“First they ignore you, then they ridicule you, then they fight you, then you win.” – Mahatma Gandhi

Sunday, February 8, 2009

Want a bit more gloom and doom?

I know you don't, neither do I. But it just keeps on coming and it keeps gettin' worse. Or, as my young nephew says, it gets worser and worserer.

IMF may run out of cash to fight crisis in six months, Strauss-Khan warns
Dominique Strauss-Kahn said the Fund needed an urgent cash infusion if it was to continue bailing out troubled economies in the future. Mr Strauss-Kahn also indicated that the world's advanced economies were now tipping from recession into full-blown depression, cementing fears about the scale of the economic slump in rich nations.
The IMF head made the comments in Kuala Lumpur in Malaysia over the weekend, where he is attending a meeting of central bankers from Southeast Asia. The Fund has bailed out a number of countries including Iceland, Latvia and Pakistan but Mr Strauss-Kahn said there would be many others in need of help in the months ahead.
If you read the entire article, about half way down it says, "The Fund is seeking pledges from nations with large current account surpluses and foreign exchange reserves to donate it cash to help bolster troubled countries. "

Japan is mentioned. I'm not sure who else is left in the world with a surplus AND a willingness to help. Can you see Iran volunteering to help bail out Great Britain? the United States?

It was an interesting article in that it shows just how tough things are in our old world.

I don't understand why the IMF (International Monetary Fund) doesn't follow our example and print whatever money they need. Shoot, why aren't these countries that think they're in dire need doing what we're doing?

Here's an idea - if they're not willing to print their own, maybe we could lease out our presses or print whatever they need for a percentage of something that's worth something.

Hopefully you're catching the sarcasm?

Worser and really worserer.

1 comment:

Grace Explosion said...

I busted out laughing when I saw your title to this article. lol

It is getting better. Look forward to what will happen. Such a great nation,imo, will be birthed out of the demise of this one.