IMF warns governments to crack down on banks

| 31/03/2010

(Reuters): Key Group of 20 leaders and the International Monetary Fund have urged governments to redouble efforts in tightening up financial rules as some countries lag in curbing bank pay. World leaders congratulated themselves in Pittsburgh last September after agreeing to a sweeping set of reforms that apply lessons from the worst financial crisis since the 1930s. Turning pledges into coordinated action is facing resistance over timing and substance from some banks and countries. "One of the lessons of the crisis is that facing global challenges we need to have global answers," said IMF Managing Director Dominique Strauss-Kahn.  "This lesson is about to be lost," he said.

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  1. Joe Average says:

    Re-doubling efforts?   How can you re-double something you haven’t done yet?  Listen….  the money’s gone!  Yes!  It has disappeared!  And is now safely in the bank accounts of shady bankers and hedge fund managers.

    Where were all these bright lights at the IMF the past few years when this theft was taking place?  Looking the other way?  Or knee-deep in it themselves?

    "Well that’s it guys, we’ve milked the world dry.  But, because of new technology we were able to print money fast enough to avoid a disaster. 

    They should thank us.  But the peons probably won’t."

    So now they aretalking about closing the gate after the horse has gone.  This is a nice press release.  But it fails to do anything.  It’s hot air.  And while we’re on the farm analogy,  one fox is telling the other foxes to stay out of the hen house?  It’s unbelievable coming from the IMF.

    This is simply designed to pacify all the people throughout the world who have seen their life savings and pensions disappear, mass unemployment, and their economies ruined by the banking industry.  And, by IMF policies which impose gigantic debts so that multi-nationals can move in to countries, pay subsistence wages, and lower working conditions to the lowest common denominator.  The IMF is the financing arm of mulit-national corporations and nothing more. 

    It can’t pretend to be anything else because the results are all too obvious to countries indebted to the IMF and the conditions it imposes.  The IMF simply opens up new opportunities for exploitation.

    Furthermore, the IMF can not change the policies of banks, or of the governments which they own.  Because simply stated, their policies are the same. 

    Take from the top.  And keep on taking.  When in doubt….print more money.