Jan 072013

Posted by greydogg, 99GetSmart

The Greek Crisis : The Real Causes and possible solutions which are hidden from the public is a documentary that was produced in Greece at the end of 2011 and the subsequent resignation of Prime Minister George Papandreou.

VIDEO @ http://www.youtube.com/watch?v=HZc6oD0WfW8&feature=share

Jul 212012

By greydogg, 99GetSmart

From Tyler Durden @ zerohedge:

The rats everywhere are now jumping furiously off the Titanic, but few had taken the time to write a letter explaining in detail just how cracked and broken the hull really was. This has now changed, with the departure of Peter Doyle, formerly a division chief in the IMF’s European Department responsible for non-crisis countries and currently an adviser to the Fund. Not content with quietly slinking off the scandal ridden organization which has become the butt of all jokes in the international community, where humor about Lagarde’s Louis Vuitton panhandling bag is as pervasive as punchlines about just how incompetent the organization is at actually doing its duty, Doyle has penned the following scathing letter which tears down every myth about the IMF: from its impartiality, to the selection process of its head, to its effectiveness. The letter also contains the following gem: “After twenty years of service, I am ashamed to have had any association with the Fund at all.” Pretty much says it all. This is a scandal in the making, and one which may shake to the core the credibility of the IMF in the context of international organization.


Full letter (pdf)

European Department
Washington DC
June 18, 2012

To Mr. Shaalan, Dean of the IMF Executive Board

Today, I addressed the Executive Board for the last time—because I am leaving the Fund.

Accordingly, I wanted first to formally express my deep appreciation to the Swedish, Israeli, and Danish authorities with whom I have worked recently, as well as all others with whom I have worked earlier, for their extraordinary generosity towards me personally.

But I also wanted to take this opportunity to explain my departure.

After twenty years of service, I am ashamed to have had any association with the Fund at all.

This is not solely because of the incompetence that was partly chronicled by the OIA report into the global crisis and the TSR report on surveillance ahead of the Euro Area crisis. Moreso, it is because the substantive difficulties in these crises, as with others, were identified well in advance but were suppressed here. Given long gestation periods and protracted international decision-making processes to head off both these global challenges, timely sustained warnings were of the essence. So the failure of the Fund to issue them is a failing of the first order, even if such warnings may not have been heeded. The consequences include suffering (and risk of worse to come) for many including Greece, that the second global reserve currency is on the brink, and that the Fund for the past two years has been playing catch-up and reactive roles in the last-ditch efforts to save it.

Further, the proximate factors which produced these failings of IMF surveillance—analytical risk aversion, bilateral priority, and European bias—are, if anything, becoming more deeply entrenched, notwithstanding initiatives which purport to address them. This fact is most clear in regard to appointments for Managing Director which, over the past decade, have all-too-evidently been disastrous. Even the current incumbent is tainted, as neither her gender, integrity, or élan can make up for the fundamental illegitimacy of the selection process. In a hierarchical place like this, the implications of those choices filter directly to others in senior management, and via the appointments, fixed term contracts, and succession planning of senior staff, they go on to infuse the organization as a whole, overwhelming everything else. A handicapped Fund, subject to those proximate roots of surveillance failure, is what the Executive Board prefers. Would that I had understood twenty years ago that this would be the choice.

There are good salty people here. But this one is moving on. You might want to take care not to lose the others.

cc. Ms. Nemat Shafik
Mr. Stanley Fischer
Mr. Stephan Ingves
Mr. Benny Andersen
Mr. Alex Gibbs
Mr. Eric Meyer
Mr. Amit Friedman
Mr. Martin Holmberg
Mr. Reza Moghadam
Mr. Mark Plant
Mr. Brad McDonald


This is how the IMF describes itself on its ABOUT page: 

The International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.


  • secure financial stability – (where?) FAIL
  • facilitate international trade – (at what cost?) FAIL
  • promote high employment – (like in Greece and Spain?) FAIL
  • sustainable economic growth – (where, Christine’s bank account?) FAIL
  • reduce poverty around the world – (again, where?) FAIL


Christine Lagarde and the IMF are parasites feasting on humanity. The IMF is a criminal organization – repeat offenders, conspirators and the source of humanitarian crises around the world.

In a just world, each and every former or present IMF employee would be indicted and prosecuted for crimes against humanity, including, Peter Doyle. His letter gives one the sense that he is a conniving psychopath, trying and failing to redeem himself. I predict a self-congratulatory book tour in his future.

However, no matter how many people Mr. Doyle throws under the bus in his pathetic attempt to cloak himself in honor and dignity, the blood stains on his hands are an eternal reminder that a dishonorable life, devoted to systematically inflicting extreme and brutal poverty on humanity, by the most ruthless means possible, cannot be erased. After 20 years of ratdom, a single mea culpa does not a non-rat make.

Everywhere the IMF goes, disaster capitalism follows.

For a closer look at IMF handiwork, check out this documentary …

Life and Debt – Jamaica’s IMF / World Bank Peril:

Apr 142012



By Michael Levitin, Truthout

Consider the story of Leah Bolger, the latest American hero up on trial:

She is a young female artist in the Midwest. She joins the Navy at 22, is made commander and serves two decades as an anti-submarine warfare specialist. After retiring she joins Veterans for Peace and becomes the organization’s first female president. Then, in October of 2011, she commits the crime of interrupting a public congressional hearing of the Super Committee to deliver a message from the 99 percent: End the wars and tax the rich to fix the deficit.

Because of her 45-second transgression, Commander Bolger now faces a court trial this Thursday morning, April 12, where she could receive a maximum jail sentence of six months. Bolger, 54, intends to plead guilty and use her court appearance to draw the connection between America’s deficit debacle and the three-quarters-of-a-trillion-dollar defense budget we, as voting taxpayers, spend as a base-mark for failed and unending military ventures overseas.

Bolger has no illusions about what Americans are up against: a corporate-run military machine that she says “is so big and complicated and intertwined with the government and Congress and the media that I don’t know where you can start unraveling the knot.” […]

READ and VIDEO @ http://truth-out.org/news/item/8488-naval-commander-stands-trial-for-telling-super-committee-to-end-the-wars



By Sheila Blair (Former FDIC Chairwoman), Washington Post

[…] Under my plan, each American household could borrow $10 million from the Fed at zero interest. The more conservative among us can take that money and buy 10-year Treasury bonds. At the current 2 percent annual interest rate, we can pocket a nice $200,000 a year to live on. The more adventuresome can buy 10-year Greek debt at 21 percent, for an annual income of $2.1 million. Or if Greece is a little too risky for you, go with Portugal, at about 12 percent, or $1.2 million dollars a year. (No sense in getting greedy.)

Think of what we can do with all that money. We can pay off our underwater mortgages and replenish our retirement accounts without spending one day schlepping into the office. With a few quick keystrokes, we’ll be golden for the next 10 years. […]

READ @ http://www.washingtonpost.com/opinions/fix-income-inequality-with-10-million-loans-for-everyone/2012/04/13/gIQATUQAFT_story.html



Source: youtube

The government of Iceland has forgiven the mortgage debt for much of its population. This nation chose a very different way of stopping the crisis from the rest of European countries. It decided to hear the requests of the population and to put politicians and bankers on the bench of the accused three years after their financial excesses would sank one of the most prosperous economies in 2008.

VIDEO @ http://www.youtube.com/watch?v=uyxzg58JkYI



Source: The Daily Bell

Spanish bailout ‘impossible’ for eurozone, says prime minister Mariano Rajoy … The eurozone is not equipped to bail out Spain, the country’s prime minister Mariano Rajoy has admitted, as global traders continued to punish the nation’s stocks and bonds. Mr Rajoy said it was “not possible to rescue Spain” but insisted his country did not need a Greek-style international bail-out anyway …Christine Lagarde, the boss of the International Monetary Fund (IMF), also warned that Europe’s rescue mechanisms were not enough to restore confidence to global markets but said the IMF could provide a “global firewall”. Speaking in Washington on Thursday, Ms Lagarde, who is seeking to raise $500bn (£313.4bn) in extra funds for the IMF from the G20, warned risks to the global economy “remain high; the situation fragile”. “We need a broader approach – and a stronger global firewall – if we are to push back this crisis. The IMF can help. But to be as effective as possible, we need to increase our resources.” – UK Telegraph

Dominant Social Theme: What is needed is a global currency.

Free-Market Analysis: We’ve long since come to the conclusion that the EU‘s sovereign crisis is a manufactured one. This article supports such a conclusion, in our view.

One has to keep in mind the artificiality of the current economic construct. The economy of the world is run via monopoly fiat/paper money printed by central banks. It is this system that has seemingly crashed half of the world’s economy and is well on the way to delivering China into the same situation.

If China’s economy folds – and it seems well on the way – there will likely be a global depression. The elites, in our view, are preparing to offer up the International Monetary Funds’ SDRs as an alternate currency. The IMF is increasingly active as the “lender of last resort” throughout the world (see article excerpt above).

The EU crisis itself, as we have often pointed out, started when certain poorer countries were given large amounts of money by Brussels to “equalize” the economy. These funds were supposed to allow the bureaucracies to address native imbalances and create fiscal health.

Of course, this money was nothing but a kind of bribe. The elites of the given nation pocketed the funds and then made sure their countries entered the EU. After this occurred, further lending took place via the elite’s top, European commercial banks. […]

READ @ http://www.thedailybell.com/3789/Debt-Crisis-Plotted-to-Deliver-the-Euro-to-the-IMF



Source: RT

The BRICS summit has wrapped up in India. Creating an alternative global lender and stepping away from the dollar as a reserve currency were among their main objectives. RT also spoke to Dr Sreeram Chaulia, who is a Vice Dean at the Jindal School of International Affairs. He believes institutions like the IMF and the World Bank have outlived their uselfulness.

VIDEO @ http://www.youtube.com/watch?v=2vg9qvYwQHg



By Jerome Roos, RoarMag



As Greece and the Euro once more stumble towards inevitable disaster it’s time to stop asking “those that got us into this mess, to get us out”.

For too long documentary makers have followed suit, chasing big ticket interviews whilst failing to ask the simple question “How is money created and who benefits”.

97% Owned is the documentary that broke ranks to investigate this ever changing system, to answer those simple questions, for it is the monetary system that provides the foundations for international dominance and national control.

Fresh thinking, new ideas and answers to these simple questions are squeezed into this 3hr expose.

97% owned is from the creative team behind Generation OS13: The New Culture of resistance, (http://www.youtube.com/watch?v=vY4VZr8Ox94) continuing the distinctive ‘tour de force’ style and artistic interpretation. Due for release April 2012.

READ and VIDEO @ http://roarmag.org/2012/03/97-percent-owned-queue-politely-teaser/



Source: ContraInfo

In the evening of April 10th, 2012, an initiative of comrades from social centres/squats on Corfu held a gathering in Georgaki Square in solidarity with the NO TAV movement, including related screenings from the ongoing struggle, distribution of counter-informative texts and a banner.

If you ask why the NO TAV movement in Italy concerns us, one reason is the obvious similarities with the Greek reality. In Italy (Monti) as in Greece (Papademos) the prime ministers are appointed bankers. In both countries they want us to believe the same lies about ‘development’ being a ‘benefit to society’. Their ‘development’, whether it’s the TAV or the wind turbines on Mount Pantokrator on Corfu, is always trampling upon local populations’ lives and nature, and only the Capital benefits from all this. This type of construction and mining works are undertaken in favor of big contractors who ‘happen to be’ the Mafia in Italy, and national contracting companies in Greece, such as those of Bobolas.

In both countries the corporate media play the same role, always favoring each owner and boss; slandering and distorting every social struggle; dividing protesters into ‘violent’ and ‘peaceful’; trying to turn public opinion against every resistance movement, and projecting the one and only truth, that of police and each contractor. […]

Development is not for the peoples but for Mafiosi and bosses.
Strength, comrades! We learn from your fight!

READ @ http://en.contrainfo.espiv.net/2012/04/14/greece-solidarity-with-the-no-tav-movement-from-corfu/



By Lambert Strether, Naked Capitalism

This clip from TV Asahi is a lucid explanation of the biggest ongoing news story in the world today: The catastrophic consequences if an earthquake strikes the Fukushima Dai-Ichi No. 4 power plant before its spent fuel rods are moved to safe storage place, a process that will not even begin until December 2013, and could take years. It aired March 8, 2012 on “Morning Bird,” a mainstream Japanese news and information TV program. […]

NOTE Click the CC button at bottom right to show English subtitles!

READ / VIDEO / TRANSCRIPTS @ http://www.nakedcapitalism.com/2012/04/fukushima-dai-ichi-no-4-an-earthquake-before-spent-fuel-rods-are-moved-to-safe-storage-would-be-the-end.html