Posted: 1/23/2009 3:10:33 PM EST
"The IMF has proposed that governments in a position to do so should act together to inject a global fiscal stimulus equivalent to about 2 percent of world GDP—$1.2 trillion."
Interesting number. Didn't the Fed load up their balance sheet to the tune of about $1.2 Trillion?
"Strauss-Kahn warned of the risk of social upheaval and unrest in some countries worst affected by the downturn and said he expected additional countries to seek IMF help, not just in Eastern Europe, but elsewhere in the world, including Latin America where some countries were "just on the edge."
"Strauss-Kahn said the world had avoided a total meltdown of the financial system as a result of coordinated intervention by major central banks last October. "We were very close in September to a total collapse of the world economy," the former French finance minister revealed."
Well, isn't that something new!
"Strauss-Kahn said that even though the financial crisis had started in the United States, the recent strength of the dollar showed that people around the world still had confidence in the U.S. economy.
As long as that confidence remained, the United States would be able to finance its large deficit. Even though the Chinese economy was on the rise, the United States would still remain formidable. Through globalization, both economies would remain dependent on the rest of the world"
As long as, the U.S. keeps printing money no confidence problem!
"Strauss-Kahn said that the crisis highlighted the need for better regulation and supervision of the banking sector, especially in countries such as the United States"
Hmmm, whose running our country?
The Democrats. They essentially run the IMF. Notice how the new appointed Treasury Secretary worked there but didn't pay taxes...a huge violation of US law.
Exactley, and the IMF told Argentinia how to deal with their problems! And, now the American taxpayer wil be paying even more to support the rest of the world. Can't wait for my taxes to go throught the roof.