More money for wasting by the IMF
John Redwood MP has a comment on the disgraceful amount of wastage being undertaken by the IMF now under the control of the clearly inadequate Mme Christine Lagarde, the dangers of whom this blog repeatedly warned. My comment to his lament was as follows:
The Daily Telegraph also has a prominent article on the ongoing scandal at the IMF, linked here. All very gratifying for this blogger in that my early advice of this new demand for funds, made here over the weekend, has gathered such quick support.
The solution lies in the hands of the IMF and will depend, no doubt, on the votes cast, or influence applied, by its members. America will be the key. If the US administration becomes convinced that extending the agony of the euro currency for yet more months and years into the future, (as proposed by Angela Merkel on TV as reported in my first posting of today, immediately beneath this), cannot possibly be in the best interests of the world economy and a rapid economic recovery, then perhaps they will act at the IMF and ban further granting of IMF funds to EU member states unable to devalue due to their membership within the Euro Group!
It is surely clear that the world must NOW impose their chosen solution upon the Euro Group, as they are unable to act on their own, events of the past two years and especially the last few weeks, prove that beyond any shadow of doubt!
The Daily Telegraph also has a prominent article on the ongoing scandal at the IMF, linked here. All very gratifying for this blogger in that my early advice of this new demand for funds, made here over the weekend, has gathered such quick support.
The solution lies in the hands of the IMF and will depend, no doubt, on the votes cast, or influence applied, by its members. America will be the key. If the US administration becomes convinced that extending the agony of the euro currency for yet more months and years into the future, (as proposed by Angela Merkel on TV as reported in my first posting of today, immediately beneath this), cannot possibly be in the best interests of the world economy and a rapid economic recovery, then perhaps they will act at the IMF and ban further granting of IMF funds to EU member states unable to devalue due to their membership within the Euro Group!
It is surely clear that the world must NOW impose their chosen solution upon the Euro Group, as they are unable to act on their own, events of the past two years and especially the last few weeks, prove that beyond any shadow of doubt!
Labels: Britain's IMF Contributions, Euro collapse
posted by Martin at 8:20 AM
http://www.imf.org/external/pubs/ft/aa/index.htm#a5s3
A Section 5 notification should be made under the Articles of Agreement of the IMF in respect of any IMF member who is a participant in the EMU:
Section 5. Ineligibility to use the Fund’s general resources
Whenever the Fund is of the opinion that any member is using the general resources of the Fund in a manner contrary to the purposes of the Fund, it shall present to the member a report setting forth the views of the Fund and prescribing a suitable time for reply. After presenting such a report to a member, the Fund may limit the use of its general resources by the member. If no reply to the report is received from the member within the prescribed time, or if the reply received is unsatisfactory, the Fund may continue to limit the member’s use of the general resources of the Fund or may, after giving reasonable notice to the member, declare it ineligible to use the general resources of the Fund.