The National Forum   Donate   Your Account   On Line Opinion   Forum   Blogs   Polling   About   
The Forum - On Line Opinion's article discussion area


RSS 2.0

Main Articles General

Sign In      Register

The Forum > Article Comments > Time to extinguish bad habits > Comments

Time to extinguish bad habits : Comments

By Jack Feeney, published 21/10/2014

Does the nature of the IMF as a safeguard lead to an economic system of poor management and unsustainable government debt; the very system that the IMF was created to prevent?

  1. Pages:
  2. Page 1
  3. All
How do you make hail? Very good!
Trouble with economists, put ten in the same room and you're sure to arrive at thirty different opinions.
Seriously, the IMF has never had or been given at any time, any control whatsoever of Wall Street, or the creation or issue of derivatives!
And when 64 trillions worth of those worthless pieces of paper are circulating, as some kind of pass the parcel, or financial red hot brick; somebody, the slowest to catch on, invariably gets their financial fingers burned.
There's an old maxim, that goes, if you don't understand it, don't buy it!
Clearly, one set of the Emperor's new clothes, was with the benefit of 20/20 hindsight, worth a billion dollars worth of derivatives.
Nor is there any inherent ability to prevent sovereign nations, even highly over leveraged ones, from committing financial Hari Kari, and cranking up the printing presses, (quantitative easing) to double or triple the domestic money supply; as a debt creating solution, to hopefully, occasionally, temporally, crank up the economy.
Every western style economy rests on just two support pillars, and only when sovereign government posses the wisdom and testicular fortitude, to wrest control of those from highly manipulative private players, will we be able to ensure our children once more, enjoy better wages, conditions and lifestyles than their parents/forbears!
Don't blame the IMF, blame all those who "cleverly conspired" to emasculate it!
The first bad habit to extinguish, is our abject reliance on a highly manipulated USD, and return to the Gold standard; rejected it would seem, because it was very difficult to manipulate, or produce out of thin air!
Although, there's gold derivatives hiding somewhere in there, I suppose?
The lowest costing energy supply, coupled to the lowest real tax rate is arguably, the only and most pragmatic way forward!
And that requires a measure of totally resolute control of both!
And the world needs to announce a war on poverty, when and wherever we find it, and for very sound financial, commercial, wealth creating reasons!
Posted by Rhrosty, Tuesday, 21 October 2014 10:47:32 AM
Find out more about this user Recommend this comment for deletion Return to top of page Return to Forum Main Page Copy comment URL to clipboard
Seriously Rhrosty, the gold standard? ? ? ?
You want to take currency valuation away from the free market and tie it to the value of an irrelevant commodity? ? ?
You want to insulate economies from market signals for as long as possible and create a hyperinflation risk when the inevitable correction occurs? ? ?

If all countries had their own currencies, with values set by the market, and a policy of no government borrowing in foreign currencies, there would soon be no need for the IMF.

Greece needed the IMF because it had surrendered control of its money creation to the ECB, but the ECB failed to recognise that it had a duty to rescue Greece. The moral hazard is with the ECB, but there's no evidence that IMF inaction would have made the ECB behave any differently.
Posted by Aidan, Wednesday, 22 October 2014 11:07:57 AM
Find out more about this user Visit this user's webpage Recommend this comment for deletion Return to top of page Return to Forum Main Page Copy comment URL to clipboard
  1. Pages:
  2. Page 1
  3. All

About Us :: Search :: Discuss :: Feedback :: Legals :: Privacy