog : http://www.georgewashington2.blogspot.com/2009/05/international-monetary-fund-imf-is.html

[2] AP: http://news.yahoo.com/s/ap/20090425/ap_on_an/us_imf_to_the_rescue_analysis

[3] notes: http://www.washingtonpost.com/wp-dyn/content/article/2009/04/25/AR2009042502769.html?hpid%3Dtopnews&sub=AR

[4] began the review last year – under the condition that the results not be released until Bush was out of office: http://www.spiegel.de/international/world/0,1518,562291,00.html

[5] sell treasury-like bonds to raise money for loans: http://www.msnbc.msn.com/id/30407614/

[6] may replace the dollar: http://www.washingtonsblog.com/2009/04/scoop-on-reserve-currencies.html

[7] argues: http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5096524/The-G20-moves-the-world-a-step-closer-to-a-global-currency.html

[8] the real power behind the throne: http://www.globalresearch.ca/index.php?context=va&aid=13239

[9] Image: http://www.prisonplanet.tv/subscribe.html

[10] International Monetary Fund says EU’s Eastern European members should join euro: http://www.prisonplanet.com/international-monetary-fund-says-eus-eastern-european-members-should-join-euro.html

[11] International Monetary Fund to sell over 403 tons of gold: http://www.prisonplanet.com/international-monetary-fund-to-sell-over-403-tons-of-gold.html

[12] Europe must deal with Greece or suffer, says International Monetary Fund: http://www.prisonplanet.com/europe-must-deal-with-greece-or-suffer-says-international-monetary-fund.html

[13] BRICS demand global monetary shake-up, greater influence: http://www.prisonplanet.com/brics-demand-global-monetary-shake-up-greater-influence.html

[14] Bank for International Settlements Holds Secret Banker Meeting: http://www.prisonplanet.com/bank-for-international-settlements-holds-secret-banker-meeting.html

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