July 20, 2011

How the EU has infiltrated the IMF


Imf logo The Alien euro-creature: or as Ripley said, 'How do we kill it, Ash? There's gotta be a way of killing it. How?'

Yesterday the Washington-based International Monetary Fund released an official statement from Antonio Borges, the director of its European department, about the rolling crisis in the eurozone.

Now, background: given the purpose and methods of the IMF, it was a surprise when it became entangled last year with the EU and its bail-outs. The Brussels-directed 'rescues' excluded the possibility of debt-crushed eurozone countries such as Greece being allowed to default. Yet the IMF's way of operating usually includes as a first step a default on the struggling country's sovereign debt. But the EU sucked the IMF into the eurozone problems as a junior partner anyway.

You can reckon the IMF only agreed to this because at the time Dominic Strauss-Kahn was running the fund and he wanted to paint himself as the saviour of the eurozone -- that would be his selling pitch for the French presidential election.

Terrifric, he's gone, but now unfortunately Christine Lagarde, another French euro-cult technocrat is in charge. Despite her appointment, some of us had hopes that the most powerful of the IMF's 187 members would insist the fund pull back on involvement in the eurozone: they have realised by now that what is supposed to be liquidity provided by 187 different nationalities of taxpayer, all to be repaid, is in fact billions poured down a deep, deep hole, little of which will ever be recovered.

So yesterday's announcement from Director Borges of the IMF's European department was a surprise. Instead of saying --as one would expect any IMF expert to say -- that it's time for the weak eurozone countries to get out of the poisonous currency union and default on their debts, the director said: 'To put the crisis behind, we need more Europe not less.' He went on about expanding the bail-out fund into a vehicle for buying government bonds and to recapitalise banks.

That is not Washington straight talk, 'more Europe' is Brussels code for 'we need to take more power away from member states and their parliaments, and give it to the EU and its eurocrats.'

I couldn't understand how that perfect European Commission propaganda line come out of the IMF headquarters in Washington. So I checked out what path Borges took to the IMF: the 2010 annual report of European Corporate Governance Forum -- a creature of and advisor to the European Commission -- lists the Portuguese Borges as a member. He also worked on the whole economic and monetary union project.

Alien-The_Chestburster wiki Ridley Scott covered this situation in a 1979 film: there is an Alien forming in the host...          


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