Jim’s Mailbox

Posted at 8:36 AM (CST) by & filed under Jim's Mailbox.

Jim,

The IMF has always proposed one solution to problems: Let them eat cake. IMF = Instant Misery Follows!

I don’t believe in reckless spending, but with a Hungarian Debt to GDP of under 3%, when is enough, enough?

Look at our own numbers!

United States Government Debt To GDP – TRADING …

The United States is expected to record a Government Debt equivalent to 101.60 percent of the country’s Gross Domestic Product in 2012. Government Debt To GDP in the …

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This is from Mises site:

“after 2008, because the Fed began to pay interest on excess reserves [which] induced the banks to maintain excess reserves at the Fed instead of lending and creating deposits to absorb the increased reserves, as they would have done before 2008.

As a result, the volume of excess reserves held at the Fed increased from less than $2 billion in 2008 to $1.8 trillion now, effectively severing the link between Fed bond purchases and the resulting stock of money.”

You don’t’ have to look far to see why our economy hasn’t grown.  The money hasn’t gone into it!  It’s gone to banks to shore them up and allow them to make profits at the expense of the U.S. Citizens.

Free money (to banks)… Free Profits (for banks).

And you know what the citizens get!

Is the world waking up to the Big Banking Agenda? Let’s hope so!

Yours in Gold,
CIGA Wolfgang Rech

‘No Longer Necessary’: Hungary Wants to Throw Out IMF

A long-running dispute between Hungary and the International Monetary Fund escalated on Monday when the head of the country’s central bank called on the IMF to close its office in Budapest, saying it was no longer needed.

Relations between the government of Hungarian Prime Minister Viktor Orbán and the International Monetary Fund have never been especially good. Now they have hit rock bottom.

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Some readers’ comments:

1. IMF serves a worldwide government
titus_norberto 07/16/2013

Hungary is correct, the IMF is an intrusion into nations sovereignty and violates the principle of jurisdiction. The real aim of the IMF created at the end of WW II is to save the biggest financial bubble in the history of humanity, namely the US dollar.

2. The IMF has done harm before
Julie W 07/16/2013

Good on Hungary. Let’s not forget the massive debts and problems the IMF left Central and South America with. Plenty of "loans" so the governments could contract Bechtel, Halliburton and other US companies whose execs hold key, non-elected positions in the US government.

Dear Wolfgang,

There is a more pressing reason why the financial industry will not let go of the liquidity that it has obtained since TARP and Bail-out. This is too delicate and shocking to write about. It is best discussed at our private Q&A.

Regards,
Jim