When the profligate leftists at the International Monetary Fund start to worry about a nation’s economy, you know there’s a problem.
But worried they are. Worried that the geniuses in the Obama administration have no rational strategy to stop our piling up public debt and that the policies they do have may trigger another worldwide economic crisis.
Financial Times has the depressing details:
In an unusually stern rebuke to its largest shareholder, the IMF said the US was the only advanced economy to be increasing its underlying budget deficit in 2011 at a time when its economy was growing fast enough to reduce borrowing.
To meet the 2010 pledge by the Group of 20 countries for all advanced economies – except Japan – to halve their deficits by 2013, the US would need to implement tougher austerity measures than in any two-year period since records began in 1960, the IMF said. In its twice-yearly Fiscal Monitor, the IMF added that on its current plans the US would join Japan as the only country with rising public debt in 2016, creating a risk for the global economy.
Carlo Cottarelli, head of fiscal affairs at the Fund, said: “It is a risk that if it materialises would have very important consequences … for the rest of the world. So it is important that the US undertakes fiscal adjustment in a way sooner rather than later.”
The only problem with the IMF’s assessment is that it ignores the distinct possibility that the Obama administration wants to trigger another global meltdown.
No?
Source: Financial Times
View Comments (11)
We either have a complete economic illiterate as president that thinks 1+1=POTATO or a true Manchurian president. Either way, we will not enjoy the time ahead.
Gosh, and now they're concerned. Only now, after the IMF and it's well heeled and deep pocketed allies in the UN, Russia, China and elsewhere have pushed our economy out the door of the C5A Galaxy we're flying to fiscal hell in, do they worry about what might be in store for them as a result of their complicity? We're all tied to the same failed parachute and we're likely gonna do a Mae West all the way down! Well, they should have thought about that before they tossed us off the plane! Sometimes it really sucks when a plan comes together.
Haven't the guys at the IMF ever heard of Cloward Priven?
You would think they would be complaining that the rest of the "advanced economies" weren't borrowing enough!
Isn't it funny that the "advanced economies" borrow from the advancing economies?
.
A strategy.....try this one......
STOP SPENDING
Guess the IMF doesn't realize all those billions Obabbler spent weren't simply flushed down the tubes, they were INVESTED (the same way a junkie "invests" in needles and nickle bags.) Gosh, those IMF guys are racist.
We're boned..
I wish we could return to the 90's.. when the proof was in the pudding. Tasty surplus pudding. Clinton and Gingrich had some sense in them, in some respects.
Sad but true! However, Barack Obama will spin it yet another way.
http://gulagbound.com/15301/why-marxists-are-campaigning-against-the-us-defense-budget
Good think I have plenty of silver. Real, hard silver. Physically in my possession.
What's your address, Curtis?
Right here:
http://maps.google.com/maps?ll=37.892809,-85.974709&spn=0.01,0.01&t=m
However, it is a bit difficult to get things out at the moment, unless your name is Barry.
Contrary to what the media tells you, conservatives are not idiots.