IMF, World Bank 2013 annual meeting in Washington

WASHINGTON, Oct 9 (Reuters) - Finance ministers and central bankers from around the globe are gathering in Washington this week for meetings of the International Monetary Fund and World Bank. In addition, finance officials from Group of 20 nations are meeting on the sidelines. Following is a schedule of top events. All times listed are in EDT/GMT. Thursday, Oct. 10

0845/1245 - World Bank Group President Jim Yong Kim holds press briefing. 0930/1330 - IMF Managing Director Christine Lagarde holds press briefing. 1000/1400 - Turkey Deputy Prime Minister Ali Babacan speaks on the Turkish economy and foreign policy. 1030/1430 - European Central Bank Executive Board Member Joerg Asmussen participates a in a discussion on the euro zone at the Woodrow Wilson Institute.

1100/1500 - Reserve Bank of India Governor Raghuram Rajan speaks at Johns Hopkins University. 1130/1530 - India Finance Minister Shri Palaniappan Chidambaram speaks before Carnegie Endowment. 1200/1600 - IMF Managing Director Christine Lagarde speaks before Bretton Woods Committee 2013 International Council Meeting. 1230/1630 - Reserve Bank of India Governor Raghuram Rajan and Singapore Finance Minister Tharman Shanmugaratnam participate in a discussion on emerging markets before the Bretton Woods Committee holds its 2013 International Council Meeting in Washington.

Source

So the worst scumbags on the planet are meeting in Washington to discuss our financial future in the middle of a government shutdown. How ironic is that? In the grand scheme of things,these people and the institutions they represent are directly responsible for the mess we're in right now.

I'd love to see every one of them arrested and charged with fraud and war crimes,but unfortunately we're more likely to be blindsided with a new world currency before we even get a chance to default on our debts.

The timing is certainly interesting. I'll definitely be watching to see what unfolds.

Could you expand a little more on the mention of a new currency? How would it be implemented? What would it mean for those with a lot of money? For those with little?

S&F

reply to post by Bone75

I'd love to see every one of them arrested and charged with fraud and war crimes,but unfortunately we're more likely to be blindsided with a new world currency before we even get a chance to default on our debts.

Certainly looks like the government was shut down until OUR MASTERS got a chance to meet and decide our fate.

(I would like to add a scarcasm tag but unfortunately I now know too much to do so.)

Director-General of the World Trade Organization, Pascal Lamy wrote

In the same way, climate change negotiations are not just about the global environment but global economics as well — the way that technology, costs and growth are to be distributed and shared. Can we maintain an open trading system without a more coordinated financial system?

Can we balance the need for a sustainable planet with the need to provide billions with decent living standards? Can we do that without questioning radically the Western way of life?...

globalization is blurring the line between national and world issues, redefining our notions of space, sovereignty and identity. As we saw during the recent financial crisis, economic turbulence in one country now sends shockwaves worldwide.

And finance is not the only area where domestic issues are turning into global concerns. Countries claim the right to use national resources as they see fit. But the byproduct can be greenhouse gases... [Well that certainly answers the question of why the UN created the Global Warming Scare.]

The reality is that, so far, we have largely failed to articulate a clear and compelling vision of why a new global order matters — and where the world should be headed. Half a century ago, those who designed the post-war system — the United Nations, the Bretton Woods system, the General Agreement on Tariffs and Trade (GATT) — were deeply influenced by the shared lessons of history.

All had lived through the chaos of the 1930s — when turning inwards led to economic depression, nationalism and war. All, including the defeated powers, agreed that the road to peace lay with building a new international order — and an approach to international relations that questioned the Westphalian, sacrosanct principle of sovereignty...

In other words the decision was made by our great grandfathers to get rid of national sovereignty and the US Constitution. The architect of the Bretton Woods system (the World Bank and IMF used to control third world countries) was a Soviet Spy, in the US Treasury Dept. Harry Dexter White.

Once you understand a World Govenment is the actual goal of the Traitors in D.C. everything else falls in place.

Either the people in power in Washington and the financial community are total dimwits or they are manipulating an opportunity to redistribute wealth from taxpayers, equity owners and pension funds to the financial sector. [Paul Craig Roberts was Assistant Secretary of the Treasury] www.countercurrents.org...

(2009) Stewart Dougherty, a specialist in inferential analysis, agrees. It is now "statistically impossible for the United States to pay its obligations". www.silverbearcafe.com...
Is there a Cure?? YES!

Make Bankers abide by the same laws the rest of us are forced to abide by, AND DO IT NOW.
"The Return to Sound Money,"
Mises recommended no "scientific" government monetary policy whatsoever. He recommended private ownership, the State's enforcement of all contracts, and legal sanctions against private violence As he wrote in his 1927 book, Liberalismus, "This is the function that the liberal doctrine assigns to the state: the protection of property, liberty, and peace"....

No government agency or committee can design and operate a monetary system that would avoid the problems associated with wealth redistribution from those who gain access to new money late in the process to those who gained access early.

The first step must be a radical and unconditional abandonment of any further inflation. The total amount of dollar bills, whatever their name or legal characteristic may be, must not be increased by further issuance. No bank must be permitted to expand the total amount of its deposits subject to check or the balance of such deposits of any individual customer, be he a private citizen or the U.S. Treasury, otherwise than by receiving cash deposits in legal-tender banknotes from the public or by receiving a check payable by another domestic bank subject to the same limitations. This means a rigid 100 percent reserve for all future deposits; that is, all deposits not already in existence on the first day of the reform (p. 448).

“In “Human Action”, Mises said that the government's task is to enforce contracts. Among these contracts are contracts for redeeming money-certificates for money metals on demand. He defined a money-certificate a receipt for a money metal that has 100% of the promised metal in reserve. He said that banks should not be favored by the government. They should not be allowed the right to break contracts, which is what a refusal to redeem money-certificates on demand is. "What is needed to prevent any further credit expansion is to place the banking business under the general rules of commercial and civil laws compelling every individual to fulfill all obligations in full compliance with the terms of the contract"”

Mises former disciple, F. A. Hayek, shared the Nobel Prize. Hayek won on the basis of his theory of the business cycle, developed in the 1930's, which was based almost entirely on Mises's Theory of Money and Credit, and also for his theory of the free market as a transmitter of accurate information, a theory developed originally by Mises. While enrolled at the London School of Economics in the 1930s. David Rockefeller was personally tutored in economics by none other than Professor Friedrich A. Hayek.

The cure is therefore well known to our political leaders and has been since the 1930s. This means the destruction of the US economy and the economies of the rest of the Western World was done deliberately and with malice aforthought.


Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves. - Norm Franz

reply to post by crimvelvet

Can we balance the need for a sustainable planet with the need to provide billions with decent living standards? Can we do that without questioning radically the Western way of life?...

Okay, aren't these the same gangsters who are investing heavily in coal powered power stations in China? Lies damn lies!!!

It's a business cycle alright. Only the businesses have all moved to China and India and taken their money with them.

The U.S, in fact all Western countries have been done up like a kipper and there is no way back now as far as I can see.

Ah the world bank meeting. Nowhere else could you find such a wretched hive of scum and villainy...

My question is who's providing the security? Surely it couldn't be the U.S, if that were to happen there would be a lot of angry people. If there is no money then how could the govt afford a security detail? conversely if there is no money, why should security forces be asked to risk their lives (for no pay) to protect people who may have had a helping hand in the whole crisis?

I've love to be a fly on the wall when the real meetings happen behind closed doors. In the press conferences all you will hear about is how they're 'working towards a solution' or 'making positive steps', I bet it's a far cry from what's discussed after the media blackout.

Where in Washington is this being held? I have heard that there's lots of free space in the park if the weather holds out!

reply to post by daryllyn

Could you expand a little more on the mention of a new currency?

From the IMF (International Monetary fund)
Special Drawing Rights (SDRs)
The role of the SDR

The SDR was created by the IMF in 1969 to support the Bretton Woods fixed exchange rate system. A country participating in this system needed official reserves—government or central bank holdings of gold and widely accepted foreign currencies—that could be used to purchase the domestic currency in foreign exchange markets, as required to maintain its exchange rate. But the international supply of two key reserve assets—gold and the U.S. dollar—proved inadequate for supporting the expansion of world trade and financial development that was taking place. Therefore, the international community decided to create a new international reserve asset under the auspices of the IMF.

However, only a few years later, the Bretton Woods system collapsed and the major currencies shifted to a floating exchange rate regime. In addition, the growth in international capital markets facilitated borrowing by creditworthy governments. Both of these developments lessened the need for SDRs....

The Future of Reserve Currencies Finance & Development, September 2009, Volume 46, Number 3

For nearly a century, the U.S. dollar has reigned supreme, but are those days over?

THE global economic crisis has again raised the question of the future of reserve currencies. For nearly a century, the U.S. dollar has reigned supreme as the world’s top international money. In recent decades, however, confidence in the greenback has been undermined by the United States’ persistent current account deficits and growing foreign debt. Increasingly, observers have predicted an end to the dollar’s dominance. For many, the dollar’s fate seemed sealed following the collapse of the U.S. housing market in mid-2007, which triggered the greatest upheaval in U.S. financial markets since the Great Depression...

But that begs a critical question: What would replace the dollar? Some say it will be the euro; others, perhaps the Japanese yen or China’s renminbi. And some call for a new world reserve currency, possibly based on the IMF’s Special Drawing Right or SDR, a reserve asset. None of these candidates, however, is without flaws. In fact there is no obvious alternative to the dollar lurking in the wings,...

At this point things get interesting.
Both Russia and China want to see the end of the US Dollar as the World Reserve Currency.
Pitched Currency War & USDollar Rejection

You then had the The Cyprus Bank Haircut in May 2013 that directly impacted Russia.

In May 2013 Australia Enters Direct Currency Trading Agreement With China

In July 2013 China Maneuvers To Take Away U.S.' Dominant Reserve Currency Status

On September 05, 2013 the BRICS countries, China, Russia, Brazil South Africa and India decide to thumb their nose at the IMF and World Bank. BRICS agree to capitalize development bank at $100bn

At this point you need to look at GOLD.
Congress has no idea of how much gold is in Fort Knox. The banks won't let them count it. Calculations show the USA has no 'Good Deliverable Gold' left. The Great American Disaster: How Much Gold Remains In Fort Knox? Remember this was the gold confiscated from US citizens by FDR to back the Federal Reserve bank script.

So what is going on now. FIrst China for several years has encouraged her citizens to BUY GOLD. China Urges Citizens to Buy Gold and Silver Next the Chinese government has been buying up gold. China Working Quietly To Buy Up Gold

Putin Turns Black Gold to Bullion as Russia Outbuys World

Next is Mining Gold.
Global Gold Mining Production For the map, click the center then hover over a country. For the actual amounts go to the bottom left of the map and click the magnifying glass.

Three of the BRICS countries have increased gold mining and they are the world's top producers. The US has gold But the UNITED NATIONS BLOCKED the mine near Yellowstone. LINK As does Dianne Feinstein’s Surreptitious California Desert Protection Act: ...This desert preserve would increase by 29,000 acres to include a former gold mining area.

Note as the price of gold rises 'Former' mines become profitable again.

In a nutshell Russia and China want to get rid of the USDollar as reserve currency they indicated they wanted IMF SDRs instead. The Banksters said NO! Russia and China then started purchasing or mining gold as fast as they can while the idiot traitors we have as politicians BLOCK our access to our gold. The BRICS countries including the three larges gold producing nations are forming an international bank and China has a side deal on currency with the fifth top gold producer.

The fecal material must really be hitting the pants of the Banksters who thought they had all the top cards in getting a World Government THEY controlled.

reply to post by daryllyn

Could you expand a little more on the mention of a new currency?

To add a bit more spice to the whole situation you need to add in the actions of the traitorous President Clinton.

First you have to understand the mindset of Clinton and the others. The whole situation depends on your stand on INTERDEPENDENCE.

"Economic Interdependence and War: A Theory of Trade Expectations,"
Does economic interdependence increase or decrease the probability of war among states?

...Liberals argue that economic interdependence lowers the likelihood of war by increasing the value of trading over the alternative of aggression: interdependent states would rather trade than invade. As long as high levels of interdependence can be maintained, liberals assert, we have reason for optimism. Realists dismiss the liberal argument, arguing that high interdependence increases rather than decreases the probability of war....

In anarchy, states must constantly worry about their security. Accordingly, interdependence - meaning mutual dependence and thus vulnerability - gives states an incentive to initiate war, if only to ensure continued access to necessary materials and goods.

The unsatisfactory nature of both liberal and realist theories is shown by their difficulties in explaining the run-ups to the two World Wars. The period up to World War I exposes a glaring anomaly for liberal theory: the European powers had reached unprecedented levels of trade, yet that did not prevent them from going to war. Realists certainly have the correlation right - the war was preceded by high interdependence - but trade levels had been high for the previous thirty years; hence, even if interdependence was a necessary condition for the war, it was not sufficient...

So the entire argument is based on whether interdependence prevents war. This explains Clinton's actions while he was president.

Chasing the Dragon: Clinton's China Policy

...Bill Clinton took contributions he knew came from China, and played another angle as well. US companies wanted to sell China military technology, but the sales were prohibited by law. Economic sanctions for the Tiananmen square massacre and restrictions on technology exports prevented these companies from selling China the armaments they wanted.

In return for campaign contributions, the President shifted regulation of technology exports from the State Department to the free-wheeling Commerce department. The administration also relaxed export controls and allowed corporations to decide if their technology transfers were legal or not. When easing restrictions wasn't enough, Clinton signed waivers that simply circumvented the law. The President's waivers allowed the export of machine tools, defense electronics, and even a communications system for the Chinese Air Force.

Bernard Schwartz and Michael Armstrong, the CEOs of Loral and Hughes, each donated over one million dollars to Clinton's re-election campaign. These companies had an interest in seeing China develop reliable missiles to loft their satellites into orbit. Clinton arranged direct talks between Bernard Schwartz and a Chinese general to improve China's rocket technology. Michael Armstrong was made head of the Export Advisory Council. Both companies were allowed to upgrade the launching and guidance of China's missiles.

Clinton even involved the Department of Energy, caretaker of our nuclear weapons, in his fundraising schemes. In 1994 and '95 then Energy Secretary Hazel O'Leary accompanied Johnny Chung, John Huang, Charlie Trie, and Bernard Schwartz on trade missions to China. Shortly afterward the DOE relaxed security at US weapons labs. Wen Ho Lee, an ethnic Chinese physicist assigned to Los Alamos, illegally transferred data on nuclear warheads to his private computer files.

In June of 1995, the CIA learned that China had stolen the crown jewels of our nuclear arsenal, including the neutron bomb and the W-88 miniaturized warhead....

.... Bill Clinton's China policy has been venal at best, treasonous at worst. He is responsible for China's rise as a militant, nuclear armed threat to the United States. China has grown from an agrarian backwater into the world's third largest economy on Clinton's watch. While or yearly trade deficits with China have risen to 70 billion dollars a year, they have been the world's fastest growing economy. China has become a colossus precisely because of our trade deficits.

With their new wealth, China has sought military parity with the United States.....

China also has been routinely invading the computer systems of Oak Ridge Laboratory, American universities and corporations to grab as much new technology as they can and patent it first.

Anyone who has every dealt with a bully understands the ONLY policy that works is "Walk softly and carry a big stick" Civilization is only skin deep and men are predators by nature. Clinton and the others have just handed over the sleeping Chinese Dragon the Big Stick. A China that is run by a dictator. You do not get to be a dictator if you are not a top predator. The UN bureaucrats and Bansters have just realized this.

As I said the fecal material is now hitting the seat of the pants.

I would strongly suggest taking courses in Mandarin.

reply to post by crimvelvet


Is there any gold in Fort Knox? I have read several times that certain politicians have requested access to Fort Knox to determine exactly how much is in there, but they have been prevented from doing so.

Dr Peter Beter first hi-lighted this concern back in the 70's.

reply to post by Cobaltic1978

Okay, aren't these the same gangsters who are investing heavily in coal powered power stations in China?

Very much so.

If you really want to scare yourself read up on whether or not the Holocene is going to be a half precession cycle interglacial or a double precession cycle. Read about Chaos Theory and Strange Attractors (warm regime -now and cold regime - Ice Age) and the sudden climate change from one regime to the other. The change from the Wisconsin Ice Age to the Holocene interglacial happened in THREE YEARS! (“Abrupt Climate Change – Inevitable Surprises”, Committee on Abrupt Climate Change, National Research Council of the National Academy of Sciences, 2002, ISBN: 0-309-51284-0, 244 pages, Richard B. Alley, chair)

Five of the last six interglacials have each lasted about half a precession cycle. The precession cycle itself varies between 19,000 and 23,000 years and we are close to the 23kyr point now, making 11,715 years about half……..which is why this has relevance. Believe me China and Russia know this. There are tons of scientific papers on this subject going back to 1972 (I have been reading them) but they never make it to the News Media.

Stripping Western Civilization of decent energy generation (nuclear and pertrochemical) given the above is a death sentence.

reply to post by Cobaltic1978

Is there any gold in Fort Knox?

You are correct the Fed has always blocked any accounting of the gold in Fort Knox. As I said probably not any 'Good Delivery' gold

...“Good delivery” gold is gold that is at least .995% pure. Pure gold is .9999 fine. However, gold is allowed to be .995 fine and still be acceptable to buyers, such as central banks and sophisticated investors. All of the gold that had left Ft Knox before the window closed 39 years ago today was “good delivery."


The shocking admission Ft Knox holds very little good delivery gold was made to Mr. Durell by the chief official of the General Accounting Office (GAO). This happened a few months after the September 1974 tour....

...Only foreigners were legally able to turn in their US dollars and get gold from the US Government from 1934 to 1971. August 15 of that year closed off that last power of convertibility.

In 1934, gold was confiscated from US citizens, melted from coins into bars, and gathered over the next few years into a new storage facility at Ft Knox, Kentucky....

The peak amount of gold held in Fort Knox reached 701 million ounces of gold. This was in 1949. This amount equaled 69.9% of all the gold in the world;...

But soon after that, gold began to leave Ft Knox and was shipped to the foreign persons and institutions who ponied up their $35 in Federal Reserve....

From then until 1972, at least 75% of official US gold left the nation in exchange for paper dollars which can be printed at will. However, I think the total amount of real gold which remains is even less. The exact amount that remains is now officially listed at 147.3 million ounces. From the peak, that is a decline of 79%.

In 1988, 22 years ago, I wrote a book about Fort Knox, the gold there, and the documented history of official lies, evasions and incompetence of those who were entrusted with the gold....
Chris Weber

reply to post by Bone75


This topic is probably one of the most important on the internet because the international powers are deciding our fate at that meeting.

Unfortunately most of the Sheeple are more concerned about 'Heather Locklear & Richie Sambora Reuniting for their Daughter Ava's 16th Birthday' or 'Cardinals' Wainwright proves to be Pirates' nemesis' (I had to look those up since I rather read economics or science papers)

reply to post by Thecakeisalie

My question is who's providing the security?

Now that is a real interesting question. There is NOTHING on the web about who is providing security. Makes you wonder doesn't it? UN troops, US military, Secret Service, private mercenaries companies...

reply to post by daryllyn


Yes the timing is very interesting to say the least. The government is shut down (though I have no doubt these people will be able to visit any parks or monuments their hearts desire), we are on the verge of a default if we don't raise the debt ceiling, and thousands of truckers are planning a rolling blockade on the beltway surrounding our capital. So yeah this is shaping up to be a wild weekend indeed.

As far as my "new world currency" comment goes, I really don't see that happening just yet, I was simply making light of the fact that these people will most likely never see the inside of a jail cell. What does have me worried though is the possibility of having our credit score downgraded again regardless of whether or not we default.

I found this bit quite disturbing...

11:30 AM

This morning’s panel on the post-2015 development goals — and potential solutions — was all about data: using evidence to allocate funding, using real-time data to monitor projects, and harnessing the power of big data for development.

The World Bank’s Chief Economist Kaushik Basu said he thought the bank’s new efforts to measure the incomes of the bottom 40 percent would be a game-changer, promoting inclusive growth.

Could it be that the NSA is spying on us on behalf of the World Bank?

Source

reply to post by Bone75


It just get weirder and weirder. The entire government shutdown was because Obama and Senate Democrats refuse to live under Obamacare. Or give up Obamacare waivers for Big business and staff. Now that one is going to come back and bite them come election time.

As I said I think the shutdown is because they are waiting for orders from the Banksters.

...Responding to the people's will, House Republicans first voted to fund all of government -- except Obamacare. Obama refused to negotiate and Senate Democrats refused to pass it.

Then the Republicans voted to fully fund the government, but merely delay the implementation of Obamacare for one year. Obama refused to negotiate and Senate Democrats refused to pass it.

Finally, the Republicans voted to fully fund the government, but added a requirement that everyone live under Obamacare. No more special waivers for Congress and their staff, and no waivers for big business without the same waivers for individuals.

Obama refused to negotiate and Senate Democrats refused to pass it. So as you can see, Republicans are the big holdup here....

Which means the Democrats will not negotiate at all -- not now, not ever. House Republicans have already passed three-dozen bills defunding, or otherwise modifying, Obamacare....

If you are in the minority of Americans not already unalterably opposed to Obamacare, keep in mind that the only reason the government is shut down right now is that Democrats refuse to fund the government if they are required to live under Obamacare.
link