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Worst of financial crisis yet to come: IMF chief economist
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Adam Dupont
The Raw Story
November 23, 2008
The IMF’s chief economist has warned that the global financial crisis is set to worsen and that the situation will not improve until 2010, a report said Saturday.
- A d v e r t i s e m e n t
Olivier Blanchard also warned that the institution does not have the funds to solve every economic problem.
“The worst is yet to come,” Blanchard said in an interview with the Finanz und Wirtschaft newspaper, adding that “a lot of time is needed before the situation becomes normal.”
He said economic growth would not kick in until 2010 and it will take another year before the global financial situation became normal again.
The International Monetary Fund on Friday promised to help Latvia deal with its economic crisis after it assisted Iceland, Hungary, Ukraine, Serbia and Pakistan.
But Blanchard said the IMF was not able to solve all financial issues, in particular problems of liquidity.
Withdrawals of capital leading to problems of liquidity “can be so significant that the IMF alone cannot counter them,” he said, adding that massive withdrawals of investments from emerging countries could represent “hundreds of billions of dollars.
“We do not have this money. We never had it,” he said.
The IMF had spent a fifth of its 250 billion dollar (200 billion euro) fund in the last two weeks, Blanchard added.
He also urged central banks around the world to cut interest rates, after the Swiss National Bank made a surprise one percentage point rate cut Thursday.
The central banks “should lower interest rates to as close to zero as possible,” he said.
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November 23rd, 2008 at 11:34 am
with the appointment of geithner and summers, the nwo has assured the mfd [mutual financial destruction]. there is no stopping it now. nationalize ,consolidate, america selliing of hard assets, default, new currency. this will now be our future, chum change is here. the greatest con job ever. wikipedia-BANK OF INTERNATIONAL SETTLEMENTS. that is where the 2 trillion dollars went.
November 23rd, 2008 at 12:24 pm
The Antichrist will TRY to starve us into submission.
Where will the Antichrist rule from ??
The same nation that attacked us on 9/11.
Convincing your friends and family members that 9/11 was total deception will HELP THEM to not submit to the Antichrist and his system.
Convincing everyone that 9/11 was not as we have been told will help everyone break free of the deception. This will be a protection from submitting to the system of the Beast and his mark. THIS is pure opposition to the Antichrist and the best of works.
Do not sit idle during these days of quiet….. WAKE EVERYONE UP to the truth of 9/11.
Just concentrate on the Pentagon attack. Ask everyone if they believe if a Boeing 757 hit the Pentagon and left no wreckage.
Show one picture of the pentagon lawn and they will 100% agree that it is impossible for a commercial airliner to crash there and not even burn all the grass.
Once they conclude 100% that the government is lying about the Pentagon attack the rest of story will slowly unravel.
CONVINCE EVERYONE that the Pentagon attack was a total farce……………. It only take 2 minutes and one picture.
November 23rd, 2008 at 3:02 pm
Everything we need to survive will cost so much———you get the picture. And it ain’t pretty.
November 23rd, 2008 at 3:14 pm
People need to understand, the Corporation of the US Government has no power over the people without consent. What is consent? Your drivers license, business license, Soc. Security #, Date of Birth, everything to do with your account set up with your birth certificate.
Take control of your own life, the New World Order is already in control, and you have submitted to it being your master already. http://www.ecclesia.org/forum/.....Temple.doc
Read it, check the facts, learn more, take back the life your Creator gave you, stop being a peon and support for scam and crime that is corruption!
November 23rd, 2008 at 5:20 pm
“I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a moneyed aristocracy that has set the government at defiance. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” Thomas Jefferson
November 23rd, 2008 at 5:48 pm
Actually it might be better if the IMF can’t do anything since they are the authors of so much misery.
November 23rd, 2008 at 5:54 pm
Claudia:
Bless your heart, you remind me of Claudia whom was Gladys, Carradoc’s daughter;the brave one re-named for her bravery and logistics, in saving her father’s life from the Senate and Roman Emperor, from the wars of the first century, between UK and Rome. See heirs of the Promise II from Amprom.org. Very important information for anyone of the Western world to realize, where we come from, our origins, who we are, and historical accuracy regarding our journeys since and before!
We have always been at war! And great women like yourself, help to lead and inspire.
I just love a smart articulate and honourable woman. Please continue onward!
Seal.
November 23rd, 2008 at 7:03 pm
well it’s easy for him to know that the worst is yet to come when he has a hand in it.
November 23rd, 2008 at 7:16 pm
Fuck the IMF. Get out of our country Nazi money changers before we are forced to take action.
November 23rd, 2008 at 7:17 pm
The last great depression lasted for 12 to 14 years depending on the criteria used to define a depression. The coming depression will not end. It has been engineered, planned, programmed and incrementally introduced, (NAFTA, GAT, NAU, EU, World Bank, illegal immigration, etc, etc, to bring down the economies of the world so they, (International Bankers) can offer their solution to the chaos they have created. It’s the New World Order. One government, (fascist totalitarian dictatorship) one currency, (theirs) one religion (Luciferian) . It is going according to their plans.
November 23rd, 2008 at 8:05 pm
claudia — one would think that telling people, showing them photos or footage of the 9.11 LIE, would be convincing, but for many, that’s not the case. if it was that ez, we’d not likely be in this place now. the people are dumbed down and clinging to their gov’t. for security. they see those of us who speak out against our government as the problem.
November 23rd, 2008 at 8:18 pm
How convenient! It seems to me that 2010 is the scheduled time for the global order to go online, as soon as they get the NAU organized they suddenly will get the world financial gloom all taken care of. NICE!
Once they’re done screwing up the worlds money affairs,and killing half of the global population, the weak people on the planet will be begging them for this NWO and they will promptly fulfill your demands! Problem, Reaction, Solution,
and the majority of people throughout the world will welcome it with open arms.
November 23rd, 2008 at 8:38 pm
We need a modern Renaissance!
November 23rd, 2008 at 8:39 pm
i just wanted to say #10 is right the recession was planned. i heard it would happen 2-3 months before it started. 2-3 months before first announcement of the subprime crisis on cnn almost a year ago. i told people on digg but they were in denial “were not in recession” and got dug down.
why should i try and save you guys. no one has done anything for me. i want to join the NWO.
November 23rd, 2008 at 10:19 pm
And what part is Soros playing in this mess?
November 23rd, 2008 at 10:41 pm
@ #14:
The problem with the NWO is that they plan a world with no middle class. Kings and peasants. If you’re not already a king, you’re not going to be one. Additionally, as soon as they achieve their coup, the first thing they’ll do is kill everyone involved in the coup. Now isn’t a good time to join, unless you’re looking to fill the position of disposable hatchet-man.
November 24th, 2008 at 12:35 am
~WHERES THE GOLD AT! a humorous yet educational anti NWO video is out…can you spot the leprechaun???
http://www.youtube.com/watch?v=3_8Cc_eWpAI
November 24th, 2008 at 1:49 am
Hold onto your hats folks…Citigroup is being bailed out to the tune of 300 Billion!!! Where in the hell are they gonna get it from when they have already commited half of the 700 Billion and stated that the other half was for Obama to decide? Looks like the printing presses are gonna have to work overtime to continue printing more money, which will only destroy the US Dollar much more quicker than anyone anticipated. GO BUY GOLD NOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
November 24th, 2008 at 7:16 am
First, Why wouldn’t you simply print more than one copy of some money with the same serial no. on it and spread them out amongst the world’s banks, I would have by now… Second, this whole thing was caused by people who were supposedly being paid to check 3 Credit reports,’Fico score’ or whatever before approving someone for a loan,.. that was their Job, right. Some people should be going to jail and sued for compensation of the bailout cash. Little fish will lead to bigger. It seems to me that the more money they shoveled out the bigger Someone’s bonuses were, gee maybe those folks should be chatted with huh etc…
November 24th, 2008 at 7:30 am
The banks need to be bailed,otherwise complete mayhem will exist in the banking industry.
If that happens America is in serious trouble.
The govt is doing the right thing .
November 24th, 2008 at 7:37 am
END THE FED AND THE IMF WILL FALL.
http://www.ipetitions.com/petition/AFTF_P_1/?e
November 24th, 2008 at 9:57 am
This problem is the same problem that has plagued capitalist economies since the dawn of the industrial revolution.
99% of the people who post here are not economist and don’t appear to have taken the time to understand economics nor economic history.
In my opinion, yes the situation will get worse with or without bank bailouts, auto bailouts, etc. because the problem is not there.
The problem is consumer debt.
Why are the consumers in debt?
The same reason that they have always been in debt.
From the financial crises of 1783-89, to the depressions of 1807-14, 1837-44, 1873-79, 1893-98, 1929-41, it is the same pattern.
Over production/under consumption.
The Federal Reserve System does make the situation worse by loaning all currency into circulation instead of having the government spend the currency into circulation, but even changing that would not solve the fundamental problem of capitalism and the transfer of wealth from labor to the wealthy few capitalists.
The effect is that labor can’t afford to consume its own output of goods and services that have been inflated to produce profit for the owners of capital.
Labor, underpaid, must borrow to consume its own output. It effectively must borrow from capital; that is where the profit went.
The present situation has been magnified due to the creativity of the banking system to allow labor to take on far more debt without collapsing under the burden of interest payments. But the effect was only to delay the inevitable collapse and to deepen the debt level.
In the past, we postponed these cycles by exporting our excess production to foreign markets, creating debt in those nations. But that also only delayed the cycle.
Are the stores empty?
Are the car lots empty?
Are there too few homes for sale?
No, they are full and wages were paid to fill those stores, those car lots, to build those homes.
But the wages weren’t enough to purchase back that output.
Steve
November 24th, 2008 at 10:11 am
Who cares? We need this culling for the evil to be flushed from our system of finance. However, with a corrupt government or should we say people; what do we expect? What we deserve is obvious– is it not?
November 24th, 2008 at 11:07 am
Bloomberg reports that: “The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.”
November 24th, 2008 at 12:02 pm
Per comment #23 machinehead61 – Very well stated. “History is prologue: Learn the lessons of history.”
These discussion forums are always far more useful when participants bring historical, legal and relevant FACTS to the table so we can all be better informed and better armed with the truth.
It is important that historical relevant facts and the truth be REPEATED OVER, AND OVER AND OVER AGAIN – the same tool evil uses to deceive people (repeating a lie over, and over until it becomes “truth” to the deceived – i.e. the govt’s 9/11 conspiracy theory fable, OKC ‘lone bomber/one bomb fable, etc. etc)
I’ll save your historical recitation for future reference and refreshment. Thanks for speaking up, machinehead61.
November 24th, 2008 at 12:41 pm
Reposting this under anything financial.
WARNING: Obama’s economic gang – Fasten your belt
http://www.thecatsdream.com/bl.....fasten.htm