Friday, June 1, 2012

IMF, Cease - Forever - Trying to Completely Deregulate Cross-Border Finance

You never know what those wacky 1% at the IMF are STILL up to. Is Jamie Dimon on THEIR board too?

Very interesting commentary on what the IMF has been pushing, and still could get away with "promoting". Still intent on winning Royalty's war against reform?

Historic moment for the IMF

"In the 1990s however, the IMF pushed to ... effectively deregulate global financial flows."


"The attempt of the IMF to acquire authority over countries’ capital account was rejected."

And now:

"the institution that pushed for global de-regulation of cross-border finance in the 1990s now says that: capital account liberalization is more of a long-run goal and is not for every country at all times"

Whoa!  Thanks for small favors, at least for now.

Evidence is briefly reviewed, and the authors of this article conclude:

"So, the view that all nations should eventually completely deregulate cross-border finance should be put to rest."

Ya think?  You mean it's not yet?  What good is a sovereign currency if a international bank cartel dictates it's limits on YOUR current-account levels?


Rodger Mitchell said...

Unfortunately, the euro is not a sovereign currency for the euro nations, only for the EU.

I don't know why anyone would be surprised at the crisis. I predicted this in a speech on June 5, 2005, when the euro was still riding high.

I said, "because of the Euro, no euro nation can control its own money supply. The Euro is the worst economic idea since the recession-era, Smoot-Hawley Tariff. The economies of European nations are doomed by the euro."

Tom Hickey said...

The EZ nations running deficits (which include trade deficits to the core, especially Germany) are borrowing in a currency that they do not control, effectively borrowing in a foreign currency, which in the instance is proving to be controlled by Germany.

JK said...

Hey Tom…

I tried this one on RMM at his site, but (I think) he said he was too old for it :)

What would it take to convince you to come to UMKC for a talk this fall?

(btw, RMM, i'd love to get you here as well. What would it take?)

Just an invitation with expenses paid? Or a profit too? I'd be happy to work on organizing it.

Tom Hickey said...

I'm too old for it too, JK. Travel now bears a cost in wear and tear. Thanks for the offer though.

JK said...

Tom, RMM put up a very clear summary of his criticisms of the JG today at Monetary Sovereignty. Seems worth cross-posting.