“A year ago,” said law professor Ross Buckley on Australia’s ABC News on September 22, “nobody wanted to know the International Monetary Fund. Now it’s the organiser for the international stimulus package which has been sold as a stimulus package for poor countries.”
The IMF may have catapulted to a more exalted status than that. According to Jim Rickards, director of market intelligence for scientific consulting firm Omnis, the unannounced purpose of the G20 Summit in Pittsburgh on September 24 was that “the IMF is being anointed as the global central bank.” Rickards said in a CNBC interview on September 25 that the plan is for the IMF to issue a global reserve currency that can replace the dollar.
The Dollar Needs to be Devalued by Half?
Reducing the value of the dollar means that our hard-earned dollars are going to go only half as far, which is not a good thing for Main Street. In fact, the move is designed not to serve us but the banks. The dollar needs to be devalued to compensate for a dilemma in the current monetary scheme that is even more intractable than Triffin’s, one that might be called a fraud.
There is never enough money to cover the outstanding debt, because all money today except coins is created by banks in the form of loans, and more money is always owed back to the banks than they advance when they create their loans. Banks create the principal but not the interest necessary to pay their loans back.
The Fed, which is owned by a consortium of banks and was set up to serve their interests, is tasked with seeing that the banks are paid back; and the only way to do that is to inflate the money supply, in order to create the dollars to cover the missing interest. But that means diluting the value of the dollar, which imposes a stealth tax on the citizenry; and the money supply is inflated by making more loans, which adds to the debt and interest burden the inflated money supply was supposed to relieve. The banking system is basically a pyramid scheme, which can be kept going only by continually creating more debt.
The IMF’s $500 Billion Stimulus Package: Designed to Help Developing Countries or the Banks?
And that brings us back to the IMF’s stimulus package discussed by Professor Buckley. It was billed as helping emerging nations hard hit by the global credit crisis, but Buckley doubts that is what is really going on. Rather, he says, the $500 billion pledged by the G20 nations is “a stimulus package for the rich countries’ banks.” He notes that stimulus packages are usually grants. The money coming from the IMF will be extended in the form of loans.
"These are loans that are made by the G20 countries through the IMF to poor countries...the poor countries will spend the next 30 years repaying the IMF."
The loans extended by the IMF represent an increase in seniority of the debt. That means developing nations will be even more firmly locked in debt than they are now.
As long as third world debtors can service their loans by paying the interest on them, the banks can count the loans as “assets” on their books, allowing them to keep their pyramid scheme going by inflating the global money supply with yet more loans. It is all for the greater good of the banks and their affiliated multinational corporations; but the $500 billion in funding is coming from the taxpayers of the G20 nations, and the foreseeable outcome will be that the United States will join the ranks of debtor nations subservient to a global empire of central bankers.
Source: THE IMF CATAPULTS FROM SHUNNED AGENCY TO GLOBAL CENTRAL BANK
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