America Is Losing Its Imperial Status
IMF As Grim Reaper of Austerity?
April 27, 2010 -- As I wrote last June:
The IMF is - in fact - now saying that the U.S. must live more austerely.
As the Washington Post noted Saturday:
In the lingo of the International Monetary Fund, the future of the world hinges on "rebalancing and consolidation," antiseptic words that would not seem to raise a fuss.Dean Baker notes:
Back in the 90s the IMF came to be known as the "Typhoid Mary" of emerging markets as its policy prescriptions led to sharp economic downturns in one country after another.The "grim reaper" might be a better analogy.
IMF As World's Central Bank?
Not only is the IMF treating America like another failed state, but the IMF may - in some ways - replace the U.S.
As I pointed out last May, the IMF may be taking over world's financial regulator:
And the IMF's currency - Special Drawing Rights (SDRs) - may become the world's reserve currency. See this and this.
And some say that the IMF will become the world's central bank.
According to Jim Rickards - director of market intelligence for Omnis - the purpose of the G20 Summit in Pittsburgh on September 24 was as follows:
The IMF is being sort of anointed as a global central bank.Rickards also said that the plan is for the IMF to issue SDRs as a global reserve currency to replace the dollar, and then America will gradually depreciate the dollar to reduce the size of its enormous debt: