muses of the moment

July 20, 2012

Doyle speaks the truth

Mr. Doyle who worked at the IMF for 20 years explains how the IMF is broken. Very telling letter! Groovygirl commends him for telling the truth, if not a bit late.

Click here.

Bold is groovygirl’s:

After twenty years of service, I am ashamed to have had any association with the Fund at all.” Pretty much says it all. This is a scandal in the making, and one which may shake to the core the credibility of the IMF in the context of international organization.

This is not solely because of the incompetence that was partly chronicled by the OIA report into the global crisis and the TSR report on surveillance ahead of the Euro Area crisis. Moreso, it is because the substantive difficulties in these crises, as with others, were identified well in advance but were suppressed here. Given long gestation periods and protracted international decision-making processes to head off both these global challenges, timely sustained warnings were of the essence. So the failure of the Fund to issue them is a failing of the first order, even if such warnings may not have been heeded. The consequences include suffering (and risk of worse to come) for many including Greece, that the second global reserve currency is on the brink, and that the Fund for the past two years has been playing catch-up and reactive roles in the last-ditch efforts to save it.

Ladies and Gentlemen, the exact same thing happens at the Fed and ECB……we are doomed.

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4 Comments »

  1. WOW, good catch!

    Comment by SilverOrGold — July 20, 2012 @ 5:47 pm

  2. A month or less before the Icelandic banking collapse the European Union was recommending people invest there. The EU is a corporate fascist state as is the US. Why? Everytime they pass a law ostensably to protect public safety the real reason is corporate interest. For example, flourescent lighting in restaurant washrooms is not for hygene but so that you´ll feel aweful in front of the mirror and order the most healthy and expensive meal. Plastic bumpers are supposed to protect pedestrians , f..k the driver, but are there so the automobile industry can sell replacements which is where they make the real money. Ezra Pound, a reknown Italian poet and philosopher, defined fascism as a bourgeoise response to large corporations and bankers. Why? Because shelves were full but the people didn´t have money to purchase the goods. Sounds familiar, doesn´t it?
    Forget about occupying Wall Street: Occupy the country. No army on earth could sustain the casualties they would incur trying to take over rural America from an armed civilian population entrenched and dispersed. Band together in a park,street or square and you are easily contained.
    I´ve had my rant but the next time they tell you the ostensible reason for more shit legislation ask yourself who benefits.

    Comment by Guy de Simon — July 20, 2012 @ 6:05 pm

  3. Doesn´t it strike you as strange that Lagarde who was appointed head of the IMF is a lawyer and not an economist. But then so were the Clintons.
    By the bye, if you were truly worried about global warming shouldn´t we save energy and emissions by having corporations build durable goods without inbuilt obsolescence rather than tax people to support a global unelected hierarchy?

    Comment by Guy de Simon — July 20, 2012 @ 6:29 pm

  4. “the second global reserve currency is on the brink” did you all catch this part of the guys letter?

    The IMF (International Monetary Fund,created after WW2, is nothing but a control vehicle for the Powers That Be.
    Dominique Strauss-Kahn was it’s former director. It seems he didn’t do the U.S bidding enough and so a fake New York sex scandal was cooked up to replace him with a more U.S. compliant director. Only it seems she isn’t very competent.

    The elite/IMF have long had plans to supplant the U.S. Dollar as world reserve currency with another bogus fiat currency. Theirs is called the SDR. In reality, it is something up for manipulation just as we now see the present world fiat currencies. However it would be conductive to the elite to have just one world currency (which they control) in use. Likely it would be solely electronic in nature. Anyone out of line (i.e resisting the banking cartel) would have their access to this virtual currency denied. “Oppps, sorry sir/madam it seems you don’t have access to the system anymore. You’ve been erased”

    Evidently there are different squabbling factions of the banking cartel (just like different mafia families).
    Oh the irony, The IMF is now so dysfunction that its apparatchik minions are jumping ship.

    Comment by dee — July 21, 2012 @ 12:41 am


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